News releases 2008
2008
Visible Gold Mines increases it's Stadacona East Gold property
Rouyn-Noranda, Québec, Canada – May 22th, 2008 – Visible Gold Mines Inc. (VGD: TSX Venture Exchange) is pleased to announce that it has acquired 290 hectares of land in which 163 are contiguous to the 100% owned Stadacona East property. No royalty is payable to the vendor.
The property is located in the centre of Rouyn Township in north-western Quebec. The northwest section of the property overlaps the mining town of Rouyn-Noranda. The two past producers, the “Horne Mine” (59.3 Mt at 5.88 g/t Au, 2.2% Cu, 13 g/t Ag) and the Stadacona Gold Mine (466,282 ounces Au), are situated approximately 1.0 km north and 400 m west, respectively, from northern and western boundaries of the property.
The Stadacona property is now comprised of 78 mineral claims, covering a surface area of 1,563 hectares. All of the claims are in full force and effect.
“This is a strategic acquisition because we will be very active in this area in the coming months and there is no better place to find a gold mine than beside a gold mine “ said Martin Dallaire, president and CEO of Visible Gold Mines.
The property is underlain by mafic to felsic metavolcanic rocks of the very important Blake River Group. Two economically significant structures host gold mineralization on the consolidated property (see the 43-101 technical report on our website, www.visiblegoldmines.com ).
An exploration program is actually taking place on the property and will be followed by a drilling program.
Hazeur property drilling results update
Eleven drill holes totaling 2,550 metres have been completed on the property and despite the gold found at surface, no economical gold value have been returned in the core. No more exploration work is planned on the Hazeur property at the moment.
About Visible Gold Mines Inc.
Visible Gold Mines is a company focused on gold in the prolific Abitibi Gold Belt in Quebec. The Company has 25,369,929 shares outstanding, no debt and cash liquidity of $4.4 millions representing $0.17 per share.
Forward-looking Statements
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability Visible Gold Mines to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks disclosed in filings with the Canadian securities regulators made by Visible Gold Mines. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please contact:
Martin Dallaire, President and CEO
Telephone: 819-762-0609, Fax: 819-762-0097,
Email: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com
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