TORONTO, ONTARIO--(Marketwire - April 19, 2011) - Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) announces that it has concluded Phase I of drilling at its La Montanita gold project near Medellin, Colombia. While drill holes 6-10 have not intersected significant mineralized intervals, only a small percentage of the property has been tested. Artisanal mining is present in more distant locations to the current drilling indicating potential mineralization in areas other than the primary target area.
rill holes completed to date have intersected sub-economic portions of the historically mined gold zones suggesting that the likelihood of intersecting a large high grade gold system in the drilled tested area is low. Alder is in the progress of evaluating its options with the intention of finding additional targets in the La Montanita area. In addition, Alder is actively pursuing further acquisitions in Colombia in order to maximize shareholder value.
Alder has spent approximately $955,000 on the exploration program at La Montanita, and
has a current cash position of approximately $2,252,000. Management intends to use the remaining funds to ensure that projects with multimillion ounce potential are sourced in addition to fully unlocking the value of the La Montanita Project.
The Company also reports that it will not pursue its option on the property it was analyzing as per the press release dated January 27, 2011 as a result of unsatisfactory due diligence related to the potential mineralization of the property.
In addition, the Company would like to announce that subsequent to entering into the option agreement with Castillian Resources Corp. ("Castillian") with respect to the Canadian Creek property located in the Yukon, Alder now holds approximately 1,562,000 shares of Castillian, with an approximate market value of $296,875. Furthermore, the Company recently received the first payment from Castillian in the amount of $50,000 as per the terms of the assignment agreement for the Canadian Creek property.
About Alder Resources
Alder Resources is a Colombian-based company focused on gold development at its La Montanita property 40 km northeast of Medellin, as well as accretive acquisitions in the area. The La Montanita property is approximately 80 km from Continental Gold's Buritica asset.
Cautionary Note Regarding Forward-looking Information
Will Randall, a Director of the Company and a qualified person under NI 43-101, has reviewed and approved the scientific and technical information in this press release.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the anticipated results with respect to the La Montanita property, the timing with respect to further drill programs proposed for the La Montanita property, the ability and availability of securing additional property acquisitions in Colombia, mining in Colombia, statements with respect to the development potential and timetable of the property of the Company; the potential to identify mineral resources; the timing and amount of estimated future exploration, success of mining activities; and receipt of government approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alder Resources Ltd.