Eight drill holes in 1948, maximum depth 50 feet intersected limonite-slate-chert. No logs were available. All diamond drilling was done by a small X-Ray drill. Very soft low grade hematite was encountered to depths of 40 feet increasing in depth as work progressed to the east. However, due to heavy boulders, overburden and a capping of green slates, the drill was not of sufficient strength to operate further and drilling was discontinued but not before an area exceeding 600 feet in width and 1000 feet in length was explored." Note: historical information is not National Instrument 43-101 compliant and cannot be relied upon.
Zone Resources is currently reviewing potential joint venture opportunities in order to initiate a work program for the Lac Edgar claim block in the spring of 2013.
"Prior to the legal dispute, the Company reviewed potential joint venture opportunities," stated Charles Desjardins, President and CEO. "By segregating the claims associated with the legal dispute, the Company is excited about being able to move forward with further exploration of the Lac Edgar claim block."
The Company further reports that it is proceeding with the private placement originally announced on September 25, 2012. The Company previously announced a non-brokered private placement of up to 10,000,000 units at a price of $0.02 per unit for total proceeds of up to $200,000, subject to the approval of the TSX Venture Exchange. Up to 10,000,000 units will be issued as non flow-through units consisting of one common share and one half of one non-transferable warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.05 per share in the first year and $0.10 per share in the second and final year from the date of closing.
The proceeds of the private placement will be used to maintain and preserve the Company's assets and operations. Finder's fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian Iron ore exploration and development company with projects situated in the Labrador Trough of Quebec, Canada.
Technical information in this news release has been prepared and/or reviewed by Michael Magrum, P.Eng., a Qualified Person as defined in NI 43-101.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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.
Zone Resources Inc.
(604) 683 5445
(604) 687-9631 (FAX)
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