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Gold Mining License Expanded
Sept. 17, 2007
Erin Ventures Inc. (TSX-Venture: EV) reports that the Belizean Ministry of Mining has recently granted an extension to Erin’s existing mining license on the Ceibo Chico Gold Property. The mining license now covers a total of 160.25 hectares (396 acres), including the 37.2 hectares (92 acres) previously granted. This expansion insures that Erin has exclusive mining rights to 100 per cent of the land that comprises the Fan area of the Ceibo Chico Creek drainage system. Additionally, Erin holds 4 contiguous, exclusive prospecting licenses covering approximately 34 square kilometers (13 square miles), containing what is believed to be the host source of the residual gold found within the drainage system.
Details of the amended mining license are as follows:
- the license was issued Sept. 11, 2007
- it covers a total of 160.25 hectares (396 acres)
- the license has a 5 year term, and is renewable
- it allows for the mining and processing of the alluvials
- it includes the rights for open pit or underground mining of any lode deposit on approval of detailed mining plans
- bonding requirements have been increased to BZ $10,000 (US $5,000) from the previous amount of BZ $5,000 (US $2,500)
This expansion of the mining license to include the northern section of the Fan is of strategic importance to Erin because previous prospecting and bulk sampling in this section has revealed the potential for economically viable, gold-bearing gravel in the portion of the Fan that extends in a north-easterly direction (see Erin’s news release dated April 19, 2007). This is in addition to Erin’s current alluvial gold production underway on the southern-most section of the Fan, as reported by Erin in a news release dated August 8, 2007.
More systematic bulk testing must be completed in this northern section of the Fan to test the extent of this system. A grid has been cut, and a bulk sampling program is scheduled to begin within ten days. Results from this testing program will assist in determining whether the deployment of a second production dredge is warranted.
On behalf of the Board of Directors,
Blake Fallis, General Manager
The technical information in this release was prepared by James E Wallis, M.Sc. (Eng), P. Eng. a director of the Corporation, who is a Qualified Person under National Instrument 43-101.
About the Ceibo Chico Gold Prospect
- The property consists of 4 contiguous Exclusive Prospecting Licenses covering approximately 34 square kilometers (13 square miles), and a 160.25 hectare (396 acre) Mining License, in west/central Belize.
- Erin has an option agreement to acquire up to 90% equity in the Prospect.
- The local geology consists of intrusive and meta-sedimentary rocks which are bounded by volcanics to the south and Upper Cretaceous limestones to the north.
- A 2 km wide zone in the upper area of the drainage system appears to be the host rock for the residual gold in the drainage system.
- Residual gold has been recovered in the Ceibo Chico drainage as well as from the Chiquibul drainage which runs parallel to the Ceibo Chico creek, and is 2 km from the Ceibo Chico creek.
- Erin has commenced gold production of the alluvial gold found on the Fan to establish cash flow to help off set exploration costs.
This appointment is subject to TSX approval.
Erin Ventutures Inc.
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
A Schwab and Associates (Investor Relations).
Phone: 1-250-764-7677 or 1-800-537-4099
Email: aschwab@silk.net
Erin’s Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV
Forward Looking Statements
This release contains forward looking statements. The words "believe," "expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
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