Orestone Completes Share Consolidation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/18/12 -- Orestone Mining Corp. (TSX VENTURE: ORS) ("the Company") announces that further to the Company's news release of September 12, 2012 the TSX Venture Exchange ("TSX-V") has approved the Company's share consolidation on the basis of four (4) pre-consolidation common shares for one (1) post-consolidation common share of the Company.
Effective as of the opening of markets on Tuesday, September 18, 2012, the Company will commence trading on the TSX-V on a consolidated basis. The post-consolidated common shares of the Company will be assigned a new CUSIP number of 686154204 (ISIN CA6861542042). As of this date Orestone has 16,397,323 shares issued and outstanding and shareholders of the Company will be receiving a letter of transmittal from Olympia Trust Company to enable them to exchange their old share certificates for new share certificates representing the post-consolidated common shares.
Orestone discovered a large copper/gold porphyry system in B.C., Canada during the Company's last drilling campaign completed on the 100% owned Captain Project in January of 2012. The project is located 43 km north of Fort St. James and approximately 30 km south of the $1.5 billion Mt. Milligan Mine development of Thomson Creek Metals.
In January the Company completed a four-hole, 1,240 meter diamond drill program utilizing HQ sized core with hole C11-01 returning an intercept of 87 metres, from 127 metres, grading 0.230 g/t gold (Au) and 0.03% copper (Cu), including 43 metres of 0.298 g/t Au and 0.09% Cu and 16 metres of 0.434 g/t Au and 0.133% Cu thus validating the East target area. Additionally microscopic petrographic analysis of core samples from hole C11-01 showed a gold/copper mineralized alteration assemblage consisting of very fine-grained ankerite-potassium feldspar with minor kaolinite-sericite and abundant magnetite-hematite, overprinted in part by coarse-grained potassium feldspar indicating a high temperature environment near an intrusive source which remains open for several kilometers to the east.
The East target discovery area, covered by a thin veneer of glacial till 20 to 40 meters thick will be the focus of further drilling with the goal of finding the central, higher grade core of the discovery. All permits are in place to facilitate the planned program and 30 sites have been approved for drilling by the B.C. Ministry of Energy and Mines.
The East target described above represents only a small portion of the fifty square kilometer altered system which is capable of hosting several copper/gold mineralized porphyry deposits similar to the neighboring Mt. Milligan system 30 kilometers to the north.
For more information 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.
Contacts:
Orestone Mining Corp.
David Hottman
President and CEO
604-629-1929
604-629-1930 (FAX)
www.orestone.ca
