Erin Ventures Inc. [TSX-Venture: EV] reports that its wholly owned subsidiary, Balkan Gold, has commenced its exploration program on the Volujski Kljuc (“VK”) alluvial gold deposit in Serbia, including preparation for a bulk sampling program anticipated to begin near the end of March 2010. The goal of the bulk sampling program is to determine the extent of the potential for commercial gold production.
This initial exploration program will consist of sampling gravel from a series of pits on a grid pattern over an identified potential higher grade zone of the deposit to verify recoverable gold grades and to define the physical parameters required for mechanical mining of the deposit. A small, gravity separation test plant is being fabricated in order to conduct this due diligence. Erin intends to immediately apply for a mining license if test results confirm commercially viable grades in sufficient quantities.
About Volujski Kljuc
Volujski Kljuc is a large, low-grade alluvial gold deposit that includes a significant higher grade zone. The VK exploration license covers approximately 24.4 square kilometres of the Pek River valley in eastern Serbia. The exclusive exploration license can be converted to an exploitation license by Erin on successful completion of an exploration program. VK is readily accessible by paved highway, 160 km from the capital city of Belgrade. All services are available in the town of Kucevo approximately 6 km from the property.
The Pek River drainage system has been known to carry gold values since ancient times. Records show that various mining operations over 17 cumulative years recovered approximately 2,300 kg of gold (60,000 ounces, worth US$66,000,000 at current gold prices) with the first production in 1905 and the last in 1941*.
Through to 1989, 3435 drill holes were completed on the property: Calculations completed in 1951 identified 29 million cubic metres of auriferous gravel grading 0.17 g Au/cubic meter from surface to bedrock. Further exploration by Serbia’s copper conglomerate, RTB Bor, in the late 1980’s resulted in over-all grades being increased significantly to 0.29 g Au/cubic metre from surface to bedrock. Erin’s visual examination of the recovered gold from this testing reveals the absence of fine gold, which may be a result of inefficient recovery and sampling techniques. Detailed examination of the drill records clearly shows a zone that carries significantly more gold than the average grade throughout the valley*.
[*This historic resource is included only for reference to previous exploration, and is not intended to indicate a current resource]
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin‘s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a consultant to the Corporation, who is a Qualified Person under National Instrument 43-101.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward Looking Statements
This release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.