FSC / Press Release
Coventry Resources Commences Drilling at Rainy River District Properties
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH ANY U.S.
Vancouver, British Columbia CANADA, January 28, 2013 /FSC/ - Coventry Resources
Inc. (TSX-V:CYY, ASX:CYY) (the "Company") is pleased to announce that the
Company has commenced a 6,000 metre, overburden reverse circulation (RC) drill
program on the Company's Rainy River District Properties ("the Project") in
south western Ontario. The Project (Figure 1) makes up the area's second largest
land position in the District, located adjacent to the Rainy River Gold Deposit.
Drilling will target gold and base metal anomalies generated from the Company's
initial overburden RC drilling program completed during January of 2012 and will
expand the regional geochemical coverage in order to delineate new anomalies and
targets. Ongoing, detailed compilation of historic RC data has also highlighted
additional anomalism for further evaluation. Overburden samples will be
collected for gold grain counts as well as conventional geochemical methods,
with bottom-of-hole bedrock samples also analysed by multi-element techniques.
This methodology has proven to be successful in the delineation of
mineralization in areas of overburden or cover, including, among others, the
discovery of the Rainy River Gold Deposit by Rainy River Resources Ltd.
It is anticipated that the RC drilling program will take three months to
complete with the first analyses and assays likely to be available in
approximately 6-8 weeks.
Figure 1 - Coventry Resources Rainy River District Properties
To view Figure 1, please click on the following link:
ABOUT COVENTRY RESOURCES INC.
Coventry Resources Inc. is advancing the Cameron Gold Camp in northwestern
Ontario, Canada towards production. A positive PEA1 Study was announced on
January 15, 2013 confirming favorable economics for the Cameron Gold Deposit.
In addition to the existing resource, Coventry has identified a number of
exploration targets along the Cameron Lake Shear Zone and at its
highly-prospective Rainy River District Properties where the Company believes it
can continue to expand Coventry's resource base. The Company is led by a strong
management team with a proven ability to explore, develop, finance and operate
For further information about Coventry Resources Inc., please contact:
President and CEO
1 (416) 364 3700
Vice President, Investor Relations
1 (604) 899 1505
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.
PRELIMINARY ECONOMIC STUDY
1 A PEA is preliminary in nature as it includes inferred mineral resources that
are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves at
this time, and as such there is no certainty that the preliminary assessment and
economics set forth in the PEA will be realized.
Tony Goddard, Vice-President Exploration and Director of Coventry Resources
Inc., who is supervising the Company's exploration at the Rainy River District
properties is the Company's Qualified Person, as defined by National Instrument
43-101and is responsible for the content of this press release.
The information in this announcement that relates to Exploration Results is
based on information compiled by or under the supervision of Anthony Brendon
Goddard. Mr Goddard is Vice-President Exploration and a Director of Coventry
Resources Inc. and a Member of the Australian Institute of Geoscientists. Mr
Goddard has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and the activity he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of
the "Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves". Mr Goddard consents to the inclusion in the announcement of
the matters based on his information in the form and context in which it
FORWARD LOOKING STATEMENTS
This news release may contain "forward-looking statements" and/or
"forward-looking information" within the meaning of applicable securities
regulations in Canada and the United States (collectively, forward-looking
information"). Any forward-looking information contained in this news release is
made as of the date of this news release. Except as required under applicable
securities legislation, Coventry Resources Inc. ("Coventry") does not intend,
and does not assume any obligation, to update this forward-looking information.
Forward-looking information includes, but is not limited to, statements with
respect to mineral resource estimates, drill plans, planned work programs,
future upgrading of mineral resources and expected outcomes. Often, but not
always, forward-looking information can be identified by the use of words such
as "plans", "expects, "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes", or the negatives thereof
or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might", or "will" be taken, occur or
Any forward-looking information contained in this news release is based on
certain assumptions that Coventry believes are reasonable, including, with
respect to any mineral resource estimates, the key assumptions and parameters on
which such estimates are based, that the current price of and demand for gold
will be sustained or will improve, that general business and economic conditions
will not change in a material adverse manner, that financing will be available
if and when needed on reasonable terms, that supplies, equipment, personnel,
permits and local community approval required to conduct Coventry's planned
exploration and development activities will be available on reasonable terms and
that Coventry will not experience any material accident, labour dispute, or
failure of equipment.
However, forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Coventry to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
information. Such factors include, among others, risks and uncertainties
relating to the actual results of exploration activities being different than
anticipated, cost of labour increasing more than expected, cost of equipment or
materials increasing more than expected, fluctuations in the price of gold and
other commodities, currency fluctuations, mineral resources not being as
estimated, unexpected variations in mineral resources, grade or recovery rates,
risk of accidents, labour disputes and other risks generally associated with
mineral exploration and unanticipated delays in obtaining or failing to obtain
governmental or community approvals or financing. Although Coventry has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results to
not be as anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Readers are cautioned not to place undue reliance on forward-looking information
due to the inherent uncertainty thereof.
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-0- Jan/28/2013 11:59 GMT
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