Vault Minerals Inc. - Press Releases - Vault Minerals Gears Up for Diamond Drill Programs

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TSX.V : VMI

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	Thu Nov 29, 2007 Vault Minerals Gears Up for Diamond Drill Programs
	Kirkland Lake, Ontario. Vault Minerals Inc. (TSX-V: VMI) ("Vault" or "the Company") provides the following update on several of its gold properties located within the Kirkland Lake gold camp; including the scheduled start of drilling on Vault's Kirkland North and Gordon-Lebel properties. Kirkland North Property During mid-August through October 2007, Vault conducted a surficial exploration program on its Kirkland North property, proximal to the regional Timiskaming--Blake River (sediment-volcanic) geological unconformity. The program included mechanized overburden stripping & washing, detailed geological mapping and channel sampling, and was successful in identifying the targeted surface expression of the Breccia zone along with associated quartz veining. Channel samples confirmed that the north-northeast trending Breccia zone is gold-anomalous, with returned values of up to 7.8 gAu/t over 0.55 m. These surface results correlate well spatially with the previously-reported discovery drill intercept of 22.6 gAu/t over 1.2 m situated approximately 70 m below surface. The sub-parallel Boyce vein, located 10 to 20 m west of the Breccia zone, was extended along strike to the southwest where it remains associated with characteristic strong alteration and shearing in a mafic volcanic host rock. Vault intends to diamond drill both the Breccia zone and Boyce vein structures along strike and down dip commencing in early December 2007, pending rig availability and the award of a drill contract. Gordon-Lebel Property The 100%-owned Gordon-Lebel property consists of eight contiguous parcels adjacent to, and along strike of the Bidgood Mine, a former gold producer located immediately to the east on Vault's Lebel property. Historical records indicate that limited mining occurred on the Gordon-Lebel property from the 2025 level of the Bidgood Mine. In addition, the majority of historic surface exploratory diamond drilling dates back to the 1930's and was concentrated along the joint boundary with the Bidgood Mine property. Recent prospecting on the Gordon-Lebel property by Vault has identified mineralized shear zones in quartz porphyry and sediment host rocks that may represent extensions of gold-bearing structures from the Lebel Gold property. Vault has designed at least five drill holes to test these gold targets in the upcoming program. Lebel Property -- Goldcorp Option The 62-unit Lebel property, also 100% Vault-owned, is located from 3 to 9 km west of the Kirkland Lake main deposit from which over 24 million oz of gold have been produced. As referenced above, it hosts the past-producing Bidgood Mine (165,000 oz gold). The property is currently under option to Goldcorp Canada Ltd., a wholly-owned subsidiary of Goldcorp Inc. (TSX:G, NYSE:GG), who have the right to acquire an initial 60% interest by expending $2,000,000 on the property. In preparation for designing a winter-based drill program, Goldcorp Canada Ltd. is currently reviewing and targeting from the extensive exploration database that exists on this project, and which now includes the positive results of the most recent drill program (Vault's September 17, 2007 press release). In addition to strike and plunge potential of identified structures associated with the Bidgood Mine, multiple structural, geochemical and lake sediment anomalies remain untested along the entire Bidgood Fault Array that transects the property. The Fault Array comprises individual faults interpreted to extend for up to 4 km in strike length and some of these structures have lithology, alteration and mineralization analogous to that of the Kirkland Lake main deposit. To further assist with drill planning, field prospecting and a cadastral survey are nearing completion. These programs will aid in understanding the known gold horizons and will improve locational control of existing diamond drill collars, trenches and shear-fault structures. Skinner Property The Company also announces that it has entered into a purchase agreement with an arm's-length party to acquire a 100% interest in the mining rights to a single patented mining claim situated in Lebel Township. The claim is strategically located immediately adjacent to the south-central portion of the Lebel property and this recent acquisition is consistent with Vault's strategy to acquire and explore under-developed gold properties with favorable geology within the Kirkland Lake Camp. Vault is not aware of any recorded exploration on the property, however early government mapping indicates limited bedrock exposure and that a portion of the property is underlain by Timiskaming porphyry, a favorable host rock for gold deposits. A prominent north-northeast trending fault zone and a northeast trending magnetic linear transect the Skinner property, with the latter possibly being indicative of one of many fault zones that comprise the Bidgood Fault Array. Consideration for the property is a cash payment of $15,000 and the issuance of 50,000 common shares of Vault to the vendor upon TSX Venture Exchange approval. The vendor has also been granted a 2% royalty on any production from the property of which one-half may be purchased at any time by Vault for $500,000. New Acquisitions In an ongoing effort to increase shareholder value, the Company continues to aggressively seek out and review gold projects of merit for potential acquisition. Qualified Person The technical content of this press release has been reviewed and approved for disclosure by Daniel McCormack, P.Geo, who serves as Qualified Person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). About Vault Vault Minerals Inc. is a Canadian junior exploration company engaged in gold and base metal exploration in Ontario. Its principal properties include the Kirkland Lake and Lebel gold properties in Kirkland Lake and the Percy Lake VMS base metal property north of Sault Ste. Marie. The Company's capital consists of 29,426,093 issued and outstanding common shares which are listed for trading on the TSX Venture Exchange under the symbol 'VMI'. On behalf of the Board of VAULT MINERALS INC. "Joe Horne" Joseph D. Horne President & CEO For additional information, please visit our website at www.vaultminerals.com or contact Joe Horne, President, or Dan McCormack, P.Geo, Vice President at (705) 567 4511. This Press Release may contain forward-looking statements that involve inherent risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations, and the Company disclaims any obligation to update these forward-looking statements. "The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

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