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Kiska Metals expands Raintree West, shares rise

Published: 15:46 19 May 2011 EDT

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Kiska Metals (CVE:KSK) reported Thursday that recent drilling has substantially extended mineralization at its Raintree West prospect, located just east of the multi-million ounce Whistler Deposit in Alaska.

Highlights include 453.2 metres averaging 0.72 g/t gold, 3.2 g/t silver, 0.12% copper, 0.04% lead and 0.31% zinc, for 1.01 g/t gold equivalent, in hole WH10-30.

This hole also includes an intercept of 328.6 metres averaging 0.93 g/t gold, 3.7 g/t silver, 0.16% copper, 0.04% lead and 0.36% zinc, for 1.31 g/t gold equivalent.

The results were part of a program in which four holes were drilled on two sections to follow up on a signficant intersection found in 2009 at the bottom of hole WH09-002.

The company said the results indicate that the grades of the Raintree West system improve to the north, and remain open for expansion to the north, west, south and at depth.

"This year's follow-up of [the 2009] modest intercept has shown the potential for significant expansion," said VP of exploration, Mark Baknes.

"On the basis of these holes, the strength of gold-copper grades are improving to both the north and west.

"This new large porphyry centre has no clear geophysical signature leading us to conclude that other porphyry centres with subtle geophysical signatures may exist beyond the long list of obvious magnetic and IP-defined targets."

The company said that hole WH10-30 ended in strong gold and copper mineralization with the final 172 metres of the hole averaging 1.13 g/t gold, 3.9 g/t silver and 0.18% copper.

President and CEO of Kiska, Jason Weber, noted in a statement that the success of exploration at Raintree West to date has encouraged the company with the long intervals and the tenor of mineralization seen, and therefore the target will remain a priority for drilling this year.

Other notable intersections reported today include hole WH11-29, which returned 460.7 metres averaging 0.50 g/t gold, 7.1 g/t silver, 0.06% copper, 0.17% lead, and 0.52% zinc, or 0.74 g/t gold equivalent.

Near market close on Thursday, shares of Kiska were trading higher by nearly 7% at $0.80.

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