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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/08/13 -- Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX VENTURE: BAR)(OTCQX: BALMF) today reported results from eight holes completed on the Company's Northshore Property in Ontario. The intercepts reported today expand the Afric Gold Zone along strike to the northeast and to depth. Results continue to point to the presence of several high-grade gold bearing structures within a very broad corridor of anomalous gold mineralization. Exploration on the Northshore Property is being funded and operated by GTA Resources and Mining Inc. ("GTA") under a previously announced option agreement between the companies.
Highlights from today's release include:
-- Hole WB-12-29 which returned two broad intercepts of anomalous gold mineralization including two new high-grade discoveries (9.15 g/t gold over 3.00 metres and 9.78 g/t gold over 5.00 metres), expanding the Afric Zone to the northeast into an area of limited historic drilling.-- Hole WB-12-33 which returned an average grade of 1.37 g/t gold over 68.00 metres (including 12.16 g/t gold over 4.00 metres), representing one of the deepest intersections on the Property to date and indicating the Afric Zone remains open at depth.-- Several bonanza grade intersections including: 66.50 g/t gold over 0.50 metres (WB-12-33), 50.90 g/t gold over 0.50 metres and a second deeper intercept of 50.90 g/t gold over 0.50 metres (WB-12-29), and 20.10 g/t gold over 1.00 metre (WB-12-29).-- The gold mineralization hosted within the Afric Intrusive Complex has been partially defined over an area exceeding 450 metres in strike length and to depths in excess of 390 vertical metres.
All recent holes intersected significant gold mineralization hosted within a strongly altered felsic porphyry package termed the Afric Intrusive Complex. Multiple occurrences of visible gold mineralization were observed in several holes. An updated plan map showing collar locations for the holes announced today is available on the Northshore Property page of the Company's website - www.balmoralresources.com.
Table 1: Phase 3 Drill Results----------------------------------------------------------------------------Hole Hole Depth From To Interval(i) GradeNumber (metres) (metres) (metres) (metres) g/t gold----------------------------------------------------------------------------WB-12-28 (-50 degrees) 287.00 24.00 41.00 17.00 0.32---------------------------------------------------------------------------- including 24.00 25.00 1.00 1.82--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-29 (-50 degrees) 350.00 9.20 84.00 74.80 1.12---------------------------------------------------------------------------- including 28.00 56.00 28.00 2.00---------------------------------------------------------------------------- which includes 42.00 42.50 0.50 25.30---------------------------------------------------------------------------- 229.00 287.00 58.00 1.54---------------------------------------------------------------------------- including 236.00 239.00 3.00 9.15---------------------------------------------------------------------------- which includes 237.50 238.00 0.50 50.90---------------------------------------------------------------------------- including 268.00 285.00 17.00 3.25---------------------------------------------------------------------------- which includes 270.00 275.00 5.00 9.78---------------------------------------------------------------------------- and which includes 270.00 270.50 0.50 50.90---------------------------------------------------------------------------- and 274.00 275.00 1.00 20.10--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-30 (-50 degrees) 326.00 5.00 48.00 43.00 1.02---------------------------------------------------------------------------- including 12.00 20.00 8.00 4.58---------------------------------------------------------------------------- 176.00 181.00 5.00 1.93---------------------------------------------------------------------------- 275.00 276.00 1.00 14.50--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-31 (-50 degrees) 344.00 143.00 198.00 55.00 0.83---------------------------------------------------------------------------- including 143.00 157.00 14.00 1.32---------------------------------------------------------------------------- which includes 146.50 147.00 0.50 20.60---------------------------------------------------------------------------- including 197.00 198.00 1.00 15.80--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-32 (-50 degrees) 444.00 231.00 244.00 13.00 1.00---------------------------------------------------------------------------- 337.00 348.50 11.50 1.26---------------------------------------------------------------------------- 368.00 369.00 1.00 9.91---------------------------------------------------------------------------- 419.80 432.00 12.20 1.02--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-33 (-50 degrees) 563.00 421.00 489.00 68.00 1.37---------------------------------------------------------------------------- including 421.00 430.00 9.00 5.94---------------------------------------------------------------------------- which includes 421.00 425.00 4.00 12.16---------------------------------------------------------------------------- and 423.50 424.00 0.50 66.50--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-34 (-50 degrees) 215.00 61.10 83.00 21.90 0.96---------------------------------------------------------------------------- including 74.00 83.00 9.00 2.01---------------------------------------------------------------------------- which includes 74.00 76.00 2.00 6.96--------------------------------------------------------------------------------------------------------------------------------------------------------WB-12-35 (-50 degrees) 449.00 62.00 63.00 1.00 4.11---------------------------------------------------------------------------- 413.00 429.00 16.00 1.06---------------------------------------------------------------------------- including 414.00 416.00 2.00 2.76----------------------------------------------------------------------------(i) Reported drill intercepts are not true widths. At this time there isinsufficient data with respect to the shape of the mineralization tocalculate true orientations in space.
