Vancouver, British Columbia: Mr. Robert Brown, President and CEO of TLC Ventures Corp. (“TLC Ventures” or the “Company”) (TLV: TSX-V) is pleased to announce that the Company’s 96.3% controlled subsidiary Cybele Resources (Australia) Pty Ltd. (“Cybele Resources”) has begun a 6 hole, 1500 metre reverse circulation (“RC”) drilling program at the Cargo copper-gold property in New South Wales, Australia. Cybele Resources can earn a 70% interest in the Cargo property from Golden Cross Operations Pty Ltd. (“Golden Cross”) by spending $A5 million in exploration expenditures over 4 years (see TLC Ventures New Release dated December 28th, 2006).
The Cargo porphyry copper-gold property is road accessible and is located approximately 35 km southwest of the city of Orange in central New South Wales, Australia. The Cargo Exploration License covers 60 square kilometers and is located within prospective Ordovician volcanic rocks of the Lachlan Fold Belt which contain several porphyry-related gold-copper deposits including the Cadia Hill-Ridgeway gold-copper mines operated by Newcrest Mining Limited. The Cadia Hill open pit and Ridgeway underground mines, located 13 km east of the Cargo property are one of Australia’s largest gold and copper mining operations with combined annual production of 614,832 ozs gold and 62,147 tonnes copper (Newcrest Mining 2006 Annual Report; gold and copper production for the 12 months ending June 30, 2006).
The Cargo RC drill program is targeting copper-gold mineralization associated with porphyry-style hydrothermal systems similar in character to the nearby Cadia Hill porphyry deposits and is an initial, near surface evaluation prior to undertaking a deeper diamond drill program planned for later this year. The RC program is a result of a structural re-interpretation of the Cargo property based on geological mapping undertaken in December, 2006.
The first RC drill target comprises the down-dip extensions of intensely altered, steeply dipping gold and copper-bearing hydrothermal breccias. These breccias lie within a broader 800 metre long northwest striking zone of sheared and altered diorites, dacite porphyries, and andesites. The second RC drill target comprises a large untested region measuring 300 metres by 350 metres within the northwest striking shear zone, and is designed to test for along-strike extensions of the mapped hydrothermal breccias. This second target is located 200 metres northeast of the Essex gold prospect where previous drilling intersected 4.1 g/t Au over 14 metres, 5.63 g/t Au over 9 metres and 9.53 g/t Au over 6 metres.
RC drilling rock chip samples will be assayed for gold and copper at the ALS Chemex Laboratory facitilites in Orange, NSW with results being reported after they have been received and compiled.
TLC Ventures is an exploration and mine development company focused on the acquisition, advancement and development of world-wide precious and base metal assets. In addition to our on-going exploration programs in Canada, the South-West Pacific and Australia, the Company is continuing to review development-stage precious and base metal projects for acquisition.
TLC VENTURES CORP.
Signed “Robert Brown”
Robert Brown B.Sc., MBA
President and CEO
For Further information contact:
Ryan King, Investor Relations
(604) 681-9944 Phone
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, silver or copper, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of TLC Ventures to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.