VANCOUVER, July 23 /PRNewswire-FirstCall/ -- Pinnacle Mines and Mountain Boy Minerals are pleased to announce that a 10,000 meter drill program is underway at the Silver Coin property near Stewart, BC and to date 48 of 59 planned holes have been completed. Two diamond drills have been operating at the project since the latter part of June. The 2008 drill program is designed to add precious metal resources and to improve the resource categories already established in 43-101 compliant resource calculation and technical report on Silver Coin prepared in April 2007 by MineFill Services, Inc. Once the 2008 drill program has been completed, a new resource calculation will be carried out by Snowden Consultants of Vancouver, BC.
Forty-eight holes have been completed at Silver Coin so far this year at an average depth of 150 meters per hole. Company geologists report that core cutting is keeping up with the drilling and core splits are being sent for assaying to Assayers Canada of Vancouver, BC. Pinnacle expects to start receiving results for the first holes beginning in early August. The geologists also report that drilling has been encountering mineralization in most holes. Mr. Alex Walus is the Company's qualified person under NI 43-101.
Metallurgical testing of Silver Coin mineralized material is also underway. This testing program will study flotation and/or cyanidation techniques for the separation of metals from rock. Mr. Frank Wright is the Company's qualified person for metallurgical study purposes.
Management is currently encouraged by the expedient progress, efficiency and results of this year's drill program which is operating below the forecasted budget and because of this the Company is contemplating the possibility of extending the program.
Corporate Update ----------------
At the Company's Annual General Meeting held on June 25, 2008, shareholders approved the re-election of Paul Saxton, Gerald Sneddon, Susan Li and Andrew Bowering as the Company's directors for the ensuing year. Davidson & Company, Chartered Accountants were newly appointed as the Company's Auditors. Disinterested shareholders also approved of the Company's 10% rolling Stock Option Plan. Subsequent to the AGM, directors re-appointed Paul Saxton as President & CEO of Company, Jeff Wilson as VP of Exploration and Mary Morvai as Corporate Secretary for the ensuing year.
Pinnacle Mines is a Canadian based mineral exploration and development company with assets in Canada and Mexico. In Canada, Pinnacle holds properties in northwestern British Columbia in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold's famed Eskay Creek Mine. In Mexico, Pinnacle has options to acquire and is currently exploring two copper-gold-silver targets located within the state of Oaxaca.
On behalf of the Board of Directors "Paul Saxton" President & CEO The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the content of this news release.
