| ||Tue Feb 22, 2011|
Asia Now's Beiya Project is ranked as one of the top 10 prospects in China by the China Geological Survey
| ||Asia Now Resources Corp. (TSXV: NOW) is pleased to announce that the Company's Beiya project has been ranked as one of the top 10 high-potential prospecting areas in mainland China by the China Geological Survey and Yunnan Provincial Government, after governmental expert groups carried out an independent review of the Company's exploration results and onsite examinations of Beiya in November- December 2010 and January 2011. |
To date, the Company has completed 38 holes drilling on a grid of 160 meters by 80-160 meters at Beiya North (the Yujiapo block), and 37 of them interested multi-layered gold/silver and base metal mineralized zones, including some of high-grade intercepts containing up to 23.5 g/t gold, 928 g/t silver, 1.86% copper and 25.5% combined lead and zinc (see News Releases dated February 7, 2011 and August 9, 2010). Those holes have confirmed the continuity of the main mineralized zone over 1,200 meters long by 350 to 620 meter wide, and it remains open. The drilled area is a part of the 13 kilometer long by 2 kilometer wide gold belt, two-third of which belongs to the Company's joint ventures. In addition, the Company has identified another gold/silver and base metal belt extending for 45 kilometers long by 2-4 kilometers wide, from which two key targets (Beiya Far North and Tanyao) have been selected for drill testing (www.asianow.ca).
Dr. Kaihui Yang, President and CEO of the Company, said, "This recognition of Beiya's technical and geological merits by the Central and Provincial Governments testifies to the project's prospectivity. With our strong cash position and an $8 million dollar exploration program, we are in a strong position to demonstrate the project's potential. We are currently completing our first resource estimate at which point we will be in a position to determine the project's further path toward development."
The high potential of the Beiya area has been further recognized by an expert group including 13 Chinese academicians and well-known exploration geologists at the annual meeting to review the key projects of the "National Exploration Actions (2010-2013)". The meeting was co-organized by the China Geological Survey and Yunnan Provincial Government in Kunming during February 14-16, 2011, and at the meeting, the Provincial Governor and a Vice-Governor delivered important speeches for encouraging and supporting the international cooperation in the development of the mining industry in Yunnan Province.
The "National Exploration Action" is a three-year program launched by the China Geological Survey to identify the key prospects with significant potential for large ore deposits in China, for which the Central and Provincial governments will encourage and invest funds to speed up exploration and mine development. It is one of several important measures that the Chinese Central Government has been taking in response to its increasing demand for mineral commodities and the high commodity prices in the international market.
The Beiya project is adjacent to the open-pit Beiya Gold Mine, the largest gold mine in Yunnan Province, producing 200,000 ounces of gold annually. Asia Now has earned 72% with the option of increasing to 90% our interest in the Beiya North property where the Company is currently drilling. Beiya North is part of the Beiya project that involves two joint venture companies. Beiya North is part of the joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited. The Company is earning a 70-88% interest in another joint venture with Yunnan Geology and Mineral Resources Company Limited. The Beiya project is 60 km by highway north of the city of Dali, which is a 35 minute flight from Kunming, the capital city of Yunnan. There are several daily flights, a railway and a paved highway between the two cities. The Beiya property is one of two key projects the Company is exploring in China.
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 two major projects. Under the leadership of an experienced management team, the Company is taking exploration into the next phase of success.
For further information contact:
Kaihui Yang, President
Andreas Curkovic, Investor Relations
Asia Now Resources Corp.
+1 (416) 364-7281
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.
You can view the Next News Releases item: Mon Feb 28, 2011, Asia Now Opens a New Office in Hong Kong and appoints a Senior Advisor
You can view the Previous News Releases item: Fri Feb 18, 2011, Asia Now Retains New Investor Relations Services Consultant and Announces Grant of Stock Options and Amendment to its Stock Option Plan
You can return to the main News Releases page, or press the Back button on your browser.