Josephine Mining Corp. Announces Assay Results for the Turner Gold Project

SPOKANE, WASHINGTON--(Marketwire -01/11/12)- Josephine Mining Corp. ("JMC" or the "Company") (TSX-V: JMC.V - News) is pleased to announce the final assay results from the very successful 2011 summer diamond drilling program, totalling 12,279.4 feet (3,742.6 meters), at the Turner Gold Project in O'Brien, Oregon.

Significant results include:

 

                    From     To Interval     Au     Ag     Cu     Zn    AuEq
Hole         Zone     ft     ft      (i)    g/t    g/t      %      % g/t(ii)
TJM-73 Main Upper  246.0  255.0      9.0   8.62  29.58   4.12   0.45   15.59
TJM-73 Main Lower  898.9  922.2     31.1   3.12  13.83   2.86   3.15    9.14
TJM-74 Main Upper  450.0  530.0     80.0   4.00   8.18   0.90   1.84    6.32
TJM-74 Main Lower  775.0  835.0     60.0   1.76  54.29   0.87  11.00    8.65
TJM-74 Main Lower  879.6  813.4     33.8   8.69   8.59   2.05   1.19   12.50
TJM-75 Main Lower  983.3 1020.0     36.7   2.24 163.55   0.88  23.01   15.80

(i) Interval footage does not represent true widths
(ii) Assuming 100% recovery, and converted to an equivalent gold grade for
each interval using the following metal prices: $1,200 per ounce Au, $15
per ounce Ag, $3/lb Cu and $0.85/lb Zn.

Robert L. Russell, President and CEO, stated, "The 2011 drill program focused on further delineation of main ore zones and data collection for further metallurgical and geotechnical testing analysis. We are very pleased with the results and with the added confidence in the quality of the resource that the drill program has provided for the Turner Project."

In addition, JMC is pleased to announce that assay results from diamond drill hole TAB-60, previously excluded from the diamond drill database used to develop the Turner Gold Preliminary Economic Assessment (PEA), will be included in the 1Q2012 PEA update. A location verification criterion for TAB-60 that had failed during development of the 2009 PEA has been rectified through the diligent efforts of JMC site personnel. All other criterion for inclusion of TAB-60 data in the PEA had been met during the 2009 due diligence work, allowing JMC to use the TAB-60 data for the scheduled PEA update. Note that TAB-60 assay information dates from the mid-1980s and was calculated using ounces per short ton rather than grams per metric tonne, and is reported accordingly below.

Significant results include:

 

                    From     To Interval     Au     Ag     Cu     Zn    AuEq
Hole         Zone     ft     ft      (i)    opt    opt      %      % g/t(ii)
TAB-60 Main Upper  315.0  340.0     25.0  0.003  2.480  0.940  11.31   0.241
TAB-60 Main Upper  360.0  370.0     10.0  0.293  0.350  3.780  0.310   0.491
TAB-60 Main Lower  800.4  875.6     75.2  0.103  0.280  1.960  3.881   0.260

(i) Interval footage does not represent true widths
(ii) Assuming 100% recovery, and converted to an equivalent gold grade for
each interval using the following metal prices: $1,200 per ounce Au, $15
per ounce Ag, $3/lb Cu and $0.85/lb Zn.

To view Figure 1, please click on the following link: http://media3.marketwire.com/docs/j111.pdf

Assay Information

The following is additional information regarding the drill holes and assay results from TJM-73, TJM-74, TJM-75, and historic drill hole TAB-60. The data were averaged over the specific intervals referenced. Contained metal values are used throughout. Assays are converted to an equivalent gold grade (shown in the right hand column of the tables) for each interval using the following metal prices: $1,200 per ounce Au, $15 per ounce Ag, $3/lb Cu and $.85/lb Zn.

The intercepts have visible pyrite, chalcopyrite and sphalerite, and are likely connected to the layer zones denoted in the Company's NI 43-101 report on the property (see www.sedar.com) as the MUZ - Main Upper Zone and the MLZ - Main Lower Zone. The mineral resource is a Cyprus-type, ophiolite-hosted volcanogenic massive sulfide (VMS) gold, copper, and zinc deposit.

TJM-73 Assays

TJM-73 is an "HQ" diamond drill core hole with a collar elevation of 2,874 feet (876 meters) located at Northing: 15256076 meters and Easting: 1434936 meters (UTM NAD 83) with a surface azimuth of 200.3 degrees and an inclination of 75.5 degrees from the horizontal.

The following tables provide relevant available assay information for diamond drill hole TJM-73, which was completed to a depth of 1,133.9 feet (345.6 meters) and intercepted zones of massive and semi-massive sulfides associated with both the Main Upper Zone (MUZ) and the Main Lower Zone (MLZ). The assay information has been reported over specific intercepts within the MUZ from 246 to 255 feet (75.0 to 77.7 meters) and within the MLZ from 898.9 to 922.2 feet (274.0 to 281.1 meters).

 

Table 1: TJM-73 Assays (MUZ intercept)
Start (ft)   End (ft)  Interval (ft)    Au (g/t)   Ag (g/t)  Cu (%)  Zn (%)
246.0           247.5            1.5     23.6747    37.1945  5.086%  0.198%
247.5           251.8            4.3      8.6972    39.0089  5.961%  0.259%
251.8           255.0            3.2      1.4578    13.3356  1.181%  0.830%

Table 2: TJM-73 Assays (MLZ intercept)
Start (ft)   End (ft)  Interval (ft)    Au (g/t)   Ag (g/t)  Cu (%)  Zn (%)
898.9           905.0            6.1      3.3992    12.8820  3.044%  2.634%
905.0           910.0            5.0      3.9889    19.0508  4.219%  4.777%
910.0           915.0            5.0      2.9366    17.8715  3.124%  4.031%
915.0           920.0            5.0      2.7914     8.8904  1.732%  1.703%
920.0           922.2            2.2      1.5667     6.6224  1.274%  2.154%

TJM-74 Assays

TJM-74 is an "HQ" diamond drill core hole with a collar elevation of 2,752 feet (838.8 meters) located at Northing: 15256084 meters and Easting: 1435150 meters (UTM NAD 83) with a surface azimuth of 211.2 degrees and an inclination of 63.4 degrees from the horizontal.

The following tables gives relevant available assay information for diamond drill hole TJM-74, which was completed to a depth of 1,015.0 feet (309.4 meters) and intercepted zones of massive and semi-massive sulfides associated with both the MUZ and the MLZ. The assay information has been reported over specific intercepts within the MUZ from 450 to 530 feet (137.2 to 161.5 meters) and within the MLZ from 775.0 to 835.0 feet (236.22 to 254.5 meters) and from 879.6 to 913.4 feet (268.1 to 278.4 meters).

 

Table 3: TJM-74 Assays (MUZ intercept)
Start (ft)   End (ft)  Interval (ft)    Au (g/t)   Ag (g/t)  Cu (%)  Zn (%)
450.0           455.0            5.0      2.0684    11.5212  0.494%  4.022%
455.0           460.0            5.0      2.6308     9.2533  0.500%  3.273%
460.0           465.0            5.0      5.3614     9.4347  0.814%  2.722%
465.0           470.0            5.0      3.9190     6.6224  0.602%  0.943%
470.0           475.0            5.0      2.8123     4.6266  0.206%  2.121%
475.0           480.0            5.0      3.3294     3.5380  0.203%  0.516%
480.0           485.0            5.0      4.6085     4.4452  0.356%  0.247%
485.0           490.0            5.0      3.7830     5.9874  0.528%  0.282%
490.0           495.0            5.0      4.6176     6.1688  0.803%  0.150%
495.0           500.0            5.0      2.8395     7.4389  0.622%  0.973%
500.0           505.0            5.0      4.5903     9.1625  0.932%  0.958%
505.0           510.0            5.0      6.2777    16.0571  1.650%  5.947%
510.0           515.0            5.0      7.6113    20.1395  3.720%  5.485%
515.0           520.0            5.0      1.9777     5.3524  0.984%  1.265%
520.0           522.4            2.4      1.3698     1.1793  0.346%  0.078%
522.4           525.0            2.6      3.4201     4.8081  0.847%  0.305%
525.0           530.0            5.0      5.2163     8.0739  1.370%  0.292%

Table 4: TJM-74 Assays (MLZ intercepts)
Start (ft)   End (ft)  Interval (ft)    Au (g/t)   Ag (g/t)  Cu (%)  Zn (%)
775.0           780.0            5.0      1.6511    74.4797  0.663%  2.946%
780.0           785.0            5.0      0.7720    77.7456  0.100%  6.971%
785.0           790.0            5.0      1.1521    69.0366  0.128%  6.927%
790.0           795.0            5.0      3.3929    90.2647  0.364% 13.269%
795.0           800.0            5.0      1.5422   126.0984  0.417% 37.331%
800.0           805.0            5.0      3.1751    76.6569  1.270% 31.935%
805.0           810.0            5.0      1.8507    26.8526  1.140%  7.953%
810.0           815.0            5.0      1.1249    30.4813  1.571%  9.619%
815.0           820.0            5.0      2.8848    27.3062  1.760% 10.127%
820.0           823.1            3.1      3.2296    16.1479  3.790%  3.328%
823.1           826.0            2.9      0.3656     2.3587  0.336%  0.931%
826.0           826.6            0.6      0.9798    13.5170  1.620%  5.194%
826.6           830.0            3.4      0.0590     0.2722  0.031%  0.084%
830.0           835.0            5.0      1.2428    39.3717  0.248%  1.645%

879.6           885.0            5.4      3.3566    10.6140  3.220%  0.463%
885.0           890.0            5.0      3.0028     8.6182  2.920%  0.730%
890.0           895.0            5.0      3.3294     6.8039  1.850%  0.167%
895.0           900.0            5.0     44.8148    15.4221  3.480%  1.875%
900.0           905.0            5.0      1.2701     5.6245  0.863%  2.035%
905.0           910.0            5.0      1.2156     4.6266  0.438%  1.380%
910.0           913.4            3.4      2.1500     8.0739  1.170%  1.982%

TJM-75 Assays

TJM-75 is an "HQ" diamond drill core hole with a collar elevation of 2,753 feet (839.1 meters) located at Northing: 15256088 meters and Easting: 1435153 meters (UTM NAD 83) with a surface azimuth of 209.8 degrees and an inclination of 73.1 degrees from the horizontal.

The following table gives relevant available assay information for diamond drill hole TJM-75, which was completed to a depth of 1,085.4 feet (330.8 meters) and intercepted zones of massive and semi-massive sulfides associated with the MLZ. The assay information has been reported over a specific intercept within the MLZ from 983.3 to 1020.0 feet (299.7 to 310.9 meters).

 

Table 5: TJM-75 Assays (MLZ intercept)
Start (ft)   End (ft)  Interval (ft)    Au (g/t)   Ag (g/t)  Cu (%)  Zn (%)
983.3           986.1            2.8       1.905     16.148  0.207%  0.150%
986.1           988.1            2.0       0.596     40.007  0.145%  8.429%
988.1           990.0            1.9       4.717    230.424  0.845%  4.520%
990.0           995.0            5.0       2.041    157.850  0.301% 23.792%
995.0          1000.0            5.0       2.032    237.682  0.232% 42.523%
1000.0         1005.0            5.0       1.769    234.960  0.478% 42.214%
1005.0         1010.0            5.0       3.892    292.113  1.577% 30.006%
1010.0         1011.7            1.7       3.819    211.374  1.565% 15.490%
1011.7         1016.0            4.3       0.684     34.382  1.000%  9.813%
1016.0         1020.0            4.0       2.132     79.741  2.513% 14.325%

TAB-60 Assays

TAB-60 is an "NQ" diamond drill core hole with a collar elevation of 2,758 feet (840.6 meters) located at Northing: 15255933 meters and Easting: 1435193 meters (UTM NAD 83) with a surface azimuth of 253.2 degrees and an inclination of 61.1 degrees from the horizontal.

The following tables gives relevant available assay information for diamond drill hole TAB-60, which was completed to a depth of 876.2 feet (267.1 meters) and intercepted zones of massive and semi-massive sulfides associated with the MUZ and MLZ. The assay information has been reported over three specific intercepts: from 315 to 340 feet (96.0 to 103.7 meters); from 360 to 370 feet (109.8 meters to 112.8 meters); and from 800.4 to 875.6 feet (244.0 meters to 267.0 meters.)

 

Table 6: TAB-60 Assays (MUZ intercepts)
Start (ft)   End (ft)  Interval (ft)    Au (opt)   Ag (opt)  Cu (%)  Zn (%)
315.0           320.0            5.0       0.005       2.48    1.15    12.5
320.0           325.0            5.0       0.002       3.07    0.69    13.0
325.0           330.0            5.0       0.001       1.08    0.61    7.90
330.0           335.0            5.0       0.005       3.07    1.00    14.5
335.0           340.0            5.0       0.001       2.70    1.25    8.65

360.0           365.0            5.0       0.569       0.37    4.15    0.28
365.0           370.0            5.0       0.017       0.34     3.4    0.33

Table 7: TAB-60 Assays (MLZ Intercepts)
Start (ft)   End (ft)  Interval (ft)    Au (opt)   Ag (opt)  Cu (%)  Zn (%)
800.4           805.0            4.6       0.071       0.52    1.35    6.45
805.0           810.0            5.0       0.066       0.60    1.45    8.85
810.0           815.0            5.0       0.003       0.17    0.90    4.55
815.0           820.0            5.0       0.048       0.43    1.05    8.20
820.0           825.0            5.0       0.060       0.27     1.1    4.15
825.0           830.0            5.0       0.196       0.34    1.95    3.50
830.0           835.0            5.0       0.055       0.27    1.45    4.95
835.0           840.0            5.0       0.091       0.26    1.80    5.20
840.0           845.0            5.0       0.110       0.29    1.30    4.65
845.0           850.0            5.0       0.315       0.29    3.15    3.25
850.0           855.0            5.0       0.172       0.30    5.20    2.00
855.0           860.0            5.0       0.116       0.27    3.85    1.05
860.0           865.0            5.0       0.116       0.17    1.60    0.83
865.0           870.0            5.0       0.088       0.10    2.35    0.85
870.0           875.6            5.6       0.045       0.04    0.99    0.39

Investors may look forward to further updates on the Turner Gold Project as management remains committed to maximizing shareholder value through a focused development, permitting, and acquisition plan.

Assay Methodology: Metcon Research (METCON), in Tucson Arizona has performed all primary sample preparation. ICP lab analyses have been completed by METCON and American Analytical Lab (AAL) in Sparks, Nevada. Gold fire assays with AA finish and ICP checks of METCON were completed by AAL. Gold fire assay checks and ICP checks of AAL were completed by Activation Laboratories, Ltd. in Thunder Bay, Ontario.

Michael Strickler of LithoLogic Resources, LLC, a qualified person under NI 43-101, has reviewed the contents of this news release.

Disclaimer for Forward-Looking Information

This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events, such as the statements regarding mineralization and assay results. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.

These forward-looking statements reflect management's current views and are based upon certain expectations, estimates and assumptions that may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, such as the current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. The Company can offer no guarantee that the goals and objectives detailed above will be accomplished, in part or at all.

These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks Factors" section in the Annual Information Form of the Company dated June 14, 2011 and available on www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Josephine Mining Corp.
Robert Dumont
Vice-President
(509) 343-3193
(509) 343-3194 (FAX)
info@josephinemining.com
www.josephinemining.com
CHF Investor Relations
Juliet Heading
Senior Account Manager
(416) 868-1079 x239
(416) 868-6198 (FAX)
juliet@chfir.com
www.chfir.com

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