VANCOUVER, British Columbia, Nov. 9, 2012 /PRNewswire/ -- Wolverine Exploration Inc. ("Wolverine") (OTCQB:WOLV) announced today that the 2012 drilling program on the Cache River property (the "Property") has been completed. Wolverine completed two diamond drill holes of a planned four hole program. The holes were drilled from information gathered from an Induced Polarization Survey ("IP survey") that had been completed in late 2010. The two anomalies drilled at approximately 50 degree angles did not intersect sufficient amounts of mineralization to account for the magnitude of that picked up by the IP survey. There are very minor amounts of pyrite and the rock is slightly magnetic with only background radioactivity.
To date there has been insufficient diamond drilling done on the Property to explain all of the anomalies identified by the IP survey. Wolverine will continue to raise additional financing including identifying alternative financing such as joint ventures to continue exploration on the Property. Wolverine's objective will be securing the necessary financing to complete a more substantial drill program on the Property including drilling the second two holes at a steeper angle.
On behalf of the Board
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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the exploration program.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Wolverine Exploration Inc.