Equinox Exploration Corp. Mobilizes Drill Rig to Its Binghampton Copper Queen Project in West Central Arizona Sep 20 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2012) - Equinox Exploration Corp. (TSX VENTURE:EQX) (Equinox) has mobilized a reverse circulation drill rig to its Binghampton Copper Queen (BCQ) volcanogenic massive sulfide (VMS) Project near Prescott, Arizona within the Arizona Copper Belt. Key points are:
Drilling is expected to commence early next week Initial drilling will concentrate on the Copper Queen trend, one of the four VMS trends on the BCQ property The Copper Queen mine was developed on several levels but never placed into production due legal issues The Arizona Geological Survey recorded an historic production of 1,413 short tons grading 9.95% copper, 0.25% zinc, 54.2 grams per tonne silver and 3.3 grams per tonne gold for the Copper Queen mine The drilling will initially focus within the Copper Queen mine and then test the strike extensions of the Copper Queen mineralization before moving on to the other VMS trends on the BCQ property (Binghampton, Fraction and Halfmoon)
Surface exploration continues at BCQ to locate additional VMS trends within the 2,032 hectare property. The HELITEM airborne survey results have been received from Fugro Surveys and Equinox has initiated further processing of the airborne data.
"We are very pleased at the commencement of our fall 2012 drill program and eagerly await the initial assay results," stated Vic Nielsen, President of Equinox Exploration Corp.
Equinox is earning a 100-per-cent interest in the Binghampton property by making cash payments of $1.25-million and issuing five million shares over the next four years, subject to a 3-per-cent net smelter return royalty. Equinox has the right to purchase the royalty at a price of $1-million (U.S.) per 1 per cent. In addition, Equinox is obligated to pay $250,000 and issue a further one million shares on the filing of a National Instrument 43-101 resource estimate for the property.
About Equinox Exploration Corp.
Equinox Exploration Corp. is a publicly traded corporation listed on the TSX-Venture Exchange (TSX VENTURE:EQX) and is engaged in mineral exploration and development in the United States and Chile. The major focus is on copper exploration properties in the Southwest United States where management has extensive experience and a proven track record of discovery. To find out more about Equinox visit its website at www.EquinoxExploration.com.
R. Tim Henneberry, P Geo., on the Advisory Board of Equinox, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors of Equinox Exploration Corp.
This news release includes certain statements that may be deemed "forward-looking statements". Forward-looking information includes, but is not limited to: statements with respect to the effect and estimated timeline of the drilling and assay results on the Company; the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting; government regulation of mining operations; potential future expansion of the PFNP; environmental risks; unanticipated reclamation expenses; and title disputes or claims. 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: unsuccessful exploration results; changes in metals prices; changes in the availability of funding for mineral exploration; unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
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.