James Bay plans 5,000-metre drilling on Ring of Fire

2008-09-16 11:56 ET - News Release

Mr. Stephen Shefsky reports

JAMES BAY RESOURCES PROVIDES OPERATIONS UPDATE AT ITS 'RING OF FIRE' PROPERTY

James Bay Resources Ltd. has provided an operations update for its Ring of Fire property in the James Bay Lowlands in Northern Ontario.

James Bay has contracted with MoreCorp Diamond Drilling Services Ltd. to conduct a 5,000-metre program to test high-priority VTEM geophysical targets on 28 anomalies centred around a sizable EM conductor on the C-Block and C-Block extension zones, including a strong five-kilometre-long EM conductor that appears to be on the flank of a potential layered intrusion or domal feature that is seven kilometres in length. Exploration at the James Bay property is focused on locating magmatic nickel-copper-PGE and/or VMS base-metal deposits.

The first part of the 5,000-metre drilling program will begin in late September and focus on several airborne geophysical targets which are easily accessible before freeze-up. The second part of the drilling program will begin after freeze-up early in 2009, and will focus on some of the more promising high-priority geophysical anomalies. The total cost of both parts of the drilling program is expected to be approximately $1.8-million out of the company's current cash position of $9.9-million.

In preparation for the company's drill program, ground geophysics will be conducted on the C-Block and C-Block extension. A ground magnetometer survey will be performed to confirm the accuracy of the airborne survey and ultimately the best location to drill each target.

James Bay has completed a 100-metre-spaced VTEM electromagnetic airborne geophysical survey on its newly staked F-Block. "We have now flown 100 per cent of the property," said Brad Leonard, exploration manager. "From the preliminary data on F-Block there appears to be several new exciting targets that need to be further analyzed and added to the list of compelling anomalies we have identified on our 19,700-hectare property."

In addition, James Bay has initiated the mobilization of a base camp in the McFauld's Lake district at Lamon Lake. Due to be completed by Sept. 20, the Lamon Lake camp will provide a forward base of operations for the company's management, drillers and geologists and will provide a staging area for the delivery of drill core from the McFauld's Lake Ring of Fire property.

"We are very encouraged by our airborne geophysical data and are excited to launch a 5,000-metre program later this month to begin drill testing several high-priority targets," said Stephen Shefsky, president and chief executive officer. "With the mobilization of our field camp in the McFauld's Lake district currently under way, follow-up ground geophysics due to begin and drillers contracted for the end of the month, James Bay's operations are progressing quickly and on schedule."

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