Gravity West plummets on Voltaire assays (January 16, 2008)

Vancouver – Shares of Gravity West Mining (GRW-V, GRWFF-O) fell back to earth in January 16th trading after the company tabled long awaited drill assays from its Voltaire Lake project located 175 km north of Thunder Bay, Ontario.

Results from the trio of holes fell short of investor expectations – prompting a 52% plunge in the stock to close down 15 at 14 per share on over 32 million shares of volume.

Hole VL07-03A returned 10.75 metres grading 0.34% copper and 0.08% nickel including 2 metres of 0.87% copper and 0.15% nickel. The company notes a separate one metre interval assayed 1.2 grams palladium per tonne.

Disseminated to massive pyrite, pyrrhotite and chalcopyrite mineralization was hosted in a magmatic breccia comprised of a siliceous intrusive with fragments of metavolcanic and metasedimentary rocks as well as gabbro.

The hole cored over 100 metres of Archean mafic to ultramafic intrusives (mostly gabbro) – including a 13-metre section of pyroxenite hosting the interstitial sulphides (pyrrhotite and chalcopyrite) – beneath about 80 metres of younger rocks (Nipigon diabase and Sibley sediments). It was collared to test a 700-metre long airborne VTEM (Versatile Time-Domain Electromagnetic) conductor located on the edge of a 1,000-by-750-metre oval magnetic anomaly.

Hole VL07-04 was drilled about one km north of VL07-03A and cut a 1.1-metre section (from 215 metres downhole depth) of massive pyrite-pyrrhotite-chalcopyrite grading 0.12% copper and 0.08% nickel in a mafic volcanic unit.

Last November Gravity West announced it hit visible massive sulphide mineralization in initial drilling on the property. Market anticipation built as the company even requested a trading halt to state it was still waiting for results and had posted photographs of the drill core on its website. The stock touched a high of almost 39 per share in early January.

The company plans further drilling in the area of hole VL07-03A and additional geophysics to better define anomalies on the project.