October 9, 2008
Prospector Consolidated Resources Inc. (the “Company”) is pleased to announce that on Sept 28, 2008 the Kluane drill rig was demobilized from Kalzas and today will have all the equipment demobilized as the winter season has started in full force in the Yukon. Four diamond core holes were drilled to a total depth of approximately 500 meters. 32 bags of samples were collected, made up of sawn core. All samples are under the control of Al Doherty, P. Geo. and, under his supervision, will be shipped to ACME Labs in Vancouver for analysis of tungsten and tin.
The objective of the drill campaign was to demonstrate that the historic drilling by Union Carbide in the 1980’s of a very large ( 900m by 750 m) tungsten anomaly will stand up to today’s standards of investigation. Copper Ridge had also drilled several short drill holes in 2001 will also be incorporated into this evaluation.
The drill campaign was a success and coarse wolframite was found in stockworks and sheeted vein systems. Visual estimates of tungsten grade are difficult due to some large wolframite crystals on the one hand and some very fine grained wolframite which is interspersed in a matrix of fine grained tourmaline. Prospector will wait for the chemical analyses which are expected to be available sometime in November. An updated report and recommendations by Al Doherty, P.Geo. will become available soon after receipt of assay results.
The current market’s negative metals exploration sentiment has not and probably will not affect tungsten as much as other metals. Prospector believes that some short term market price correction for tungsten will take place but on Sept 30, Haywood Securities, in it’s Tungsten Industry Report suggests an increase in the price of tungsten and believes that strong demand will continue for the next 5 years. This kind of report is welcome and will help to overcome our fears of the economy of 2009.
ON BEHALF OF THE BOARD OF DIRECTORS
:signed :Henry Neugebauer”
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Henry Neugebauer, P.Eng
President
This release has been prepared by management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release |
