Kirkland Lake, Ontario, June 26, 2012: Mistango River Resources Inc. ("Mistango" or the "Company") (MIS:CNSX) (GLRAF:OTC) today announced it has completed its $2.5 million private placement with Queenston Mining Inc. (TSX:QMI); the Company has resumed drilling at its 100% owned Omega Mine Property located at Larder Lake, Ontario. Drilling has begun with one drill while a second drill is expected to arrive within a couple of weeks. The present drill program consists of 24 holes, approximately 11,515 metres, designed to complete the recommended infilling drilling around the potential open pit area so that a NI 43-101 resource estimate can proceed as well as the drilling of the down-plunge extensions of the Omega deposit and the Lake zone.
"The confidence in our Company, and the Omega project in particular, that Queenston Mining has demonstrated through its share investments is highly encouraging for us. The support Queenston has shown, and their willingness to offer their expertise as we develop a potentially commercial ore body at Omega, I believe, is a strategic advantage Mistango has over other area projects," commented Robert J. Kasner, President and CEO of Mistango.
Exploration drilling will take place on the Lake Zone and geophysical surveys on the South West Zone. For more information on these two sites please see the news release of March2, 2012.
Earlier results from 2012 drilling that continued the 2011 campaign were reported in a news release on March 2 and April 30, 2012.
Some exploration will also be carried out on Mistango's 100% owned Sackville property located west of Thunder Bay, Ontario which will comprise mostly stripping of previously outlined IP (induced polarization) conductors and till sampling sites that returned high values in zinc and gold.
The Sackville Property is a contiguous assembly of eight non-patented claims and one patented claim close to power and rail totaling 3,944 hectares and is easily accessed by all-weather roads. Mistango has been working the property for over 10 years with a combination of drilling programs, geophysical surveys and detailed till and soil sampling to try and locate the high grade Stares (Stares Boulder 12% Zn, 0.6 % Cu, 4.4% Pb, 359 g/t Ag and 5.52 g/t Au) and Calvert boulders (Calvert Boulder 12% Zn, 0.26% Cu, 1.70% Pb 214.3 g/t Ag, 3.51 and g/t Au) found on the property and just to the south of the property.
Fred Sharpley, P.Geo., is the Qualified Person, as defined by NI 43-101, for the Omega and Stares Properties and he has reviewed and approved the technical information presented in this news release.
About Mistango River Resources Inc.
Mistango River Resources is a Canadian based exploration and development company holding several properties in Ontario and Quebec, including large land holdings in the Kirkland Lake region. Mistango specializes in precious metals and VMS hosted base metals, with recent projects centered on the Omega and Sackville properties in Ontario. Mistango brings a distinguished board and technical staff with expertise and many years in mineral exploration and mining fields. For additional information about Mistango and its mining properties, please visit Mistango's website www.mistangoriverresources.ca.
This news release contains certain "forward-looking information". All statements, other than statements of historical fact that address activities, events or developments that Mistango believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of Mistango based on information currently available to Mistango. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Mistango to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Mistango. Factors that would cause actual results or events to differ materially from current expectations include, but are not limited to, Mistango's decision to cancel its exploration program on its Omega gold property.
For further information please contact:
Mistango River Resources Inc.
Robert J. Kasner, President & CEO
Donald Kasner, Investor Relations
CHF Investor Relations
Telephone: 416-868-1079 x222
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.