Business & Finance
Business and Finance
Business and Finance
Tue, June 23, 2009
Mon, June 22, 2009 Asia Now Resources Corp.: Asia Now Earns 72% Interest in the Beiya North Gold Property and Appoints Senior Consultant
TORONTO, ONTARIO--(Marketwire - June 22, 2009) - Asia Now Resources Corp. (TSX VENTURE:NOW) is pleased to provide an update on its joint venture on the Matouwan property (part of the Beiya Project) with Yunnan Non-ferrous Geology and Mineral Resources Company Limited ("Yunnan Non-ferrous"). Surface sampling and geophysical programs (ground magnetics) have been completed, spanning the entire 228 square kilometres of the Matouwan property. Based on a technical review of the results, Asia Now has decided to conduct further exploration on the geochemical anomalies and gold-silver zones contained in 3 of the exploration rights (covering 125 sq. km) under the joint venture. Six exploration rights totalling 103 sq. km of the Matouwan property have been dropped.
To date, the Company has spent US$2.44 million and earned a 72% interest in the joint venture. A signed amendment to the joint venture has been executed for filing with the Yunnan Provincial Government for approval.
The area of the Matouwan property that has been retained includes Beiya North and covers the southwest section of the 13km-long by 2km-wide gold zone adjacent to the Beiya Gold Mine. The Beiya Gold Mine has a production capacity of up to 100,000 ounces of gold annually and is the largest open-pit gold mine in Yunnan. On Beiya North the Company is drilling to define the extent of the resource where the main zone previously identified in 2008 included a gold-silver zone up to 130 meters thick. The Company is also exploring the northeast part of the large gold zone in another joint venture with Yunnan Geology and Mineral Resources Company Limited. An IP program followed by drilling has been planned.
"Beiya is one of the highest priorities Asia Now is focused on. The Company has reduced exploration in areas with less immediate resource potential in order to focus its efforts, time and funds into drilling the main gold zone", said the president of the Company, Dr. Kaihui Yang.
To strengthen the exploration team on the Beiya project, the Company has appointed Dr. Zhiji Ren as a senior consultant for the joint ventures. With over 40 years experience in exploration, Dr. Ren was the Chief Geologist of Yunnan Non-ferrous. He was instrumental in the discovery of the Beiya gold deposit which developed into the Beiya Gold Mine. Dr. Ren is currently an advisor for the Yunnan Provincial Government and a technical advisor for Yunnan Geological Survey. Dr. Yang commented, "We are very happy that Dr. Ren has joined the exploration team. With his extensive experience in the area, Dr. Ren will play a key role in focusing exploration on the Beiya gold property.
About Asia Now Resources:
Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include copper, gold and silver at two major projects, with drilling underway at both. Under the leadership of an experienced management team, the Company has a sound balance sheet and sufficient working capital to take exploration into the next phase.
The TSX Venture Exchange has not reviewed and does not accept responsibility for this news release.
