| ||Mon May 7, 2007|
Asia Now Resources provides update on projects in China
| ||TORONTO, ONTARIO - May 7, 2007: Asia Now Resources Corp. (TSX VENTURE:NOW) is pleased to provide an update on its mineral exploration projects in China. All of the Company's exploration activities are undertaken through cooperative joint venture ("CJV") companies licensed by the Chinese government and controlled by the Company.|
In 2006, the Company was active on four projects, three of which are in Yunnan Province of southwestern China and one of which is in Hebei Province in northeastern China. The Company is currently drilling at two projects, Habo and Beiya, in Yunnan. As previously reported, the Company wrote off its expenditures on the Dongchuan project in Yunnan after reviewing all exploration results. The Company returned the two Dongchuan exploration rights to its CJV partners and wrote down a total of $1,054,723 in 2006. Current exploration activities of the Company are updated as follows:
Habo Project-aditing and drilling programs on-going
The Habo Project involves a CJV with Yunnan Geology and Mineral Resources Company Limited ("YGMR") called Yunnan Now Mineral Exploration Company Limited ("Yunnan Now"). At Habo, the Company identified a large (no less than 1,300 metres by 800 metres) porphyry copper-gold system on prominent hills in the Habo South block in the south tenement of the project where the soil geochemical anomaly is 3.5 km by 2.1 km, outlined using 250 ppm copper, 16 ppb gold and 10 ppm molybdenum, one of four major gold-copper-molybdenum soil anomalies associated with the Habo porphyry.
Aditing and drilling programs continue at Habo South where extensive porphyry-style copper-gold mineralization has been found on surface. As previously reported, assay results from adit samples show enhanced grades of up to 1.8% copper, 1.1 grams per tonne gold and 0.12% (MoS2) molybdenum at depth compared to surface mineralization where sampling returned copper values of mostly 0.1-0.3% (maximum 0.73%) plus gold values of mostly 0.1-0.4 g/t (maximum1.3 g/t) over 300 continuous metres. In addition, initial trenching at another major copper-gold-molybdenum soil geochemical anomaly in the northern part of the Habo property found one gold mineralized zone 7.10 metres wide with an average grade of 5.4 g/t, and a zone 5.45 metres wide grading 2.1 g/t.
Exploration work completed to date has confirmed the potential for a large bulk-tonnage, open-pittable copper-gold deposit. Prior to year end, the Company began an initial 800-metre drilling program to test the mineralization at depth. In an effort to accelerate the collection of samples, a further 5,000-metre drilling program is planned. To date, three drill rigs are now on-site on the Habo project. Two additional drill rigs will be moved to the property in October following the rainy season of this spring and summer.
Beiya Project-drilling and trenching continued.
The Beiya Project involves two CJVs, Yunnan Dong Xin with YNGM on properties referred to as Ma Touwan, and Yunnan Now with YGMR on properties referred to as Beiya. Subsequent to the year end, Yunnan Now received three new exploration rights with Asia Now holding a 100% interest. These properties comprise the Beiya Project covering an area of 586 square kilometres. The targets are Carlin-style gold and intrusion-related copper-gold ore deposits.
The southeastern area of the Beiya Project is adjacent to an operating gold mine that has been expanded recently from a small underground mine to an open pit mine with annual production of 70,000-100,000 ounces gold. Drilling targets have been identified from a large soil anomaly with high gold values (up to 1.7 gram per tonne) that covers 13 km long by 2 km wide across the existing open pits, half of the anomaly being within the joint venture exploration rights. An initial 1,000-metre drilling program started as of November 5, 2006, and results announced subsequent to year end included cores lengths of 18.21 metres grading 1.12 g/t gold and 28.06 g/t silver, 1.28 metres grading 4.15 g/t gold and 29.25 g/t silver, and 1.05 metres grading 5.76 g/t gold and 16.10 g/t silver, all to a depth of 146.8 metres. Trenching at the western area of the project have indicated a number of copper-gold mineralization zones (e.g., 4.7 metres at 8.7 g/t gold, and 11.9 metres at 0.6% copper and 0.1 g/t gold).
In the northern area of the project (Beiya Far North), a large anomaly extending over nine square kilometres was discovered with high gold values (up to 1.9 g/t) in soil samples. Detailed geological mapping has been carried out, and an extensive trenching program has started in order to expose bedrock and provide reliable assays to determine the location and grade of the mineralization. The early trenches exposed wide zones (up to 100 metres wide) of anomalous bedrock, including zones with near-economic grades (e.g., 9.3 metres grading 1.4 g/t gold in trench TC2).
Drilling and trenching programs continued at Beiya. A further 2,000-metre drilling program is planned. Two additional drill rigs have been mobilized to Beiya North and Beiya Far North.
Great Wall Project-waiting for license transfer
The Great Wall Project involves a CJV in Hebei Province with the 2nd Geological Team of the Hebei Bureau of Mineral Prospecting and Development called Hebei Now Resources Company Limited ("Hebei Now"). At the Great Wall Project, the target is Carlin-style disseminated gold in carbonates, similar to mineralization currently being mined in small-scale open pit operations on adjoining properties. Recent geological mapping and geochemical sampling have been conducted on widely spaced grid lines, and anomalous areas have been defined that will require follow-up. Further work has been deferred pending final transfer of exploration rights to Hebei Now.
Zinifex-Asia Now Alliance-starting to investigate new projects in China
In 2006, the Company laid the groundwork to form an alliance with Zinifex Limited, one of the world's largest zinc producers. In early 2007, an agreement was announced whereby Asia Now will manage generative zinc-lead-silver base metal exploration for Zinifex throughout China. The alliance has started the investigation of new projects in various parts of China.
SAMPLING, ASSAYING, QUALITY CONTROL AND QUALIFIED PERSON
Exploration on all of the Company's projects are conducted under the supervision of Noel C. White, a director and consultant to the Company and a Qualified Person as defined under National Instrument 43-101. Dr. White has read and approved this news release. Disclosure on mineralization on adjacent properties has not been verified by Dr. White and is not necessarily indicative of the Company's anticipated results. Where provided, potential quantity and grade is conceptual in nature as the Company has not conducted sufficient exploration to define resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
About Asia Now Resources:
Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include copper, gold and silver at three major projects, with drilling underway at two of these. Under the leadership of an experienced management team, the Company has in excess of $4 million dollars in cash, thus creating a sound balance sheet to take exploration into the next phase.
For further information contact:
Peter Weichler / Grant Howard
The Howard Group Inc.
Toll Free: 1-888-221-0915
Asia Now Resources Corp.
James Borland, Vice President
Phone: (416) 364-7281
The TSX Venture Exchange has not reviewed and does not accept responsibility for this news release.
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