Business & Finance
Business and Finance
Business and Finance 
Thu, May 27, 2010
Wed, May 26, 2010
Acero-Martin Exploration Inc. Announces Commencement of 2010 Work Program on its Red Mountain Project in the Yukon
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2010) - Acero-Martin Exploration Inc. (TSX VENTURE:AMG)(FRANKFURT:AMX) ("Acero-Martin" or the "Company") has received a comprehensive review and interpretation by FPC Geoconsulting of the helicopter magnetic and electromagnetic data which had been accumulated on its Red Mountain property in the Yukon.
Based on the final report and recommendations the Company has retained 2 drills and a team to commence work on the property upon receiving the exploration permits. The company plans to complete 4000 to 6000 metres of drilling to expand the known target to the west and northwest and to depth, and to investigate the heart of a magnetic anomaly centered on the claim block.
A Class III Exploration Permit has been applied for and is currently undergoing the YESAB review. Scheduled completion of permitting is prior to the end of June 2010.
The Company anticipates spending in excess of $2 million on the Red Mountain property this summer.
As part of its overall review of data on the Red Mountain property the Company has recomputed the drill data for Hole DD05-20 (previously reported on August 16, 2005) and wishes to report an expanded interval that returned on a weighted average basis, 0.84 g/t over an interval of 197.88m, versus the previously reported interval of 104.91m averaging 1.07g/t. A 43-101 resource estimate is currently being worked on and should be completed prior to this season's drill program commencing.
| SIGNIFICANT ASSAY RESULTS FROM 2003-2005 DRILL PROGRAMS |
| Hole Number | From Metres | To Metres | Interval Metres | Au gm/t |
| DD03-12 | 4.71 | 162.15 | 157.44 | 0.75 |
| DD04-13 | 4.68 | 312.42 | 307.74 | 0.36 |
| DD04-14 | 3.82 | 217.38 | 213.56 | 0.81 |
| DD04-16 | 2.00 | 112.80 | 110.80 | 0.49 |
| DD04-18 | 16.01 | 220.68 | 204.67 | 0.85 |
| DD-05-20 | 110.97 | 308.85 | 197.88 | 0.84 |
| DD-05-21 | 42.83 | 106.40 | 63.76 | 1.13 |
| DD-05-22 | 4.27 | 156.36 | 152.89 | 0.62 |
The Company carries an 80% participatory interest subject to a 2% NSR in the Red Mountain property consisting of 52 ICE and JC claim blocks that cover a 1,087 ha contiguous area. To date, the Company has expended approximately $3 million on this property with the bulk of the work being completed by 2005. Due to depressed gold prices at the time and limited seasonal access the Company shifted its focus away from Red Mountain but with gold prices at current levels and additional activity in the area the property has garnered renewed interest.
The Red Mountain Project, located about 135km east of Dawson City, Yukon, lies within the Tintina Gold Belt, a part of the Yukon-Tanana gold belt extending across central Yukon Territory and the state of Alaska, which contains several large producing and developing properties, and a host of evolving gold prospects. Intense exploration in the Yukon region has been spurred by activity of Underworld Resources, recently acquired by Kinross, south of Dawson City and the Eagle Gold Project, owned by Victoria Gold, 29 km east of Red Mountain and Atac's discovery north-east of Keno Hill, among others. Activity has also been intensified by the recent delineation of 12 million ounces of gold resources by International Tower Resources Ltd., some fifty miles north of Fairbanks Alaska, and the continued production from Kinross' large Fort Knox open pit at Fairbanks, averaging 0.45 gm/t at a cash cost of under $450/oz. Both are within this major structural belt. Road improvements during 2009 will assist in the efficient operation and service of the proposed drill programs.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
Michael C. Scholz, Chairman and Director
ACERO-MARTIN EXPLORATION INC.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Dr. Stewart Jackson, P.Geol., President and CEO of Acero-Martin, and a qualified person.
This news release has been prepared by management. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or achievements implied by these forward looking statements. We seek safe harbor.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.