Comcorp announces an update to its news release, dated February 23, 2006 with respect to the
acquisition of the Colombian gold projects, and the Arizona silver project (the “Acquisitions”).
In order to facilitate the Acquisitions, the Company has applied and has been conditionally
accepted for listing on the Canadian Trading & Quotation System (the “CNQ”) and has applied
for delisting from the NEX board (the “NEX”) of the TSX Venture Exchange. Requirements
imposed under the NEX policies did not meet with the acceptance of the vendors of the
Acquisitions and therefore the Company decided to seek a listing on the CNQ.
The Company’s delisting from the NEX will be effective Wednesday, May 17, 2006. The
Company will thereafter close the private placement of 5,052,500 units $2.05 per unit announced
on February 23, 2006 and the private placement for 500,000 units at $0.55 per unit as announced
on February 6, 2006, for aggregate gross proceeds of $10,632,625, change its name to Wildcat
Silver Corporation, close the Acquisitions and commence trading on the CNQ under the symbol
The Company is also pleased to announce the appointment of the following Directors to the
Board: Mr. R. Stuart Angus, Mr. Robert P. Wares and Mr. Michael A. Steeves who will join the
Company’s President, Mr. Donald B. Clark.
Mr. Steeves has been involved in the mining industry for more than 30 years. He was Vice
President of Investor Relations for Glamis Gold Ltd. in Reno, Nevada until August 2005. Prior to
joining Glamis Gold in June 2002, he served as Director of Investor Relations for Coeur D'Alene
Mines in Coeur D'Alene, Idaho and Homestake Mining in San Francisco, California. Previously,
Mr. Steeves worked as a mining analyst for a number of Canadian investment firms. He has a
Bachelor of Science and a Master of Science degree in Geology from the University of Manitoba
and is also a Chartered Financial Analyst.
Mr. Wares is a Professional Geologist and has been President of Osisko Exploration Ltd. since
September 1998. Mr. Wares holds a Bachelors Degree (Honors) in Geology from McGill
University, Montreal, and has 25 years of experience in mineral exploration and research.
Mr. R. Stuart Angus is an independent business advisor to the mining industry. He was
most recently Managing Director - Mergers & Acquisitions for Endeavour Financial.
Prior to joining Endeavour Financial, he was a partner at the Canadian law firm Fasken
Martineau DuMoulin and headed that firm's Global Mining Group. For over 25 years,
Mr. Angus has focused on significant international exploration, development and mining
ventures, and all aspects of their structuring and finance.
Upon the closing of the Private Placements and Acquisitions, the Company plans to proceed with
the Plan of Arrangement as announced in the Company’s February 23, 2006 news release
whereby the Company will distribute the shares of the Company’s wholly owned subsidiary,
Ventana Gold Corp. (“Ventana”) to the shareholders of the Company on a one-for one basis.
Ventana will hold all of the shares of CVS Explorations Limitada, which holds the two
Colombian mineral properties described below.
The following describes the properties being acquired by the Company:
La Bodega Property, Colombia
The La Bodega gold / silver exploration property is located within the historic California -Vetas
Mining District, Colombia (“La Bodega Property”) in the Eastern Cordillera of the Andes
Mountains in northeast Colombia, approximately 400 kilometers (“km”) north of the capital city
of Bogota. The La Bodega Property has been the site of intermittent, small-scale underground
gold mining for over 400 years and currently hosts the active La Bodega mine. The La Bodega
Property consists of a 178.6-hectare exploitation mining concession that covers a NE-SW fault
zone that is a principal control on gold-silver mineralization in this part of the district. The
property is situated adjacent to and immediately southwest of Greystar Resources Ltd.’s
Angostura Gold-Silver Deposit.
A NI 43-101 Technical report prepared for the vendor by James R. Reeves (the “Reeves Report”)
states: “Based on observed surface and underground exposures of the alteration and the
distribution of historic workings, an immediate drill target appears to be present, extending
southwest from the Greystar property line for about 750 meters along strike and 250 meters
wide.” Within the 750 meters and 250 meters zone, samples were taken from three areas. These
were underground channel samples obtained by the vendor of tunnels cross cutting the structure.
The samples were taken across the vein. At this point the width of the veins cannot be
determined as the veins extended beyond the length of the tunnels. Samples yielded the following
La Mascota area:
||Grams(g)/ton (t) Gold
Los Sapos area:
||Grams(g)/ton (t) Gold
||Grams(g)/ton (t) Gold
In addition several grab samples returned values ranging from 0.4g to > 100 g/t Au.
The Reeves report further states “The results of the initial sampling appear to indicate that bulk
tonnage grade gold mineralization is present in zones of sheeted, anastamosing quartz-pyrite
veins and sericitized, silicified and/or stockwork veined porphyry separated by more weakly
mineralized sections of gneiss. The observed style of mineralization at La Bodega is similar to
that described in technical reports on the adjacent Angostura deposit of Greystar Resources.”
California Vetas Property, Colombia
The California Vetas Property is located in the Eastern Cordillera of the Andes Mountains in
northeast Colombia, approximately 400 kilometres north of the capital city of Bogota, and lies
within the historic California -Vetas mining district. Scattered historic, underground workings and
a currently active small gold mine are present on the property. The property consists of 3,694.4
hectares divided in one exploration concession and one exploitation concession. The smaller
exploitation concession of 99.5 hectares comprises four separate fractions, two of which lie
within ground controlled by Greystar Resources Ltd. and are situated approximately one km east
of Greystar Resources Ltd.’s Angostura gold-silver deposit. The larger exploration concession of
3,596.9 hectares adjoins Greystar’s property to the south.
Hardshell Property, Arizona
The Hardshell Property is located in the Patagonia Mountains, approximately 100 kilometers
southeast of Tucson, Arizona (the “Hardshell Property”) and is comprised of eight patented
mineral claims aggregating approximately 135 acres and 26 unpatented mineral claims
aggregating approximately 486 acres. Asarco acquired the Property in 1940. Between the mid-
1960s to the 1980s, Asarco drilled 104 percussion and core holes with an aggregate length of
13,088 meters. As reported by Wardrop Engineering Inc. in their Technical Report dated May 6,
2005, Asarco has conducted several resource estimates with the most recent in 1984, outlining
approximately 66,000,000 ounces of silver within a historical resource estimate of 9,596,000
short tons, grading 6.94 ounces per ton silver, using a cutoff of 1.5 ounces per ton silver. The
resource was estimated to also contain lead, zinc and copper. Wardrop considers the historically
estimated silver content is considered to warrant classification as an “inferred resource under
National Instrument 43-101 (“NI 43-101”) standards. The company plans to complete the
necessary work to arrive at an updated compliant NI 43-101 resource statement on the Hardshell
In May 2005, the vendor of the Hardshell Property contracted Washington Group International
Inc. and Hazen Research to test SO 2 leaching of the ore to dissolve the copper, zinc and lead
minerals and liberate refractory silver. At Hazen’s research facilities two composite samples were
prepared from assay pulp solids from cores provided by Asarco for the testing. The SO2 leach test
was deemed very successful, with recovery rates of 85% for silver, 95% for zinc and copper.
Based on this analysis and test work on the leach solution and solids, it appears that the silver
may be recovered using standard carbon leach operation. The copper and zinc is recoverable
using separate SX-EW operations for each metal.
On behalf of the Board of Directors,
Donald B. Clark
Interim President, Director and CFO
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