For Immediate Release - Vancouver, Canada: Mr. Edward Farrauto, President and CEO of TLC Ventures Corp. (TLV.TSX Venture Exchange) is pleased to provide an update on the Company.
At the Company’s 100% controlled Point Leamington Zn-Au-Cu-Ag massive sulphide deposit in Newfoundland, Canada a review of all down-hole and surface geophysical data is being completed in order to better define potential on-strike and down-dip extensions to the currently defined resource. In 2004, Hatch Associates Limited (“Hatch”) completed an independent mineral resource estimate for the Point Leamington massive sulphide deposit (see news as reported in Stockwatch March 30, 2004). Above a 1.00% Zn cut-off grade, Hatch estimated that the Point Leamington massive sulphide deposit contains an inferred resource of 12.3 million tonnes grading 1.92% Zn, 0.88 g/t Au, 0.28% Cu and 16.94 g/t Ag containing 348,000 ounces of gold and 520 million pound of zinc and significant copper and silver. Once the geophysical review is completed the Company will assess the potential for locating significant extensions of the Point Leamington resource.
In other developments, TLC Ventures has implemented an advanced stage, exploration program for major gold deposits based on new concepts developed by Dr. Richard Henley. This project is being conducted through a subsidiary of TLC Ventures and will consist of acquisition and immediate follow-up of already identified, high priority gold properties. For his prior contributions to the project, Dr. Henley has been granted a 0.5% Net Smelter Return Royalty (NSR) over production from properties that are generated from this program.
TLC Ventures is continuing to review development-stage gold and copper projects for acquisition. The Company has a Strategic Partnership with Gold Fields Limited (through a wholly owned subsidiary) whereby both companies have exclusive, reciprocal rights to conduct a first review of data from mineral projects that either company wishes to sell, option or joint venture. Gold Fields Limited (through a wholly owned subsidiary) is a significant equity owner in TLC Ventures controlling a 9.5% equity stake in the Company.
TLC VENTURES CORP.
“signed Edward Farrauto”
President and CEO
For more information contact TLC Ventures Corp. Tel: 604 681 9944.
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.
The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.