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February 09, 2010
Drilling Commences on Buffalo Hills Property
Vancouver, B.C. Canterra Minerals Corporation (CTM-TSX.V) ("Canterra") is pleased to announce on behalf of the Buffalo Hills Joint Venture that diamond drilling has commenced on the Buffalo Hills Project located in Northern Alberta. (See www.canterraminerals.com for project location and description.)
The field portion of the $1.1 million Exploration Program adopted by the Buffalo Hills Joint Venture Management Committee for the 2010 program is focused on completing the delineation drill program, that to date has resulted in the drilling of 41 holes for 6,818 metres over three kimberlite pipes. Evaluation of these drill cores has so far resulted in the development of three-dimensional models for the K6, K14 and K252 kimberlites. Over the next 5 weeks, approximately 11 drill holes for a total of 2,000 metres will be completed on the K5 and K91 kimberlites. Four additional tests will target priority grid locations on the K6 and K14 pipes. The 2010 fieldwork is expected to complete preliminary three-dimensional models for the K5, K6, K14, K91 and K252 pipes. These geologic models will guide the selection of "high interest" bodies for mini-bulk sampling in subsequent field programs.
The Buffalo Hills project is a joint venture with Canterra (28.5%), Shore Gold Inc. (28.5%), and EnCana Corporation (43%). Canterra is the Operator of the Buffalo Hills Joint Venture with Canterra and Shore each contributing 50% of the exploration expenditures. David Clarke, P.Geol., MSc., Senior Vice President of Exploration for Canterra is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Canterra.
CANTERRA MINERALS CORPORATION
Randy C. Turner, President
For further information, contact Randy Turner, President at 604-687-6644
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the British Columbia Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire and maintain exploration properties and to carry out its desired exploration programs; inability to fund the Company's share of costs incurred under joint venture agreements to which it is a party, and reduction or elimination of its joint venture interest as a result; competition within the minerals industry to acquire properties of merit, and competition from other companies possessing greater technical and financial resources; difficulties in executing exploration programs on the Company's proposed schedules and within its cost estimates, whether due to weather conditions in the areas where it operates, increasingly stringent environmental regulations and other permitting restrictions, or other factors related to exploring in the north, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of minerals, government regulations relating to health, safety and the environment, the scale and scope of royalties and taxes on production; unusually mild winter conditions affecting or delaying the opening of the winter roads and resulting difficulties in transporting materials needed to support various exploration projects and resulting increased costs of transport by air; the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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