Fronteer Development Group Inc announces intersection of copper gold mineralisation at Halilaga Project

Wed. December 24, 2008; Posted: 07:15 AM

Dec 24, 2008 (M2 EQUITYBITES via COMTEX) -- FRG | Quote | Chart | News | PowerRating -- Fronteer Development Group Inc (Toronto: FRG.TO) (AMEX: FRG), an exploration and development company, declared on 23 December that the company has intersected new copper-gold mineralisation at the regional drilling at its Halilaga Project in north-western Turkey. A Fronteer and its 60% joint venture partner, Teck Cominco Limited's Turkish subsidiary (TCAM), is testing a series of geochemical and geophysical anomalies within an 8 sq kilometre area, with the potential to host porphyry and skarn-style mineralisation. These new targets are located southeast of the Kestane Zone, a porphyry copper-gold deposit recently discovered by Fronteer and TCAM. A The recent drill highlights include 1.64% copper, 0.93 g/t gold and 23.97 g/t silver over 17.4 metres, including 2.34% copper, 1.29 g/t gold and 34.87 g/t silver over 11.9 metres, in hole HD-25 and 2.63% copper, 0.47 g/t gold and 12.38 g/t silver over 3.9 metres, including 16.85% copper, 2.80 g/t gold and 85.80 g/t silver over 0.5 metres, along with 0.55% copper and 0.13 g/t gold over 11.4 metres, in HD-21. A TCAM has recently resumed drilling on the property with two core rigs in an effort to further test the potential of this area based on the results from 13 holes (2,842 metres) drilled in second and third quarter of 2008. Fronteer does not have any short-term commercial paper or asset-backed securities and has around CAD81m in cash that is fully liquid and held with a large Canadian commercial bank. A The exploration and drilling represents the first discovery of a porphyry copper-gold system in Turkey's Biga region, which indicates further potential for discoveries within Halilaga and the greater region. 34 holes (8,500 metres) have been drilled over a 20 sq kilometre area, testing both the Central Zone and six regional targets. A With a 60%-40% joint venture between TCAM and Fronteer on a number of projects in this region, including Halilaga and two gold deposits (Agi Dagi and Kirazli), the companies have collectively consolidated a prominent land position over the years with a first-mover status.

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For full details on Fronteer Development Group Inc (FRG) click here. Fronteer Development Group Inc (FRG) has Short Term PowerRatings of 4. Details on Fronteer Development Group Inc (FRG) Short Term PowerRatings is available at This Link.

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