News releases 2007
2007
Visible Gold Mines commences phase 2 gold exploration in Chibougamau
Rouyn-Noranda, Québec, Canada – September 18, 2007 – Visible Gold Mines Inc. (VGD: TSX Venture Exchange) is pleased to announce the commencement of its phase 2 gold exploration program on its 100% owned Hazeur property located approximately 25 kilometres south-west of the city of Chibougamau. The property is easily accessible by the Barrette-Chapais-South road and various other logging roads which are located in this region.
The property is comprised of 147 mineral claims, covering a surface area of 2,382 hectares. The property was acquired from Fieldex in July 2007 and all of the claims are in full force and effect.
Mineralization
Ten gold showings have been identified on the property. The gold potential of the Coapatina metavolcanic-metasedimentary segment is evident by the presence of the Joe Mann mine, operated by Campbell Resources, the Philibert deposit Exploration, and numerous gold showings that are dispersed along the segment. The Joe Mann mine, located approximately 15 kilometres east of the Hazeur property, has produced more than 900,000 ounces of gold since the 1950s. The Philibert deposit, located less than one kilometre to the east of the Hazeur property, contains resources from 1.4 Mt to 5.32 g/t. Au (MB-99-33: Government of Québec database).
Geology
The Hazeur property is located at the eastern extremity of the North Volcanic zone of the Abitibi subprovince and, more precisely, within the Caopatina-Desmaraisville metavolcanic-metasedimentary belt. All the lithologies in the region belong to the Superior Province and are Archean in age, with the exception of Proterozoic diabase dykes. Caopatina segment is characterized by one metavolcanic-metasedimentary cycle that is divided into the Obatogamau and Caopatina formations. The Obatogamau Formation, situated at the base of the stratigraphic sequence, is interpreted as a vast sub-marine plain that consists of mafic to felsic metavolcanic centers scattered over tholeitic metabasalt. The Obatogamau Formation, which forms a long basin situated within a large regional syncline (the Druillettes syncline), is overlain by metasedimentary
rocks of the Coapatina Formation. These rock units are crosscut by east-west-striking faults and overprinted by regional metamorphism that varies from the greenschist facies to the amphibolite facies.
Work Program
The gold exploration program will mainly consist of stripping the showings, channel sampling and drilling.
About Visible Gold Mines Inc.
Visible Gold Mines is a company focused on gold in the prolific Abitibi Gold Belt in Quebec. The Company's portfolio of properties consists of wholly-owned projects which will be managed by a team of geologists who have a proven track record. Visible Gold Mines’ modus operandi is to increase shareholder value mainly by increasing its resources. A major portion of the 2007-2008 exploration budget will be invested on the company's flagship Stadacona East Mine’ property.
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 Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097
E-mail: mdallaire@visiblegoldmines.com
Website: www.visiblegoldmines.com
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