BOULDER, Colo., Dec. 21, 2010 (GLOBE NEWSWIRE) -- Athena Silver Corporation (OTCBB:AHNR) announced today a change in the anticipated schedule for its upcoming exploration program on its Langtry property. According to John Power, President & CEO of Athena Silver Corporation, "We are coordinating the schedule of our drilling contractor and working on what we believe to be our final regulatory hurdles necessary to commence the planned drilling program. We are working with the Bureau of Land Management to resolve access issues to support the drilling program. While we cannot predict with certainty a start date, we remain very confident and excited about our planned 2011 drilling program."
Athena's planned drill program consists of 14 holes; 11 vertical holes drilled to depths of between 350' to 575' for a total of 4,825' will attempt to test the results of a much larger historic drilling program conducted by Superior Oil Company; and three angle holes drilled to a depth of 600' that would target veins near historic workings on the property. Superior was an NYSE listed independent American Oil Company acquired by Mobil Corporation (now Exxon Mobil Corp. –NYSE "XOM") in 1984 for $5.7 Billion.
The historical resource estimate at Langtry thus far has been defined by 201 rotary drill holes drilled by the minerals division of Superior Oil Company in the late 1960s and early 1970s. Average hole depth was 400 feet and the deepest hole was 575 feet. The estimated historical resources on the Langtry claims are a 22 million ton ore body, with silver grading at an average of 2.37 ounces per ton for a total of 52.14 million ounces and barite grading at 7.9% for a total of 1.73 million tons. Superior estimated a potential 65% recovery rate on the silver ore. Athena has not independently verified these historical estimates and cannot attest to their accuracy.
Athena Silver Corporation entered into a 20-year mining lease with option to purchase the Langtry Claims on March 15, 2010. The Langtry property consists of 20 patented claims comprising 413.22 acres in the Calico Mining District of San Bernardino County, California. Our Lease/purchase agreement is subject to continuing financial and work commitments on the claims and other royalties more fully described in the company's filings available on the SEC's website at www.sec.gov.
We have no reportable mineral reserves within SEC reporting requirements. Even if we confirm the existence of silver resources, it may not be of sufficient quantity so as to warrant recovery. Additionally, even if we find silver in sufficient quantity to warrant recovery it ultimately may not be recoverable. Finally, even if any silver is recoverable, we do not know that this can be done at a profit. Failure to locate silver resources in economically recoverable quantities will cause us to suspend operations.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such statement reflects the Company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur and actual results could differ materially from those presented. A discussion of important factors that could cause actual results to differ from those presented is included in the Company's periodic reports filed with the Securities and Exchange Commission (at www.sec.gov ).
CONTACT: Athena Silver Corporation John Power 707-884-3766