LAVAL, CANADA--(Marketwire - Aug. 22, 2012) - TYPHOON EXPLORATION INC. (TSX VENTURE:TYP) is pleased to announce that geological reconnaissance work has begun on its Nordair Property located in James bay, in the heart of Plan Nord Territory. The property is 100%-owned by Typhoon Exploration Inc.
The Nordair Property is located south of the Eastmain River, west of the road from Matagami to Radisson, in James Bay (Quebec). According to the work completed by the Ministry of Natural Resources and Wildlife of Quebec ("MRNF"), the property is at the center of a greenstone belt, dominated by felsic to intermediate tuff horizons and amphibolitized basalts from the Auclair formation of the Lower Eastmain Group. The property is immediately in the west extension of the "Lidge Claim" and "Lucille" showings held by Eastmain Resources Inc. These showings revealed several gold and copper valuesΓÇïΓÇï, including a drilling intersection which revealed values of 11.42 g/t Au and 0.13% Cu over 1.3 meters, at the interface between the basalts and tuffs. In addition, the Nordair Property is located less than 100 kilometers southwest from Goldcorp's Eleonore Project which has estimated probable reserves of 12.48 Mtonnes @ 7.56 g/t Au as well as measured and indicated resources of 1.36 Mtonnes @ 10.95 g/t Au. (Ref.: Website http://www.goldcorp.com/Investor-Resources/Reserves-and-Resources)
ABOUT TYPHOON EXPLORATION INC.
- Typhoon Exploration Inc. holds only 22,591,235 shares outstanding.
- The Fayolle Property offers the company the potential to gather important gold resources.
- The 27 million dollar agreement between Typhoon Exploration Inc. and Aurizon Mines Ltd. is starting off its third year and is going according to schedule.
- The Company is in the final phase in order to obtain a new resource calculation of the Fayolle Deposit, as per National Instrument 43-101 standards, as well as a metallurgical study of the gold recovery rate. When both studies are completed and announced by a press release, Typhoon Exploration Inc. will then initiate a preliminary economic study of the Fayolle Deposit.
THE COMPANY OWNS THE FOLLOWING PROJECTS:
- Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010)
- Faille 1 Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region
- Monexco Project, 100%-owned by Typhoon Exploration Inc. / Chibougamau region, in the heart of Plan Nord territory
- Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region, in the heart of Plan Nord territory
- Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited / Rouyn-Noranda region
- Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Exploration Inc. / Rouyn-Noranda region
Typhoon takes advantage of Quebec's excellent mineral potential for the development of new world class gold deposits.
For more information, visit SEDAR's website at www.sedar.com or the company's website at www.typhoonexploration.com
Mr. Daniel Gaudreault, P. Eng., Geol. (OIQ), is the Qualified Person as defined by National Instrument 43-101, to supervise the preparation of this press release.
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither 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.