Positive Results Continue

Erin Ventures Inc. [TSX-Venture: EV] announces assay results from the next five drill holes from its Piskanja boron project in Serbia.

Result Highlights

Holes EVP2011-109 to 113 are in-fill holes designed to help establish a compliant resource estimate, sufficient to qualify for a mining license. Holes 111 and 113 intersected three distinct borate layers containing high-grade borates, Hole 112 intersected four borate layers, and Hole 109 intersected five separate borate zones. Hole 110 did not return any borate values as it is located near the assumed southern border of the Piskanja deposit and defines the southern limit of boron values on this grid line.

Hole #109 returned a total of 13.2 metres of high-grade borates in 5 zones, including a 2.3 metre intersection averaging 40.1 percent B2O3.

Hole #111 intersected a total of 6.3 metres of high-grade borates in 3 distinct layers. The uppermost layer returned 1.3 metres of compact borates averaging 49.9 percent B2O3. The middle intersection returned 3.5 metres averaging 41.8 percent B2O3. The lower layer returned 1.4 metres of 46.5 percent B2O3.

Hole 112 intersected a total of 4.8 metres of high-grade borates over 4 borate zones, with a middle zone returning 2.5 metres of 35.2 percent B2O3.

Hole 113 intersected a total of 5.6 metres of high-grade borates in 3 distinct layers, including a middle layer of 3.4 metres of borates averaging 19.6 percent B2O3.

Current exploration program update

Erin is conducting a diamond drill program at Piskanja of HQ and larger diameter vertical core drilling. The program consists of in-fill drilling and the twinning of certain historical holes. Nineteen drill holes (approx 5,700 metres) have been completed to date. The drilling being conducted by Erin is intended to permit preparation of a 43-101 compliant technical report.

Holes #114 through 118 are complete, with samples enroute to SGS Canada Inc., Minerals Services in Lakefield Ontario for chemical analysis. Drilling is underway on holes #119 to 121.

Chemical analyses are conducted as follows:

  • Results are stated as a percentage concentration
  • All measurements are metric
  • Chemical analysis was conducted by the SGS Canada Inc. in Lakefield, Ontario with sample preparation being conducted by SGS’s facility in Serbia
  • Analytical Methodology: standard chemical analysis using ICP mass spectrometer and X-ray Diffraction (Aqua Regia and KOH Fusion and/or Titration)
  • Location: Piskanja Project, Baljevac, Serbia
  • Sample type: HQ size diamond core drilling
  • Azimuth/dip: vertical hole, 90 degree dip
  • Sample interval is 0.5 metres


Click image to enlarge

About Piskanja

In 2005, a report prepared by the government of the Republic of Serbia (Ministry of Mining and Energy) for the granting of a concession for the exploration and development of the Piskanja Boron Deposit cited a resource at Piskanja of “more than 7,500,000 tons with the useful component of 36.39% B203″.

  • This historical resource estimate is based upon 31 historical boreholes totalling 9,300 metres of drilling (with an average hole depth of 300 metres).
  • No author or source are cited for this resource and no statement is issued on the resource classification used. The list of references of this report lists possible original government reports from 1996 to 2003 that may be the source of this resource estimate, but the exact reference used cannot be verified.
  • The historical estimate does not state the key assumptions, parameters and methods used to prepare the estimate, nor the does it state the categories for the resource.
  • No more recent valid historical estimates are known to Erin.
  • Erin considers this historic estimate to be relevant based in part upon the Company’s own experience on the property, and it is considered to be highly relevant to current operations.

This is a “historical estimate” by definition and cannot be treated as a current resource. A Qualified Person has not done sufficient work to classify this historical estimate as current. Erin is not treating this historical estimate as such, and the historical estimate should not be relied upon.

Lithology at Piskanja is typical of sedimentary basins, (primarily shales, marls and limestone) with two primary gently undulating borate beds. Mineralization is primarily dense, compact colemanite with some ulexite. The Piskanja deposit has the potential of hosting additional borate tonnage beyond the historical estimates, based on the ongoing compilation of assay data showing other zones of possible borate mineralization, and given that the property remains undefined in two directions.

Piskanja is located in a historical mining region that has good infrastructure for mining including roads, rail, electric power, experienced miners, and support services. The site is approximately 250 km south of Belgrade, Serbia by good paved roads.

About boron

  • Boron is a critically important industrial mineral. World production of boron minerals reached an estimated 4.5 million tons in 2010.
  • Consumption of borates is expected to increase, spurred by strong demand in the Asian and South American agriculture, ceramic and glass markets.
  • Borate minerals and refined borate products are used extensively worldwide in the manufacture of vitreous products such as fiberglass insulation, textile fiberglass, borosilicate glass (e.g. LCD screens), ceramic glazes and porcelain enamels. These applications account for approximately 60 percent of borate consumption, with detergents, fire retardants, metallurgy, agriculture, insecticides, wood preservatives and specialty products accounting for the remainder.

Source: US Geological Survey, Minerals Yearbook – Boron, 2010

  • Market prices reflect both the relative scarcity of borates and strengthening demand, with current prices for new South American contracts reaching highs of: US$730/tonne for colemanite (40 percent B2O3); US$697/tonne for ulexite (40 percent B2O3); US$1309/tonne for boric acid.

Source: Industrial Minerals Online. Feb. 2012

  • Due to healthy demand (particularly in Asia) and a tightening supply by 2013, boron prices are expected to increase by 40-45% by 2014-15

Source: AsianCeramics.com, Feb. 2012

On behalf of the Board of Directors,
Blake Fallis, General Manager

The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, who is a Qualified Person under National Instrument 43-101.

For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
www.erinventures.com

Erin’s Public Quotations:
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TSX Venture: EV
USA
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Europe
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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. 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, 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.