January 15, 2013: Vancouver, BC – Balmoral Resources Ltd. (Stock Profile – TSXV:BAR & OTCQX:BALMF) reported today the acquisition of a 100% interest in each of the Martiniere, Fenelon and N2 Properties in Quebec. The Martiniere and Fenelon Properties form part of the Company’s Detour Gold Trend Project. The N2 Property is located approximately 80 kilometres to the southeast, adjacent to the currently producing Vezza gold deposit.
The Company also reported that it has completed the previously announced (see NR12-33, Nov. 22, 2012) acquisition of the Detour East Property, which also forms part of the Detour Trend Gold Project. Balmoral now owns 100% of its entire 64,893 hectare Detour Gold Trend Project, with the exception of 18 claims (998 hectares) which are held under a participatory joint venture with Encana Ltd. in which the Company holds a majority interest and is the operator.
“The completion of these two acquisitions result in a wholly owned land package covering nearly 65,000 hectares of some of the most prospective gold exploration terrain in the Abitibi greenstone belt,” said Darin Wagner, President and CEO of Balmoral Resources. “With rapidly expanding high-grade gold discoveries at Martiniere, historic gold resources and/or open-ended, advanced gold prospects on each of the other properties acquired, today’s acquisitions set the stage for the next phase of Balmoral’s growth. With our neighbours set to commence production on one of the largest open pit gold mines in North America, the recent acquisition of Trelawney and Queenston Mining and yesterday’s bid for Aurizon Mines, whose lead asset is only 45 kilometres south of our Martiniere discoveries, there is a great deal of attention and interest focused on the Abitibi making it an ideal time to consolidate our position and work aggressively toward expanding our asset base.”
To read more about the acquisitions – CLICK HERE.