Fire River Gold Corp. Announces NI 43-101 Update & 2012 Exploration Plan
FAU: TSX.V
FVGCF: OTCQX
FSE: FWR
VANCOUVER, Oct. 27, 2011 /PRNewswire/ - Fire River Gold Corp. and Mystery Creek Resources Inc.
, (OTCQX: FVGCF), (collectively 'the Company') are pleased to provide this update for the Nixon Fork Mine Property.Fire River Gold Corp. is in the process of having its current NI 43-101 resource estimate updated by the end of the calendar year 2011. This will replace the resources used in the Preliminary Economic Assessment (PEA) completed in February, 2011. The February 2011 resource estimate did not include the 2010 or 2011 drill results. As of October 17th 2011, a total of 16,636 meters have been drilled underground in the Nixon Fork Mine in 2011 plus 4,032 m of surface drilling.
In addition to this, Fire River Gold Corp. has commissioned Curtis J. Freeman of Avalon Development Corp. to develop an exploration report and 2012 plan for the Nixon Fork Mine property. Mr. Freeman has consulted for numerous major and junior mining companies and has been involved in a number of gold, silver, platinum group and base metal discoveries in Alaska and other parts of the world. Fire River Gold Corp. is budgeting for a $3 million surface drill exploration program in 2012 on its Nixon Fork property.
About Fire River Gold Corp.
Fire River Gold Corp.'s Nixon Fork Mine is operated by Mystery Creek Resources, a wholly owned subsidiary of Fire River Gold, which is based in Anchorage, Alaska.
The Nixon Fork Mine, located in the resource rich Tintina Gold Belt, is Alaska's newest operating gold mine and is projected to produce 50,000 ounces of gold per year.
Operations started in July of 2011. This year-round mining program will be producing both concentrate and dore bars. Fire River Gold will be replenishing what is mined on an annual basis by further drilling exploration targets on surface and underground thereby extending the life of the operation and receiving further benefit from the strong metals market.
Fire River Gold has a stable platform for growth due to its talented and knowledgeable management team and Board of Directors who have the experience to execute on Fire River Gold's strategy.
Nixon Fork is a past producing mine with a high grade production history (42 g/t), and a low capital requirement due to pre-existing infrastructure.
On behalf of the Board of Directors,
(Signed)
Richard Goodwin
President & C.O.O.
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. 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. We seek safe harbour.
Fire River Gold Corp.
CONTACT: ____________________________________________________________
| Tel: 1 604 267 3040 Fax: 1 604 267 3042 |
|Email: info@firerivergold.com or visit www.firerivergold.com|
| Suite 1100 - 1200 West 73rd Avenue, Vancouver, BC V6P 6G5 |
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