Nov 29 2010
Astral Mining Corporation (TSX VENTURE:AA)(TSX VENTURE:AA.WT)(PINK SHEETS:AAMJF)(FRANKFURT:A7DA) announces that it has elected not to exercise its option to earn a 100% interest in the Jumping Josephine Property from Kootenay Gold Inc.
By the terms of the option agreement dated December 14th 2009, Astral could earn Kootenay's 40% share of the property over two years (Astral Mining News release dated December 16, 2009). Astral has given notice that it will not proceed with the agreement and the companies will form an Astral 60% and Kootenay 40% Joint Venture. Going forward the Joint Venture partners will contribute relative to their percentage holding or dilute their interests.
The Company has initiated a small follow up program to the 2010 program which successfully extended known mineralization along the JJ Main structure to a total known length of 2.25km and intercepted a potential parallel mineralized zone "Cedar zone" 250m to the northwest of the original JJ Main discovery (see Astral news release dated 4th November 2010 for details and results). Drilling of six HQ diameter diamond core holes for a total of 500m at the Cedar zone is now underway.
Technical details contained in this news release have been reviewed by Dale Brittliffe, P.Geo., a Qualified Person as defined in National Instrument 43-101 and Astral's Exploration Manager.
Source: Astral Mining Corporation