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Canasil Corporate Update

Canasil Resources Inc. has released an update covering the company’s operations and plans for 2009. The operating environment for the resource sector has improved considerably over the first half of 2009. The increasing price of precious metals, a gradual improvement in the price of base metals and significant increase in the price of oil reflect a generally more positive economic outlook.Canasil BC Property Map

This has resulted in significant gains in the share prices of mineral producers, well-financed explorers and those with advanced projects. Smaller explorers, particularly those with limited working capital, have not recovered due to the barriers for raising exploration capital and the potential dilution from raising funds at the current very low share prices.

Given these conditions, the company has focused on reducing operating costs and maintaining its core assets, which are its mineral exploration projects in Durango, Zacatecas and Sinaloa states in Mexico, and in British Columbia, Canada, as well as its operating team in Mexico. The company has an exceptionally well-located and prospective mineral exploration portfolio for gold, silver, copper, zinc and lead in these well-recognized and politically stable jurisdictions, all with exceptional access and infrastructure. This portfolio includes at least three projects with the potential for hosting large gold, silver, copper and zinc mineralized systems, and a number of prospects with the potential for high-grade gold and silver-vein-type mineralization.

The company’s focus during the second half of 2009 will be to maintain and gradually advance its exploration projects. The immediate exploration objective will be to advance the Sandra-Escobar project under the option agreement with Pan American Silver Corp. This project is located in northern Durango state, Mexico, on an important mineral trend with many past and presently producing silver-gold mines and deposits, approximately 75 kilometres west-northwest of Silver Standard Resources’ La Pitarrilla project. It has the potential to host a large gold-silver mineralized system with copper, lead and zinc credits.

The company will also continue to pursue opportunities for option and joint venture agreements to advance its exploration projects. The increasing metal prices and improving economic conditions have resulted in greater interest for joint venture co-operation on the company’s projects, particularly given the desirable location of these projects and the mix of precious and base metal prospects in the company’s portfolio. The company has completed initial exploration and drill programs on the following projects, all of which have returned significant mineralized drill intercepts: Brenda gold-copper porphyry project, B.C., Canada Salamandra silver-zinc project, Durango, Mexico; La Esperanza silver-lead-zinc project, Zacatecas, Mexico; Colibri silver-gold-copper project, Durango, Mexico.

Results from the Brenda and Salamandra projects indicate the potential for hosting large mineralized systems. The La Esperanza and Colibri projects host high-grade epithermal-vein-type systems. In addition to the above projects, the company has a further eight earlier-stage exploration projects, two in British Columbia, Canada, and six in Durango and Sinaloa states, Mexico.

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Welcome to Omineca Gold District!

This site is about the developing Area Play in the Omineca Region of central British Columbia, particularly the Todoggone area. Since it is so hard to spell Toogogone (or was that Todoggone) for simplicity of spelling the website address is ominecagolddistrict. This website will make everyone’s life easier by giving a snapshot of the the publicly listed mineral producers and explorers in the Todoggone region. The under-explored and mineral rich Toodoggone region has stong potential for the development of an area play down the road. There is currently one operating mine in the Todoggone: the Kemess Mine, but many important mineral exploration projects. The region is plentiful in copper, gold and molybdenum mineralization mostly associated with the Quesnel Trough which runs the length of British Columbia from the northwest to the south and is associated with many present and past producing mines.

Map of the Omineca Region of British Columbia

Map of the Omineca Region of British Columbia

This site will be updated daily with news releases, if any, and items of interest. There are also gold and copper sections, the main commodities produced or explored for in the Toodoggone region, gold being number one of course. Please bookmark this site or check back daily!

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Lorraine-Jajay 2008 Drilling Results New Zone Discovered Under Main Zone

Lorraine Copper wishes to announce the results from the 2008 exploration program at the Lorraine project, which is being managed by Teck Cominco Limited under a Participation Agreement with Lorraine Copper. The Lorraine property is located in the Quesnel Terrane approximately 250 km northwest of the city of Prince George, British Columbia.

Lorraine 2008 Drill Map

Lorraine 2008 Drill Map

Teck has informed the company that it successfully drilled 6,935.5 m in 19 holes and tested eight target areas during the 2008 program. A number of significant new developments have resulted from this drilling, most notably, the discovery of another mineralized zone below the Lower Main Zone. Drill hole L08-120 first intersected 159.2 m grading 0.64% copper and 0.30 g/t gold representing the Lower Main Zone, then intersected 58.8 m grading 0.092% copper including 22.1 m grading 0.16% copper 95.3 m beneath the first interception.

Two holes were drilled to test for a northern extension to the Bishop Zone and also to determine if this zone is connected with the Main Zone. Holes L08-121 and 128 very successfully attained this objective, returning 123.3 m of 0.31% copper and 23.4 m of 0.49% copper, respectively. These holes indicate the potential for significantly increasing resources in this area.

New areas of mineralization were also discovered, including: west of the Boundary Zone in holes JTM08-16 and 17; the All Alone Dome target in hole L08-115; and the first significant intercepts of mineralization at the TooGood target in holes L08-116, 118 and 119 where notable mineralization was seen in a few holes that were cut off by post-mineralization dykes, indicating that mineralization in this large target is potentially very extensive.

Copper-gold mineralization on the Lorraine property is alkalic intrusion-related and is analogous to a deposit style that includes the Galore Creek deposit. Other significant alkalic deposits in British Columbia include the Mt. Polley, Afton and Copper Mountain mines. The Lorraine property is located in an area of active logging and is well served by resource infrastructure including all season roads, the Kemess power-line corridor to the northeast and the Canadian National Railway line to the southwest.

Teck is earning a 51% interest in the Lorraine-Jajay project by spending $9.0 million by 2011, and may earn up to a 65% interest by completing a feasibility study and arranging production financing.

2008 Lorraine-Jajay and Jan/Tam/Misty Properties Drilling Results Summary:

Hole No. Area

From (m)

To (m)

Core Length (m)

Cu ppm (ICPMS)

Assay Cu %

Au ppb  *

Assay Au g/t  ***

Ag ppm (ICPMS)

JTM08-16 Boundary

384.3

515

130.7

914

0.09

26

<1

  incl.

384.3

405

20.7

1492

0.15

45

1

  incl.

460

481

21

1906

0.18

40

0.066

1.3

JTM08-17 Boundary

36.7

55.3

18.6

1153

0.12

<10

1.1

JTM08-18 Target X

 

 

 

nsv

nsv

L08-114 AAD

 

 

 

nsv

nsv

L08-115 AAD

280.5

301.2

20.7

979

0.10

20

<1

L08-116 TooGood

262.2

308.8

46.6

1152

0.12

12

<1

L08-117 TooGood

285

294

9

nsv

238

1.6

L08-118 TooGood

174

186

12

1372

0.14

<10

<1

L08-119 TooGood

88.6

153

64.4

996

0.10

<10

<1

  incl.

126.2

153

26.8

1211

0.12

<10

<1

L08-120 Lower Main

8

167.2

159.2

6080

0.64

226

0.304

3.5

  2nd zone

262.5

321.3

58.8

915

24

<1

  2nd zone incl

262.5

284.6

22.1

1497

0.16

27

<1

  Both zones combined

8

284.6

276.6

3720

0.39

136

2.2

L08-121 Bishop Ext

89.8

326

236.2

1730

0.19

42

<1

  incl.

89.8

213.1

123.3

2751

0.31

57

<1

  incl.

158.3

213.1

54.8

5191

0.59

96

1.0

  incl.

158.3

182.3

24

9841

1.13

135

0.151

1.3

L08-122 New

144.8

149.3

4.5

1124

0.13

25

<1

   

201.1

203.1

2

4781

0.57

76

1.9

L08-123 New

59.4

59.9

0.5

5500

0.60

<10

2.4

L08-124 Page Bowl

43.5

50.4

6.9

1179

0.15

16

1.1

L08-125 New

 

 

 

nsv

L08-126 New

57

60.3

3.3

1057

15

<1

  New

174

183

9

937

<10

<1

L08-127 TooGood

 

 

 

nsv

L08-128 Bishop Ext

66

359

293

1050

68

<1

  incl.

184

207.4

23.4

4648

0.49

364

0.361

1.3

  incl.

281

301

20

2981

0.31

223

0.233

1.4

  incl.

335

359

24

1808

0.20

104

1.1

L08-129 AAD

 

 

 

nsv

* Au by Aqua regia decomposition / solvent extraction / AAS
*** Au by Fire assay – lead collection / AA finish / 1 A.T.

nsv = no significant values

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