2013-01-28 13:03:45 -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH ANY U.S. NEWSWIRE SERVICE
Vancouver, British Columbia CANADA, January 28, 2013 /FSC/ - Coventry Resources Inc. (TSX-V:CYY, ASX:CYY) (the "Company") is pleased to announce that the Company has commenced a 6,000 metre, overburden reverse circulation (RC) drill program on the Company's Rainy River District Properties ("the Project") in south western Ontario. The Project (Figure 1) makes up the area's second largest land position in the District, located adjacent to the Rainy River Gold Deposit.
Drilling will target gold and base metal anomalies generated from the Company's initial overburden RC drilling program completed during January of 2012 and will expand the regional geochemical coverage in order to delineate new anomalies and
targets. Ongoing, detailed compilation of historic RC data has also highlighted additional anomalism for further evaluation. Overburden samples will be collected for gold grain counts as well as conventional geochemical methods, with bottom-of-hole bedrock samples also analysed by multi-element techniques. This methodology has proven to be successful in the delineation of mineralization in areas of overburden or cover, including, among others, the discovery of the Rainy River Gold Deposit by Rainy River Resources Ltd.
It is anticipated that the RC drilling program will take three months to complete with the first analyses and assays likely to be available in approximately 6-8 weeks.
Figure 1 - Coventry Resources Rainy River District Properties
To view Figure 1, please click on the following link:
ABOUT COVENTRY RESOURCES INC.
Coventry Resources Inc. is advancing the Cameron Gold Camp in northwestern Ontario, Canada towards production. A positive PEA1 Study was announced on January 15, 2013 confirming favorable economics for the Cameron Gold Deposit. In addition to the existing resource, Coventry has identified a number of exploration targets along the Cameron Lake Shear Zone and at its highly-prospective Rainy River District Properties where the Company believes it can continue to expand Coventry's resource base. The Company is led by a strong management team with a proven ability to explore, develop, finance and operate mining projects.
For further information about Coventry Resources Inc., please contact:
President and CEO
1 (416) 364 3700
Vice President, Investor Relations
1 (604) 899 1505
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.
PRELIMINARY ECONOMIC STUDY
1 A PEA is preliminary in nature as it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized.
Tony Goddard, Vice-President Exploration and Director of Coventry Resources Inc., who is supervising the Company's exploration at the Rainy River District properties is the Company's Qualified Person, as defined by National Instrument 43-101and is responsible for the content of this press release.
The information in this announcement that relates to Exploration Results is based on information compiled by or under the supervision of Anthony Brendon Goddard. Mr Goddard is Vice-President Exploration and a Director of Coventry Resources Inc. and a Member of the Australian Institute of Geoscientists. Mr Goddard has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Goddard consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
FORWARD LOOKING STATEMENTS
This news release may contain "forward-looking statements" and/or "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, forward-looking information"). Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Coventry Resources Inc. ("Coventry") does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates, drill plans, planned work programs, future upgrading of mineral resources and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
Any forward-looking information contained in this news release is based on certain assumptions that Coventry believes are reasonable, including, with respect to any mineral resource estimates, the key assumptions and parameters on which such estimates are based, that the current price of and demand for gold will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approval required to conduct Coventry's planned exploration and development activities will be available on reasonable terms and that Coventry will not experience any material accident, labour dispute, or failure of equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Coventry to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks and uncertainties relating to the actual results of exploration activities being different than anticipated, cost of labour increasing more than expected, cost of equipment or materials increasing more than expected, fluctuations in the price of gold and other commodities, currency fluctuations, mineral resources not being as estimated, unexpected variations in mineral resources, grade or recovery rates, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failing to obtain governmental or community approvals or financing. Although Coventry has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
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