VANCOUVER, Dec. 7 /PRNewswire-FirstCall/ -- Bolivar Mining Corp. announces a potential joint venture with Chinese partners for three Cambrian Age alluvial placer deposits and ancient tailing piles going back to the Han Dynasty in and around Jinzhuang Town, Fenkai County, Guangdong Province, China. Jinzhuang Town is located 220 km NW of Guangzhou, The Capital City of Guandong Province (Canton Province), and is easily accessible by modern highways. These deposits are located approximately 500 KM NW of Hong Kong.
Our potential Chinese partners provided us the drill results from 124 holes drilled, which were analyzed by ASL Chemex (http://www.alsglobal.com/) in Canada. The samples were analyzed for gold using the AAS method. Thirty-four other elements were analyzed using the ICP-AES and cold vapor/AAS/Hg method. Based on these analyses for the three tailing piles alone, not counting the 36 square km virgin placer deposits, the reserve estimates were 1,438,802 cubic meters, at an average concentration of 0.636 grams per metric tonne and translates to be 1.879 metric tonnes of pure metallic gold. Based on the current market of gold pricing and the low cost of production in China, this could possibly be and potentially multi-billion dollar joint venture project for Bolivar Mining Corp, subject to thorough investigation by our in house and independent technical experts.
Bolivar Mining Corp's CEO and President, Mr. Arshad Shah, visited these sites in November 2007 and concluded that the project potential warranted further investigation by BMC's team of engineers, geologists and mineralogist to mount a quantification of the tailing piles and further exploration of the alluvial placer deposits located in the 36 square km target area to be lead by BMC's Chief Engineering, Exploration and Mining Officer, Mr. Michael M. Ellis. Mr. Ellis has extensive experience in China since 1982.
"This project has enormous potential for Bolivar's Asian Mineral Exploration Program," Mr. Ellis commented, "This is not a technically difficult or expensive gold extraction."
Mr. Shah adds, "I am looking forward to the possible joint venture and its impact on shareholder value and the positive financial ramifications of our future Asian mining operations, based on recommendations from our technical team."
About Bolivar Mining Corp.: ---------------------------
Bolivar Mining Corp, is a potential exploration and mining company seeking global mining prospects in over five countries on three continents. By implementing efficient operations and engineering excellence, BMC will have opportunities to operate in areas where larger mining companies cannot operate profitably or have overlooked, thus allowing access to bring rich mineral reserves to the global market. For more information, visit our website at http://www.bolivarmining.com/.
Forward Looking Statement: --------------------------
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although BMC believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties, including, but not limited to, the continued mineral prices at historical rates, costs of operations, delays, mineral reserves and revenues to be derived there from, plans to mine additional mineral reserves, acquisition of additional mineral reserves, maintaining mineral lease rights, continued maintenance of the mines, mining operations and other properties, price of minerals, marketing and sales of minerals mined, government regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth. In addition, the Company's ability to accurately forecast its operating results, and its ability to achieve profitability or generate positive cash flow are uncertain. BMC assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Readers are cautioned not to place undue reliance on these forward-looking statements.
CONTACT: Bolivar Mining Corp., (604) 687-7492, http://www.bolivarmining.com/,
