OREANDA-NEWS. June 09, 2011. Sumitomo Metal Mining Co., Ltd. ("SMM", Headquarters: Minato-ku, Tokyo, President and Representative Director: Nobumasa Kemori) and Sumitomo Corporation ("SC", Headquarters: Chuo-ku Tokyo, President and CEO: Susumu Kato) have confirmed the presence of a gold, silver, and antimony mineralization zone in the Monte Cristo area of SMM and SC's Stone Boy project through a drilling campaign conducted by SMM's American subsidiary SMM Exploration Corporation ("SMMEC") and SC's American subsidiary, SC Minerals America Inc. ("SCMA").

The Stone Boy project ("the project") area located approximately 85 km south east of Fairbanks in Alaska, and 60km west of Pogo gold mine. The project started in 1991Ѓ@ and the Pogo gold mine, operated and managed by SMM and SC who together own 100% of the mine, was discovered as a result of the project in 1994. SMMEC currently has a 95% interest in the project and SCMA has a 5% interest. Between June 2009 and June 2010, exploration was carried out as part of a joint venture project among Japan Oil, Gas and Metals National Corporation ("JOGMEC"), SMMEC, and SCMA. 

Two drill holes (371 m) were installed in the Naosi prospect of Monte Cristo area in 2008, 16 drill holes (2,371 m) in 2009, and 11 drill holes (2,426 m) in 2010. 27 of these 29 drill holes intersected quartz veins mineralized with gold, silver and antimony. The principal drill results are summarized in the attached table. The quartz veins are thought to be gently dipping to the west and extend over 1,500 m in the strike direction and over 500 m in the dipping, and are assumed to consist of more than two quartz veins with a thickness of around one to five meters each.

SMM intends to continue the drilling campaign to confirm the mineralization in extensions and parallel veins of the Naosi prospect and then carry out infill drilling to evaluate ore resources. There is a potential that the same type of mineralization identified in the Naosi prospect will occur in other prospects in Monte Cristo area. SMM also plans to conduct new surveys regarding these prospects.

SMM positions mineral resources as a core business in its 3-Year Business Plan and at present is increasing overseas mining interests as part of its long term vision for gold, with the aim of obtaining interests to increase its share of gold production by 30 ton per annum. This project is one of some 20 overseas exploration projects being carried out by SMM, and SMM will continue to actively advance its overseas exploration activities.