VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/12/13 -- Orestone Mining Corp. (TSX VENTURE: ORS) is pleased to report that the Company has completed the 50 line kilometer detailed magnetic survey at the Captain Project in north central BC announced on January 25, 2013. The survey was designed to detail the Admiral (East Mag) target area where recent drill hole C12-05 intersected 100-160 meter intervals of gold copper mineralization with an average grade of 0.3-0.4 g/t gold and 0.05-0.07 %. The intercepts of gold and copper are associated with magnetic monzonite dyke swarms and strong biotite-magnetite-potassic alteration with disseminated gold bearing chalcopyrite - pyrite mineralization.
Two significant magnetic highs have been detailed in the survey. One of the magnetic high is associated with the alteration and monzonite dykes in drill hole C12-05 and measures 100-300 meters in width and has been traced along a 1500 meter east-west strike. The much larger second anomaly is located 600 meters north of drill hole C12-05 and has a width of 500-1000 meters and has been traced along an east-west strike of 1500 meters and has not been drill tested.
Gary Nordin, Vice President-Exploration of Orestone commented, "This detailed magnetic survey has greatly aided interpretation of the strong mineralization intersected in hole C12-05, which showed us a clear correlation between gold/copper mineralization and specific magnetic responses. This relationship has been recognized at the nearby Mt. Milligan Deposit (Thompson Creek Metals), as well as, the Woodjam Deposit (Goldfields Ltd.). This survey data will enable us to explore much more efficiently and expedite our follow up drilling. The large magnetic target located north of C12-5 will be the focus of our next drilling campaign."
A further, more detailed magnetic survey will be underway shortly with closer spaced lines at 100 meter spacing on the Admiral Target. Additionally a survey will be conducted on the West Mag Target area at 200 meter spaced lines; combined these new surveys will cover 60 line kilometers. Both areas have small magnetic high zones with coincident moderate IP chargeability highs peripheral to the central Main Magnetic High Intrusive. A magnetic map of the target areas accompanies this release and may be found on the Company website at: www.orestone.ca.
The Captain Project hosts a large gold-copper porphyry system measuring seven by fourteen kilometers located 41 kilometers north of Fort St. James, British Columbia and approximately 30 kilometers south of the Mt. Milligan gold-copper deposit. The Mt. Milligan deposit has proven and probable reserves of 532 Mt grading 0.20% copper and 0.38 g/t gold (Thompson Creek Metals website) and is currently under construction by Thompson Creek Metals Company Inc. as a large open pit mine and processing facility. The Captain Project features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year around. The Company has all permits in place to facilitate the next several phases of exploration; 30 line kilometers of geophysics and 38 sites approved for drilling by the B.C. Ministry of Energy and Mines.
Orestone Mining Corp. owns 100% of the Captain gold and copper project near Fort St. James, B.C. and is well financed to pursue further exploration during 2013. The Company also holds a 51% interest in the 50 square kilometers Todd Creek Property within the increasingly important Stewart Mining Camp, B.C. For additional information including, drill hole plans, cross sections and geophysical maps, please visit www.orestone.ca.
ON BEHALF OF ORESTONE MINING CORP.
David Hottman, President and CEO
This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
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 News Release.
Orestone Mining Corp.
President and CEO
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