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[10/08/10] BOWMORE signs an Option to Acquire 100% of the Duverny Gold Property in the Abitibi region of Quebec.

 

 

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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  Bowmore Exploration Ltd. TSX Venture Exchange – BOW

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BOWMORE signs an Option to Acquire 100% of the Duverny Gold Property in the Abitibi region of Quebec.

Montréal, Québec – August 10,  2010 – BOWMORE Exploration Ltd. (BOW: TSX-V, “The Company”) is pleased to announce that it has signed an Option Agreement to acquire 100% of the Duverny gold property (the “Property”) in the Abitibi region of Quebec from  the succession of a private owner.

The Property is composed of 75 claims covering over 2965.46 hectares and is located 15 kilometers North East of the town of Amos in the township of Duverny. The Property has been the object of historical exploration work since the 1920’s including diamond and reverse circulation drilling, and bulk sampling that reported numerous gold occurrences within the property limits and its vicinity. The Property is easily accessible by paved road from Amos and then from gravel roads penetrating trough various part of Duverny Township.

In addition Bowmore had previously claimed an additional 53 claims covering 1919.87 hectares surrounding the Property to the West and South of the outer limits for a total land package of 4885 hectares.  The Amos district is the host of the Géant Dormant gold mine that produced over 1.3 million ounces since 1989.

THE TRANSACTION

Pursuant to the Option Agreement (the “Agreement”) between a group of private owners and Bowmore Exploration Ltd., the Company may acquire a 100% interest in the Property and will keep the exclusive rights to explore and develop the Property over the next 4 years in consideration of:

(i)       Total cash payments of $262,500 payable as follows:

a.       $22,500 payable upon execution of the agreement;

b.      $33,750 payable on the first anniversary date of the Agreement;

c.       $56,250 payable on the second anniversary date of the Agreement;

d.      $75,000 payable on the third anniversary date of the Agreement and;

e.       $75,000 payable on the fourth anniversary date of the Agreement.

(ii)   Incur expenditures in the aggregate amount of at least $2,500,000 on or before the following dates:

a.       $350,000 within the first year of the date of the Agreement;

b.      $500,000 on the second anniversary date of the Agreement;

c.       $650,000 on the third anniversary date of the Agreement and;

d.      $1,000,000 on the fourth anniversary date of the Agreement.

At the end of this period, Bowmore will have acquired a 100% interest in the Property. The Property is subject to a 2% NSR payable to the group of private owners.  A $25,000 finder’s fee will be paid to an independent geologist in connection with this transaction subject to the TSX Venture.

Mr. Paul Dumas, President of Bowmore, stated “we are very pleased with this recent transaction providing the Company with a property within the mineral rich Abitibi Greenstone Belt. The Abitibi Greenstone Belt is known as a well established mining district having produced several multimillion-ounce gold mines.  Quebec is one of the best jurisdictions in the world to conduct exploration programs.   The Duverny Property adds excellent value to our existing portfolio”.

ABOUT THE PROPERTY

The property is located in a favourable geological setting to host low-grade, bulk tonnage gold mineralization.  The property geology is dominated by volcanic rocks and covers the edges of the Duverny and Claverny felsic igneous plutons.  The property encompasses very large, kilometric zones of intense carbonate alteration (ankerite) and a network of significant shear zones in proximity to the felsic intrusions. The carbonate-altered zones contain quartz vein stockworks and disseminated pyrite over large volumes of rock. Several deposits have been previously defined on the actual Property and its immediate vicinity, including the Duvay-Obalski deposit situated in the northwest portion of the Property, which contains previously reported, non-43-101 compliant, unclassified resources of 725,000 tonnes grading 3.4 g/t Au (M.R.N.F., 1989, DV 90-01, p. 47) or alternatively, 5,000,000 tonnes grading 2.0 g/t Au (M.R.N.F., 1990, DV 91-01, p. 42).  Other deposits in the immediate area of the Property include the Fontana deposit, with previously reported, non-43-101 compliant, unclassified resources of 968,000 t grading 5.28 g/t Au and the New Goldvue deposit with previously reported, non-43-101 compliant, unclassified resources of 136,398 tonnes grading 4.25 g/t Au (2006).

The Property has not been previously investigated for its low grade, near-surface bulk tonnage gold potential.  Exploration work on the Property will commence immediately with a program of extensive prospecting and surface lithogeochemical sampling of all alteration zones.

The reader is cautioned that Bowmore has not verified the above-mentioned historical resources under National Instrument 43-101 reporting standards. Resource estimates prepared under reporting codes other than National Instrument 43-101 should not be relied upon to conform to current standards and definitions. Bowmore believes, however, that the historical resource estimates reported above are material and should be disclosed.

Brigitte Dejou, P.Eng. consultant for Bowmore, is the Qualified Person who has reviewed this news release and is responsible for the technical information reported herein.

About BOWMORE

BOWMORE is a Canadian exploration mining company focused on precious metal exploration in Canada and Mexico.
The Company trades on the TSX Venture Exchange under the symbol “BOW”.

For further information on BOWMORE, visit www.bowmorexploration.com or contact:

Paul Dumas
President & CEO
BOWMORE Exploration Ltd.
(514) 861 4441
Email info@bowmorexploration.com

Neither 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.

Forward-looking statements:
Except for statements of historical facts, all statements in this news release regarding, without limitation, new project acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; Actual results and future events could differ materially from those anticipated in such statements.

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