VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/30/13 -- Citation Resources Inc. (the "Company") (TSX VENTURE: CTT) is pleased to announce that four priority drill target areas have been defined and a 7,000 meter drill program has been designed for the Biricu Gold Project located in Mexico's prolific Guerrero Gold Belt (GGB).
The four target areas identified have been outlined based on an integration of geologic, geochemical and geophysical data collected during field exploration programs conducted during 2012. The Company has received the final detailed interpretation prepared by Condor Consulting Inc., recognized experts in the field of airborne electromagnetics, of the results of the airborne versatile time-domain electromagnetic ("VTEM") survey completed by Geotech Ltd. (news release December 5, 2012). A subsequent 5-day geologic field review of the target zones identified in Condor's interpretation report was completed in late December 2012 under the supervision of the Company's consulting geologist, David M. Jones. The field review involved the consideration of all geologic, geochemical and geophysical data gathered to date in evaluating the VTEM survey results and finalizing a first round exploration drill program.
Matthew Watson, Chairman of Citation commented, "Preliminary field work, consisting of reconnaissance mapping and geochemical sampling is completed in most of the highest priority areas of the property. We have received very encouraging EM results from the survey which, combined with the equally encouraging ground activities and geochemical sampling, have enabled Citation to identify a number of priority drill targets. The target areas each show strong similarities in geologic setting, alteration, and geochemical patterns to those of the numerous gold skarn deposits of the Guerrero Gold Belt. We are excited to now be planning the next phase of our exploration activities on the Biricu Project that will involve drill testing of the target areas identified to date."
Further technical details and the related full news release issued by the Company on January 29, 2013 are available at www.citationresources.com.
The Company's exploration program is being carried out under the direction of David M. Jones, technical consultant to the Company. Mr. Jones has over 30 years' experience in mineral exploration and project management. Mr. Jones has worked extensively throughout the Guerrero Gold Belt for clients including Teck, Wheaton River, Goldcorp, Penoles, Grupo Mexico, Torex, and a number of other Canadian juniors.
The technical content of this news release has been reviewed by and has been verified by and is the responsibility of Richard Graham, P. Geol., who is a Qualified Person as defined in NI 43-101.
About Citation Resources
Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated to the exploration and development of precious and base metal resources. The Company has an option agreement with Esperanza Resources Corp. to acquire a 100% interest in the Biricu Project mineral exploration concession located in Guerrero State, Mexico. The Biricu Project comprises more than 41,000 hectares of highly prospectable ground and management believes that the Biricu Project is the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula - Newstrike Capital Inc.).
Some statements in this report contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.
ON BEHALF OF THE BOARD OF DIRECTORS
CITATION RESOURCES INC.
Nigel Kirkwood, CFO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Citation Resources Inc.
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