| November 12, 2008 Colibri Intersects Disseminated Gold Mineralization in Reverse Circulation and Percussion Drilling on the Colibri Project, Sonora, Mexico | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Colibri Resource Corporation has received assay results from an 11 hole (C08 series) 2,346 meter reverse circulation (RC) drilling program for its Colibri Project, Sonora Mexico. These initial targets were further investigated by an additional 1,161 meters of air-track percussion drilling completed within 33 percussion holes (NAPD series). Two areas were drill tested which included the Naranja Zone and the San Francisco mine area. A drill map and complete list of hole locations and assay results are available at http://www.colibriresource.com/s/Colibri.asp Drilling was targeted across several northwest-southeast trending structures associated with broad intervals of highly sheared and fractured rock. Host rocks consist of hematite-flooded breccias commonly accompanied by broken gouge material with quartz veins and stockwork. Sample recovery was generally good to excellent. Evidence of past gold production along the faulted zones is preserved in shallow placer gold pits and by numerous underground shafts and tunnels. Naranja Zone: Reverse Circulation Drilling Drilling highlights from 2008 include 1.41 g/mt Au (1410 ppb Au) over 2.0 meters between 172 and 174 meters depth in C08-09 within an anomalous 8.0 meter interval which assayed 455.5 ppb Au between 170 and 178 meters. C08-05 contains 2.0 meters of 1.35 g/mt Au (1350 ppb Au) between 62 and 64 meters within a 4 meter section that assayed 1158.0 ppb Au from 60 to 64 meters. C08-05 and CO8-09 are approximately 500 meters apart and may intersect different structural levels within the same fault system. C08-08 was collared about 250 meters off-section to the south of C08-05 and C08-09 and assayed 214.0 ppb Au over 2.0 meters between 34 to 36 meters within a broad 20 meter section from 34 to 54 meters that assayed 127.0 ppb Au. Percussion Drilling Drilling targeted the strike extension of the San Francisco gold system about 1 kilometer southeast at the Naranja detachment zone and resistivity-chargeability anomaly interface (2006 IP survey). Some of the resistivity anomalies measured along these east dipping, listric fault zones coincide with gold mineralization. NAPD-14 assayed 18.2 g/mt Au (18,200 ppb Au) over 1.5 meters between 15.0 to 16.5 meters. NAPD-25 cut a 12.0 m interval starting at surface down to 12.0 meters that averaged 373.5 ppb Au. Within the 4.5 meter section from 1.5 to 6.0 meters was a sub-interval of 579.0 ppb Au while the 1.5 meter section from 1.5 to 3.0 meters contained 781.0 ppb Au. This hole is situated 45 meters southeast of the 18.2 gm/t Au interval of gold mineralization reported from NAPD-14. (See November 2008 - Colibri Project - Drill Section at http://www.colibriresource.com/s/Colibri.asp). NAPD-28 assayed 638.0 ppb Au over 1.5 meters between 6.0 and 7.5 meters within a more extensive 13.5 meter zone from 1.5 to 15.0 meters that averaged 177.1 ppb Au. A continuous 6.0 meter zone in NAPD-32 was intersected between 24.0 and 30.0 meters which assayed 305.3 ppb Au. These two holes are situated about 260 meters apart on opposite sides of a large detachment structure. A chargeability anomaly is located approximately 200-300 m east of this structural zone and is coincident with dry placer gold pits. San Francisco Mine Area: Prior drilling at the San Francisco Mine intersected multiple gold intercepts over a range from 0.3 to 10.1 g/t Au and have been previously reported. (See Colibri News Releases of January 25, 2006 and August 13, 2007). Four new RC holes with vertical orientations (C08 series) have targeted these structures. Reverse Circulation Drilling C08-01 cut multiple mineralized intervals over 22 meters from 186 to 208 meters that assayed 196.1 ppb Au including a 6 meter length between 192 and 198 meters that returned 395.7 ppb Au. Below this upper zone is a 2 m wide mineralized interval from 206 to 208 meters which returned 512.0 ppb Au. C08-02 contained 4 meters of 224.0 ppb Au between 118 and 122 meters. An additional 4 meter zone below this upper zone from 198 and 202 meters contained 624.5 ppb Au. Within this lower zone was a shorter 2 meter section from 198 to 200 meters that assayed 959.0 ppb Au. C08-03 intersected a continuous 20 meter section between 102 to 122 meters that assayed 258.5 ppb Au including a 4 meter section from 106.0 to 110.0 meters that reached 598.0 ppb Au. An additional 2 meter section assayed 714.0 ppb Au from 106 to 108 meters. C08-04 successfully penetrated the deeper shear zones untested in 2007 and cut multiple mineralized intervals about a central a 2 meter interval (106 to 108 meters) that assayed 714.0 ppb Au. Additional zones of gold enrichment included 261.0 ppb Au over 2.0 m from 54.0 to 56.0 meters. This section was surrounded by a moderately anomalous but more extensive interval across 30 m between 34 to 64 meters assaying 64.8 ppb Au. At the base of C08-04 a 6 meter interval from 122 to 128 meters returned 131.7 ppb Au. Discussion Nugget or Coarse Gold Problem Assay results from 2008 percussion and reverse circulation drilling at Naranja and San Francisco show a wide range of gold values from 25 ppb Au to 18.2 grams per metric tonne Au. Although higher grade gold values such as these are considered positive, drill assays that include 18.2 g/mt Au (NAPD-14 - 15.0 to 16.5 meters), 1.41 g/mt Au (C08-09 -172 and 174 meters) and 1.35 g/mt Au (C08-05 - 62 and 64 meters) are not continuous. Colibri Resource Corp. has described this 'nugget problem' previously (see News Release, August 13, 2007 Colibri Project) demonstrating that conventional analysis (based on screening for the less than 150 sieve mesh or 'fine' sample size) systematically understates gold content for samples containing coarse gold grains or 'nuggets'. Based on this past experience, Colibri is reviewing the 2008 analytical results from both percussion and reverse circulation drill programs. Any drill samples with suspected nugget characteristics will be re-sampled and re-assayed using coarse (greater than 150 sieve mesh) sample fraction. Summary and Conclusions Colibri Resource Corporation is encouraged by results from the 2008 drilling program. The pattern of multiple intervals of anomalous gold mineralization found in the San Francisco mine area in 2005 and 2006 has been confirmed to continue for 2 km to the southeast along strike to the Naranja Zone. Reverse circulation drilling was conducted by Layne de Mexico. Reverse circulation and percussion samples were split on site and delivered to Hermosillo and processed by Sonora Sample Preparation Lab. 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. Drill core and drill chip analyses were performed by International Plasma Labs in Vancouver, British Columbia. Gold contents were measured by fire assay with AA finish and silver by the ICP method. Over limit values for gold were determined by fire assay with gravimetric finish. The Colibri 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 6,564 hectares of mineral concessions. For further information Visit our website at http://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. Gold/Silver Assays - Summary
EOH - End depth of drill hole in meters ++ All 2008 RC/Percussion Drill Holes collars inclined -90° and azimuth 000. ** Replicate fire assay with gravimetric finish in g/mt (with ppb conversion in brackets) to be included in coarse gold evaluation program. 670 - Bold face text indicates Au values exceeding 300 ppb View News Release in PDF Format: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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