GOLD-IRON ORE EXPLORATION: Forest Gate finds high magnetite levels in BIF

QUEBEC - Forest Gate Energy of Calgary reports finding significant iron ore grades in the banded iron formation at its Pershing gold property near Val d'Or. Magnetite rich intervals within the BIF averaged 29.3% Fe.

The company says it believes that the discovery is of such importance that it decided to release the news in advance of releasing the results of its gold assays. The gold assays are expected very shortly.

The same BIF unit found in drill hole FG11-03 was also intersected in drill holes FG11-01 and FG11-02. In these holes, the BIF unit has a core interval of approximately 100 metres. It is estimated that the magnetite iron rich bands form approximately 40% of the units. The magnetite rich intervals contain up to 85% magnetite content and occur as bands ranging from 0.3 metres to 15 metres.

The nature of the banded iron formation unit in these holes is very similar both in magnetite content and thickness to the banded iron formation units observed in historical drill log reports found elsewhere on the property, said Forest Gate.

Visit www.ForestGate.ca next week to find the gold assays from the Pershing property.