| ||Wed May 11, 2011|
Asia Now Provides Exploration Update
- Including 37,000 Metre Drill Program at the Beiya Gold Project -
Asia Now Resources Corp. (TSXV: NOW) outlined today its newly approved expanded exploration program for 2011. The program has been expanded to capitalize on the positive results in the 2010 exploration program (see NOW news releases February 7 and April 21, 2011).
At Beiya, regarded as one of the most prospective project in China (see news release dated February 22, 2011), a drilling program totalling 37,300 meters in two phases will focus on the northeast section of the 13 kilometer long by 2 kilometer wide gold belt, of which two-thirds belongs to the Company's joint venture, and one-third to an adjacent open-pit mine producing 200,000 oz gold per year. The first phase includes 25,100 meters of drilling on a grid of 160 meters by 80-160 meters at Beiya North to define the resource of the multi-layered gold/silver and base metal mineralized zones, including some high-grade intercepts containing up to 23.5 g/t gold, 928 g/t silver, 4.15% copper and 35.3% combined lead and zinc. Currently 20 drill rigs are operating at Beiya North. Recent successful drilling results have confirmed the continuity of the main mineralized zone over 1,360 meters long by 350 to 620 meters wide, and it remains open. The second phase of 12,200 meters of drilling will test the other two key targets (Beiya Far North and Tanyao) after an IP program is completed late this year.
In addition, the Company is carrying out metallurgical testwork, hydrological survey, geo-engineering measurements and environmental assessments in preparation for applying for a mining license at Beiya North. Work has already started on the Canadian NI 43-101 report and resource estimate with the final report expected this fall.
Dr. Kaihui Yang, President and CEO of the Company, said, "We have increased drilling to our already aggressive exploration program in order to maximize the potential of Beiya. Our priority is to produce our maiden 43-101 resource as soon as possible. Since Beiya North is next door to a producing gold mine, we believe that after we complete our resource estimate we will be in a good position to determine the next stage of development."
A 3,000 drilling program is also planned to test the Habo porphyry copper-gold-molybdenum systems after an IP program is completed this summer. Habo is located at the under-explored, southeast part of the productive Tethyan belt that contains some of the world's largest porphyry copper-gold-molybdenum ore deposits in the world such as Sar Cheshmeh in Iran, and Reko Diq (owned by Barrick Gold, etc.) in Pakistan. Results to date indicate strong geological similarities of the Habo porphyries with the big systems in Iran and Pakistan. Results to date have confirmed a large porphyry copper-molybdenum-gold mineralization system that covers an area of 2,300 meter by 1,300 meter at Habo South.
Beiya North is part of the Beiya project that involves two joint venture companies. Asia Now has earned 72% with the option of increasing to 90% its interest in Beiya North, which is part of the joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited. The Company is also earning a 70-88% interest in another joint venture at Beiya 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 Company is earning an interest of up to 70% with the option of increasing our equity to 88% in the Habo property.
QUALITY CONTROL AND QUALIFIED PERSON
Quality control and assurance programs are implemented in line with the standards of National Instrument 43-101. Exploration and financial controls are implemented in each of the Company's exploration projects in China, as published on the website of the Company, www.asianow.ca. Exploration on all of the Company's projects is conducted under the guidance of Dr. Noel C. White, a 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 a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
About Asia Now:
Asia Now Resources Corp. is a mineral exploration company, exploring potential world-class ore deposits in China with the aim of developing them. The Corporation has established offices, joint ventures and a significant network with the Chinese mining industry and governments. Under the leadership of an experienced international board and management team, the Corporation has been operating smoothly in China since 2002. The Corporation is currently resource drilling at its key Beiya project which is located in Yunnan Province. The project has large mineralization belts with potential for significant discoveries. For more information, please visit www.asianow.ca.
For further information contact:
Kaihui Yang, President
+1 (416) 364-7281
Andreas Curkovic, Investor Relations
+1 (416) 577-9927
Asia Now Resources Corp.
Neither the 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.
This Press Release contains certain forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Corporation's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements, unless otherwise required under applicable law.
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