Toronto, Ontario–(Newsfile Corp. – August 28, 2012) – Pacific Comox Resources Ltd. (TSXV:PCM) reports that the access road for the Mabel gold/silver project in northern Sonora State, Mexico is being upgraded in preparation to start construction of the pad for the test heap leach of the drill intersected mineralization on the Carmelitas Zone. The environmental and land clearing permits for the pad have been completed.
Approximately 7,500 tonnes of drill intersected mineralization has been blasted on Carmelitas. From the drill intersections the estimated grade of the blasted Carmelitas mineralization is 2.1 g/tonne gold and 82 g/tonne silver. This grade will be checked as the mineralization is crushed. The crushing will start when the road upgrade is completed and the crusher and other equipment are moved to the site.
To finance the test heap leach Republic Goldfields can acquire a 55% interest in the Mexican properties in return for a Cdn$450,000 promissory note with an annual return of 6% maturing in six months and 250,000 common shares of Republic. The Republic funding and such other funding as may be arranged by Pacific Comox will be utilized to fund the test heap leach at Carmelitas. The transaction with Republic is subject to review by the TSX Venture Exchange.
Bhagwat Singh P. Eng. served as the qualified person (QP) for the most recent sampling and exploration programs under the definitions of National Instrument 43-101. The geologist on the Mabel program is Cesar Lemas.
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This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.