Wednesday, August 27, 2008

CORRECTION FROM SOURCE-Colibri Resource Corp.: Percussion Drilling

VANCOUVER, August 27 – A correction from source is issued with respect to the release issued Monday at 9:35 am ET. In the headline, rhenium concentrations of up to 2,530 ppb were intersected, not 2,830 ppb. This is also corrected in the accompanying text and table. Also, drill holes LEPD 84 and LEPD85 dip at -60°, not the -45° shown in the table.

The correct release follows:

Colibri percussion drilling confirms and expands high grade molybdenum on Leon Project, core check assays show rhenium concentrations up to 2,530 ppb intersected over 2.0 m.

VANCOUVER, August 25 /CNW/ -Colibri Resource Corporation is pleased to report results of new percussion drilling and analyses of rhenium from core samples previously reported on the Leon Project, Sonora, Mexico.

Azul Zone Drill Highlights:
Core results for the Azul Zone were previously reported (June 11, 2008) for LEDH18 (72 meters of 0.195 % Mo between 22 and 94 m) and LEDH17 (72 meters of 0.120 % Mo between 0 and 72m). Ten percussion drill holes have extended known mineralization to greater than 250 meters in strike length and a minimum width of 120 meters. Mineralization is open along strike to the east and west and down dip to a known depth of at least 130 m. Multiple stages of mineralization are observed in drill core including high grade Mo-bearing quartz veins and stockwork. Correlations between high grade intervals in core and percussion drilling suggest a near east-west trend and dominantly steeply north-dipping orientation.

Percussion drill holes LEPD84 and LEPD85 were collared 40 meters to the west of core holes LEDH17 and 18. LEPD85 intersected 15m of 0.183% Mo between 15 and 30m, including 3m of 0.56% Mo between 15 and 18 meters depth. This hole ended at 30m depth in 0.280% Mo, 0.228% Cu. LEPD84 intersected 0.03% Mo over 18m between 7.5 and 25.5m, ending in 0.037% Mo.

Percussion holes LEPD87 and LEPD88 were collared 54 meters east of core holes LEDH17 and 18. LEPD87, directed due north at -45 degrees, averaged 0.12% Mo over its entire 39 meter length, including 3 meters of 0.66% Mo between 16.5 and 19.5 meters depth, ending in 0.033% Mo. LEPD88, directed at azimuth 135 degrees at -45 degrees, averaged 0.203% Mo between 0 and 33 meters depth including 4.5 meters of 0.659% Mo between 22.0 and 27.0 meters.

LEPD89, collared 102 meters east of core holes LEDH17 and 18, intersected disseminated Mo averaging 0.065% over the entire 42 meter length of hole, including 0.091% Mo between 15 and 42 meters. LEPD90, collared 142m east of LEDH17 and 18, averaged 0.051% Mo between surface and 22.5m, including 3m of 0.191% Mo between 13.5 and 16.5 meters. LEPD 91, collared 126 meters southeast of LEDH17 and 18, cut 25.5 m of 0.078% Mo between 16.5 and 42m, ending in 0.085% Mo and including 1.5m of 0.24% Mo, 0.093% Cu between 24 and 25.5m.

Fortuna Zone Drill Highlights:
The Fortuna Zone, a historic underground mine working along a moderately south-dipping structure, was previously tested by core hole LEDH19. Nine percussion drill holes on the footwall of the Fortuna Zone expanded the known extent of mineralization 150 meters to the northeast. LEPD77 cut 1.5 meters of 0.242% Mo between 1.5 and 3.0 m depth. LEPD81 cut 7.5 meters of 0.133% Mo between 6 and 13.5 meters, and LEPD83 averaged 0.022% Mo over 30 meters, the entire length of the hole. LEPD78 ended in 1.5 m of 0.177% Mo between 28.5 and 30.0 meters.

Rhenium Analyses:
Rhenium check analyses of core from LEDH-16, LEDH-17 and LEDH-18 were performed by Activation Laboratories Ltd. Ancaster Ontario utilizing a 56 element ICP-MS scan with a detection limit of 1 ppb Re.

Selected 2.0 m intervals of high grade Mo-bearing quartz veins and stockwork from Azul Zone core holes LEDH16, LEDH-17 and LEDH-18 were submitted for rhenium analysis. 21 of these samples returned assays greater than 200 ppb Re, with 4 samples greater than 800 ppb Re along core lengths of 2.0 m. Core hole LEDH18 yielded the two highest rhenium intervals: 2,530 ppb Re (2.53 ppm) between 26.0 and 28.0m, and 1,500 ppb Re (1.5 ppm) from 38.0 to 40.0m depth.

Exploration Notes:
All 19 percussion holes ended in anomalous Mo, greater than 35 ppm, LEPD85 ending in 0.280% Mo, LEPD78 in 0.177% Mo.

Less than half of the gridded surface area with soil samples containing greater than 500 ppm copper and 50 ppm molybdenum, (and ancillary anomalous gold and silver), has been targeted by drilling. Much of the remainder of the project area remains unmapped and unsampled, and further work is in progress.

The lithologies and style of mineralization cut by drill core resemble those of the Creston molybdenum deposit located 3.5 kilometers to the northeast of hole LEDH19 (see www.crestonmoly.com). The Leon Project is believed to contain part of the same porphyry system, displaced along a network of low-angle normal faults (see www.colibriresource.com). The Leon Project is held by an option agreement between the Mexican subsidiary of Colibri, Minera Halcones SA de CV and a private Mexican company to acquire 100% ownership of 5,800 hectares of mineral concessions. The Project is located near the center of the State of Sonora, Mexico, at an altitude of approximately 1000 meters above sea level, accessed by gravel roads in an area of moderate topographic relief and logistics favorable for mine exploration and development.

NQ-sized diamond drill core samples were provided by Landdrill International SA de CV. Core samples were cut in half with one portion submitted for assay and the remainder retained as reference.

Percussion drilling was conducted from a track mounted vehicle using a surface air driven hammer with a 2.25 inch wide bit and associated compressor. Samples are typically 5 kg of rock chips over 1.5 m intervals. Samples were split on site and delivered to Sonora Sample Preparation Lab in Hermosillo, Sonora, and analyzed using standard ICP by International Plasma Labs in Vancouver, British Columbia.

Exploration was conducted under the supervision of J.J. Irwin, B.Sc., Ph.D., the qualified person under National Instrument 43-101 on this project.

For further information

Visit our website at www.colibriresource.com or call Lance Geselbracht, P.E., (250) 755-7871

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

Core Drilling Results – Azul and Fortuna Zones**

Location Hole From To Interval Mo % Cu % Rhenium PPB
Azul LEDH15 0m 290.2m EOH 290.2m 0.025% 0.047% NA++
  includes 18.6m 56m 37.4m 0.051% 0.036% NA++
    158m 189m 31m 0.041% 0.091% NA++
    240.55m 251.35m 10.8m 0.121% 0.116% NA++
               
Azul LEDH16 0 268m EOH 268m 0.052% <100ppm –
    90m 250m 160m 0.066% 0.015% 59 ppb Re
    152m 201m 49m 0.093% <100ppm 97 ppb Re
               
    146.0m 268.0m 122.0m 0.076% <100ppm 66 ppb Re
    152.0m 156.3m 4.3m 0.418% <100ppm 585 ppb Re
    154.3m 156.3m 2.0m 0.640% <100ppm 952 ppb Re
    216.4m 220.0m 3.6m 0.415% 0.030% 421 ppb Re
               
Azul LEDH17 0 145m EOH 145m 0.062% <100ppm 69 ppb Re
    0 72m 72m 0.120%   –
    23 72m 49m 0.165%   –
               
    23.2m 72.0m 48.8m 0.159% <100ppm 176 ppb Re
    23.2m 25.0m 1.8m 1.012% <100ppm 1110 ppb Re
    36.0m 38.0m 2.0m 0.841% 113ppm 868 ppb Re
               
Azul LEDH18 0 211.0m EOH 211m 0.0818% <100pm –
    2.02m 157.0m 135m 0.119% 146ppm –
    22.0m 126.0m 104m 0.154% 139ppm 149 ppb Re
    22.0m 94.0m 72m 0.180% 166ppm 189 ppb
    26.0m 28.0m 2m 2.25% <100pm 2530 ppb Re
    38.0 40.0 2m 1.68% 106ppm 1500 ppb Re
               
Fortuna LEDH19 0 89m EOH 89m 0.021% 0.015% NA++
    16m 38m 22m 0.054% 0.061%  
    36m 38m 2m 0.243% 0.077%  
               
Fortuna LEDH20 0 88m EOH 88m <100ppm 0.020% NA++
               

Percussion Drilling Results — Azul Zone**

Location Hole from to Interval Mo % Cu % Comments
Azul LEPD84 7.5m 25.5m 18.0m 0.029% 0.032%  
    34.5m 39.0m 4.5m 0.037% <100ppm Hole ends in 0.037% Mo
               
Azul LEPD85 15.0m 30.0m 15.0m 0.183% 0.45% Hole ends in 0.28% Mo
  includes 15.0m 18.0m 3.0m 0.564% 0.025%  
               
Azul LEPD86 0 16.5m 16.5m 0.102% 0.051% Hole ends in 0.065% Mo
               
Azul LEPD87 0 39.0m 39.0m 0.122% <100pm Hole ends in 0.033% Mo
  includes 16.5m 19.5m 3.0m 0.664%  <100pm  
               
Azul LEPD88 0 33.0m 33.0m 0.203% 0.051%  
  includes 13.5m 31.5m 18.0m 0.345% 0.044%  
    22.5m 27.0m 4.5m 0.659% 0.022%  
               
Azul LEPD89 0 42.0m 42.0m 0.065% 0.023% Hole ends in 0.047% Mo
  includes 15.0m 42.0m 27.0m 0.091% 0.020%  
    33.0m 37.5m 22m 0.158% 0.020%  
               
Azul LEPD90 0 22.5m 22.5m 0.051% 0.027% Hole ends in 0.016% Mo
  includes 13.5m 16.5m 3.0m 0.191% 0.010%  
               
Azul LEPD91 0 42.0m 42.0m 0.055% 0.035% Hole ends in 0.085% Mo
  includes 16.5m 42.0m 25.5m 0.078% 0.036%  
    24.0m 25.5m 1.5m 0.241% 0.093%  
Azul LEPD92 0 24.0m 24.0m 0.025% 0.049% Hole ends in 0.014% Mo
               
Azul LEPD93 0 21.0m 21.0m 0.025% 0.033%  
Hole UTM East UTM North Azimuth Dip Length
LEPD-84 528102 3305578 000 – 60º 39m
LEPD-85 528102 3305578 135 – 60º 30m
LEPD-86 528190 3305544 000 – 45º 16.5m
LEPD-87 528190 3305544 000 – 45º 39m
LEPD-88 528190 3305544 135 – 45º 42m
LEPD-89 528245 3305535 000 – 45º 42m
LEPD-90 528286 3305533 000 – 45º 42m
LEPD-91 528257 3305497 000 – 45º 42m
LEPD-92 528300 3305476 000 – 45º 24m
LEPD-93 528335 3305467 000 – 45º 21m
Location Hole from to Interval Mo % Cu % Comments
Fortuna LEPD75 3.0m 18.0m 15.0m 0.042% 0.021%  
  includes 3.0m 4.5m 1.5m 0.204% <100ppm  
               
Fortuna LEPD76 0 6.0m 6.05m 0.020% 0.039%  
               
Fortuna LEPD77 0 7.5m 7.5m 0.074% 0.110%  
  includes 1.5m 3.0m 1.5m 0.242% 0.250%  
               
Fortuna LEPD78 28.5m 30.0m 1.50m 0.177% 100ppm Hole ends in 0.177% Mo
               
Fortuna LEPD79 0 1.5m 1.5m 0.021% 0.018%  
               
Fortuna LEPD80 16.5m 21.0m 4.5m 0.0190% 0.013%  
               
Fortuna LEPD81 6.0m 13.5m 7.5m 0.133% 0.036%  
  includes 6.0m 10.5m 4.5m 0.194% 0.042%  
    33.0m 36.6m 3.0m 0.039% <100ppm  
               
Fortuna LEPD82 31.5m 37.5m 7.5m 0.019% <100ppm  
               
Fortuna LEPD83 0 30.0m 30.0m 0.022% 0.020%  
Hole UTM East UTM North Azimuth Dip Length
LEPD-75 529550 3305161 020 – 45º 30.0m
LEPD-76 529560 3305197 020  –45º 30.0m
LEPD-77 529568 3305201 020  – 45º 34.5m
LEPD-78 529565 3305220 020  – 45º 30.0m
LEPD-79 529576 3305252 020  – 45º 36.0m
LEPD-80 529588 3305278 020  – 45º 21.0m
LEPD-81 529613 3305269 020  – 45º 36.0m
LEPD-82 529616 3305286 020  – 45º 39.0m
LEPD-83 529644 3305255 020  – 45º 30.0m

Percussion Drilling Results — Fortuna Zone**

Location Hole from to Interval Mo % Cu % Comments
Fortuna LEPD75 3.0m 18.0m 15.0m 0.042% 0.021%  
  includes 3.0m 4.5m 1.5m 0.204% <100ppm  
               
Fortuna LEPD76 0 6.0m 6.05m 0.020% 0.039%  
               
Fortuna LEPD77 0 7.5m 7.5m 0.074% 0.110%  
  includes 1.5m 3.0m 1.5m 0.242% 0.250%  
               
Fortuna LEPD78 28.5m 30.0m 1.50m 0.177% 100ppm Hole ends in 0.177% Mo
               
Fortuna LEPD79 0 1.5m 1.5m 0.021% 0.018%  
               
Fortuna LEPD80 16.5m 21.0m 4.5m 0.0190% 0.013%  
               
Fortuna LEPD81 6.0m 13.5m 7.5m 0.133% 0.036%  
  includes 6.0m 10.5m 4.5m 0.194% 0.042%  
    33.0m 36.6m 3.0m 0.039% <100ppm  
               
Fortuna LEPD82 31.5m 37.5m 7.5m 0.019% <100ppm  
               
Fortuna LEPD83 0 30.0m 30.0m 0.022% 0.020%  
Hole UTM East UTM North Azimuth Dip Length
LEPD-75 529550 3305161 020 – 45º 30.0m
LEPD-76 529560 3305197 020  –45º 30.0m
LEPD-77 529568 3305201 020  – 45º 34.5m
LEPD-78 529565 3305220 020  – 45º 30.0m
LEPD-79 529576 3305252 020  – 45º 36.0m
LEPD-80 529588 3305278 020  – 45º 21.0m
LEPD-81 529613 3305269 020  – 45º 36.0m
LEPD-82 529616 3305286 020  – 45º 39.0m
LEPD-83 529644 3305255 020  – 45º 30.0m

** – Analytical Methods

  1. Molybdenum and Copper analyses determined by 30 element regular ICP scan with Multi-Acid digestion. IPL-International Plasma Labs, Richmond BC. Detection limit for Mo and Cu — 1.0 ppm.
  2. Rhenium analyses determined by 56 element ICP_MS scan with Multi-Acid digestion. Activation Laboratories Ltd. Ancaster, Ontario. Detection Limit of 1.0 ppb Re.

++ – NA — Drill hole samples not analyzed for Rhenium

— Additional Rhenium results not included