Cuervo Reports High Grade Magnetite in Final Holes of Initial

FSC / Press Release 
Cuervo Reports  High Grade Magnetite in Final Holes of Initial Drilling On Bob 1
Zone at Cerro Ccopane Iron Project in Peru, Latest Results Extend Strike Length
to Over 2,000 Meters 
* Holes 17 and 18, drilled as northerly step outs, showed intersections of 112
meters grading 49% Fe and 35 meters grading 52% Fe, respectively. 
* Indicated strike length of magnetite mineralization at Bob 1 zone increased
from 1,400 to over 2,000 meters. 
* Release of NI 43-101 Resource Estimate on Bob 1 zone expected next month. 
January 10, 2013 - Toronto, Ont. 
Cuervo Resources Inc. (CNSX-FE; FWB-CRR; "Cuervo" or the "Company") reports
results from the final two holes of initial drilling on the Bob 1 zone of its
Cerro Ccopane Iron Project in south central Peru. Laboratory results of Hole 17,
designated BDH 12-17, intersected 112.5 meters grading 49.3% Fe. Hole 18,
designated BDH12-18, intersected 35.4 meters grading 52.4% Fe. Both holes were
drilled as northerly step outs from the central area of the zone. As a
consequence of the northerly step out drilling, the indicated strike length of
the Bob 1 magnetite mineralization has been extended from approximately 1,400
meters to over 2,000 meters 
The results from Hole 17 are similar to those of 13 previously reported holes
from the central area of the Bob 1 zone, each evidencing a large intersection of
high grade magnetite mineralization. The narrower magnetite mineralized
intersection encountered in Hole 18 is viewed as being customary in skarn type
deposits such as is evident at the Bob 1 zone. 
Overall, the aim of the now completed 18 hole, 4,500 meter drill program has
been to test the billion tonne potential of the Bob 1 zone indicated by a 3+
kilometer belt of  magnetite outcropping and strong geophysical signatures. This
potential has found strong support from internal analysis of geophysical data,
surface trenching and drill results along approximately two-thirds of the known
strike length of the anomaly. 
The findings of an independent assessment of the Bob 1 zone will soon be
available with the scheduled release of a NI 43-101 compliant resource estimate
in February 2013. 
Tables 1and 2 present the analytical summaries of results from holes BD12-17 and
Drill holes 17 and 18 intersected intervals of magnetite with intervals of an
intermediate intrusive. Sulphide mineralization (predominantly pyrite) is also
locally present in all drill holes reported on the Bob 1 zone. 
Table 1
Intersection of Bob 1 Zone BDH 12-17 
of     above             Assay Results
From    To   Cutoff Interval Cutoff Fe  Sio2     S     P       Mn    Cu
(m)     (m)    (%)   (m)     (m)    (%)   (%)    (%)   (%)     (%)    (%)
67.30 179.80   -  112.50  108.30  49.3% 14.76% 2.81% 0.043% 0.107% 0.116%
67.30 179.80  10% 112.50  104.15  50.9% 13.48% 2.89% 0.042% 0.108% 0.116%
67.30 179.80  20% 112.50   95.20  54.3% 10.95% 3.06% 0.039% 0.104% 0.119%
Table 2
Intersection of Bob 1 Zone BDH 12-18 
of     above             Assay Results
From    To   Cutoff Interval Cutoff Fe   Sio2     S     P       Mn    Cu
(m)     (m)    (%)   (m)     (m)    (%)   (%)    (%)   (%)     (%)    (%)
5.30   40.70    -   35.40   35.40 52.4% 11.22% 1.46% 0.121% 0.135% 0.093%
5.30   40.70   10%  35.40   35.40 52.4% 11.22% 1.46% 0.121% 0.135% 0.093%
5.30   40.70   20%  35.40   34.10 54.0% 10.05% 1.46% 0.121% 0.130% 0.094%
Magnetic mineralization has been mapped on surface along more than 3 kilometers
at Bob 1 providing the explanation of the geophysical anomaly. The sulphides
when present in the Bob 1 drill cores exhibit similar grain sizes within the
magnetite mineralization that were  previously outlined at the Orcopura,
Huillque and Aurora zones some 10 kilometers SSE. Additional information showing
the map location of the current Bob 1 drill holes and the laboratory results can
be found at the Company's website at: 
A nominal sampling interval of 2.0m is currently being carried out within the
sections of typical iron mineralization. Analyses were performed by the SGS DEL
PERU S.A.C. Laboratory in Lima Peru which is a member of the S.G.S.
International Group of Laboratories and is ISO 9001 certified. Laboratory check
analyses were performed on approximately 10% of the samples submitted while
field duplicate samples were performed on average of 1 in 15 samples submitted
and field standard samples were performed on an average of 1 in 40 samples sent
to the laboratory. The Company is satisfied with the reproducibility of the
analyses for the elements
reported. All drill cores were logged and sampled at Cuervo's logging/cutting
facility in Cusco. 
The current exploration work and content of this release has been carried out
under the supervision of Mr. Velasquez Spring, P.Eng., a qualified person for
Cuervo under the definition of NI43-101. 
For further information, please contact Mr. Brian Berner, CEO and a Director of
the Company, at 416-203-3957 ext 201 or Mr. Tom Berner, Investor Relations, at
416-203-3957 ext 202. Additional information about Cuervo can be found at the
Company's website at 
The Canadian National Stock Exchange (CNSX Markets Inc.) has neither approved
nor disapproved of the contents of this press release. 
The term "iron ore" used within this document means rocks or deposits containing
compounds from which iron can be extracted. This is not meant to imply that the
contained iron can necessarily be extracted at a profit. This document also
contains "forward-looking information" within the meaning of Canadian securities
legislation. This information and these statements, referred to herein as
"forward-looking statements" are made as of the date of this news release or as
of the date of the effective date of information described in this news release,
as applicable. Forward-looking statements relate to future events or future
performance and reflect current estimates, predictions, expectations or beliefs
regarding future events and include, without limitation, statements with respect
to: (i) the amount of mineral reserves and mineral resources; (ii) expected
grades of iron mineralization; (iii) the timing of the Company's exploration
programs and results therefrom; and (iv) the status of negotiations. Any
statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, using words or phrases such as
"expects", "anticipates", "plans", "projects", "estimates", "envisages",
"assumes", "intends", "strategy", "goals", "objectives" or variations thereof or
stating that certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and may be
forward-looking statements. 
All forward-looking statements are based on the Company's current beliefs as
well as various assumptions made by and information currently available to them.
These assumptions include, without limitation: (i) the presence of and
continuity of iron mineralization at modeled grades; (ii) the capacities of
various machinery and equipment; (iii) the availability of personnel, machinery
and equipment; (iv) the availability and timing of laboratory analysis and
reporting on drill core samples; (v) weather conditions; (vi) reasonable
contingency requirements; and (vii) receipt of community and regulatory
approvals on acceptable terms. 
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that estimates,
forecasts, projections and other forward-looking statements will not be achieved
or that assumptions do not reflect future experience. We caution readers not to
place undue reliance on these forward-looking statements as a number of
important factors could cause the actual outcomes to differ materially from the
beliefs, plans, objectives, expectations, anticipations, estimates assumptions
and intentions expressed in such forward-looking statements. These risk factors
may be generally stated as the risk that the assumptions and estimates expressed
above do not occur, but specifically include, without limitation, risks relating
to variations in the mineral content within the material identified as mineral
reserves and mineral resources from that predicted; variations in rates of
recovery and extraction; developments in world metals and minerals markets;
risks relating to fluctuations in the Canadian dollar relative to other
currencies; increases in the estimated capital and operating costs or
unanticipated costs; difficulties attracting the necessary work force; increases
in financing costs or adverse changes to the terms of available financing, if
any; tax rates or royalties being greater than assumed; changes in mineral
exploration plans due to changes in logistical, technical or other factors,
changes in project parameters as plans continue to be refined; risks relating to
receipt of regulatory and community approvals; political risks, adverse weather
conditions; risks associated with the extreme topography of the areas in which
mineral exploration is conducted; operational and infrastructure risks; and the
additional risks described in the Company's annual financial statements and
management's discussion and analysis for the year ended March 31, 2011. The
foregoing list of factors that may affect future results is not exhaustive. 
When relying on our forward-looking statements, investors and others should
carefully consider the foregoing factors and other uncertainties and potential
events. The Company does not undertake to update any forward-looking statement,
whether written or oral, that may be made from time to time by the Company or on
behalf of the Company, except as required by law. 
247 Major Street, Toronto, ON, M5S 2L5   Canada
Tel. 416-203-3957 . Fax 416-203-4197 
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Source:  Cuervo Resources Inc. (FE - CNSX) (CRR - FWB)
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-0- Jan/10/2013 13:07 GMT