VANCOUVER, April 17, 2012 /CNW/ – Colibri Resource Corporation (“Colibri” or the “Company”) (TSX.V-CBI) is pleased to update exploration activities at the Ramard property near the town of Carbo and at the Colibri project located approximately 40 kilometers north of the city of Caborca in northern Sonora, Mexico.
A 2,000 meter minimum diamond core drill program started at the Ramard Project in early March. To date, over 1500 meters of HQ core have been drilled at the La Bronca and El Gato locations. Drill core is being processed in the nearby town of Carbo and is being assayed at Inspectorate Exploration and Mining Services, Ltd. lab in Richmond, British Columbia. This work follows extensive geological mapping, soil grid sampling and an Induced Polarization study completed on the property that begun in the fall of 2011. Additional information about the Ramard project can be found at http://www.colibriresource.com/projects/ramard/.
Agnico-Eagle Mines Ltd. (AEM), through one of its subsidiaries, has begun drilling on the former Colibri project, now known as “Pitaya”. This work is being completed pursuant to the Earn-In and Shareholders Agreement completed February 28, 2011 with AEM. A diamond core drill rig is currently being used at the site. Additional information about the Agreement with AEM and the location of the Pitaya project can be found at http://www.colibriresource.com/projects/colibri/.
The Company also announces that a total of 1,950,000 options to purchase common shares of the Company have been granted to directors and officers at an exercise price of $0.14 per share, expiring on April 17, 2017. Any shares issued on the exercise of these stock options will be subject to a four-month hold period from date of grant. The grant is subject to regulatory approval.
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Disclosure Regarding Forward-Looking Statements: This press release contains certain “Forward-Looking Statements” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations are disclosed in the Corporation’s documents filed from time to time with the TSX Venture Exchange and, among others, the British Columbia Securities Commission as well as under the heading “Risk Factors” in the Company’s annual and interim Management Discussion and Analysis.For further information:
Lance Geselbracht, P.E., President and Chief Executive Officer
Tel: (250) 755-7871