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Intersects 10.06 Metres of 7.20% Zinc and 126.6 ppm Indium at Crypto

posted on Feb 24, 2009 08:20AM

February 24, 2009

Lithic Intersects 10.06 Metres of 7.20% Zinc and 126.6 ppm Indium at Crypto

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2009) - Lithic Resources Ltd. (TSX VENTURE:LTH) (the "Company") is pleased to report final assay results for the remaining drill holes from its Crypto skarn-hosted zinc-indium-copper-molybdenum project located in western Utah. Hole C08-13A was drilled into a large gap in historical drill coverage within the deep sulphide zone and essentially constituted a 70 metre step-out from historical hole CCC-6A. Hole C08-14 was drilled as a 100 metre westerly stepout on the deep sulphide zone. Hole C08-15 tested an IP anomaly about 800 metres east of the main Crypto zone. Molybdenum results were reported in a January 27, 2009 press release.

Highlights

- multiple intercepts of zinc-indium-copper mineralization in hole C08-13A, including 10.06 metres grading 7.20% zinc and 126.6 ppm indium, confirming internal continuity within the known extent of the deep sulphide zone

- two intercepts of significant zinc-indium-copper mineralization in hole C08-14, including 6.55 metres grading 5.18% zinc and 95.2 ppm indium, demonstrating the westerly continuity of mineralization in the deep sulphide zone and that it remains open in this direction

- several intervals of skarn with geochemically anomalous levels of zinc were encountered at depth in Hole C08-15

The following table lists the more significant intersections for these holes:

------------------------------------------------------------------------
Hole     From (m)   To (m)  Metres  % Zn  % Cu  ppm In  ppm Ag  Zone
------------------------------------------------------------------------
C08-13A   292.30   299.47     7.17  2.28  0.04    31.0     1.2  sulphide
------------------------------------------------------------------------
" "       303.89   308.46     4.57  3.45  0.08    68.2     0.2  " "
------------------------------------------------------------------------
" "       504.75   508.41     3.66  7.19  0.40    54.8    23.9  " "
------------------------------------------------------------------------
" "       543.61   546.51     2.90  2.88  0.21   119.6     5.6  " "
------------------------------------------------------------------------
" "       645.26   652.12     6.86  4.45  0.56    58.6    10.9  " "
------------------------------------------------------------------------
" "       664.77   667.97     3.20  4.03  0.16    48.0    35.2  " "
------------------------------------------------------------------------
" "       670.56   681.69    11.13  4.35  0.08    48.4     1.8  " "
------------------------------------------------------------------------
incl      678.48   681.69     3.21  8.60  0.03    73.6     1.0  " "
------------------------------------------------------------------------
" "       723.44   733.50    10.06  7.20  0.17   126.6     3.6  " "
------------------------------------------------------------------------
C08-14    563.73   573.48     9.75  5.42  0.23    45.1     3.1  " "
------------------------------------------------------------------------
" "       578.21   589.79    11.58  3.87  0.47    84.3     4.8  " "
------------------------------------------------------------------------
incl      578.21   584.76     6.55  5.18  0.25    95.2     3.7  " "
------------------------------------------------------------------------
Note: ppm are numerically equivalent to grams per tonne

Hole C08-15 entered quartz monzonite intrusive below 62.5 metres of overlying gravels and intersected multiple intervals of skarn below 220 metres. While no potentially economic mineralization was encountered, some of the deeper skarn intervals contained geochemically anomalous levels of zinc. About 700 metres to the south of C08-15, and also about 800 metres east of the main Crypto mineralization, historical drillhole CC-43 intersected a deep 3.05 metre wide interval of skarn mineralization grading 7.65% Zn, 3.50% Cu and 0.100% Mo. These remote skarn intercepts suggest that the Crypto mineralized system may extend at depth well to the east of known mineralization, providing additional targets for future drilling.

The Company's president, Chris Staargaard, noted that the directors are very pleased with the results of the 2007-2008 drill program. "We located significant new mineralization on the Crypto property, much of which remains open for expansion and further exploration. In addition to extending the known zinc zones, significant levels of indium were found that could have a very significant positive impact on the potential economics of the project. Also of note were multiple intercepts of significant molybdenite mineralization, high grade silver-zinc-lead mineralization and high grade oxide zinc mineralization. We look forward to a major program of followup drilling when market conditions permit. In the interim, our healthy treasury and low cost structure will allow us to survive through these troubled times."

Mine Development Associates of Reno, Nevada is currently preparing an updated resource estimate for the property which, along with preliminary metallurgical test work, will be incorporated into a comprehensive NI 43-101 report. Chris Staargaard, M.Sc., P.Geo., is the Qualified Person for Lithic and has reviewed and approved the contents of this news release. A plan and selected sections illustrating the locations of holes reported to date are available at www.lithicresources.com.

Lithic Resources holds a 100% interest in the Crypto project where in the early 1990's, Cyprus Minerals estimated a historical resource of 5.44 million tonnes of sulphide mineralization grading 8.7% zinc and a further 2.8 million tonnes of near surface oxide mineralization grading 7.0% zinc.

LITHIC RESOURCES LTD.

C.F. Staargaard, President and CEO

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