VANCOUVER, Feb. 28 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has received the 2010 Annual Exploration Report and 2011 exploration
budget on the Anuoro License from Newmont Ghana Gold Limited, a
subsidiary of Newmont Mining Corporation (NYSE: NEM) ("Newmont").
Newmont under an option agreement has the right to earn an initial 51%
interest in the Anuoro license by spending US$2,000,000 in work
expenditures and property payments during a three-year period, with a
minimum of $US550,000 work commitment and property payments required in
year one. Newmont has advised the Company that they have spent over
US$600,000 in 2010, and have presented the Company with a $640,000
exploration budget going forward into 2011, which will entail ground
geophysics, trenching and RC drilling. Upon Newmont earning a 51%
interest, the Company and Newmont will enter into a Joint Venture
Agreement under which Newmont will have 90 days in which to elect to
increase its interest in Anuoro to 75% by spending an additional US $2
million in work expenditures and property payments over the next
Newmont's 2010 work program consisted of the following:
29 km of soil sampling for 2,938 samples.
Air-core drilling, 131 holes for 4,341 m
RC Drilling 25 holes for 2,319 m
A number of gold in soil anomalies were identified, most noteworthy
being within the NE and NW sectors of the license. The main NE soil
anomaly has a strike length of 2 km and a width of up to 300 m. The
anomalies have peak values of 1045 ppb and 410 ppb Au against a
background tenor of 5 - 10 ppb Au. The NW soil anomaly has a maximum
Au in soil value of 109 ppb and measures at least 0.5 km long by 0.2 km
wide with the potential of extending the strike length for another 300
m or so to the south. A near surface 131 hole aircore drill program on
8 fences over these new anomalies returned some encouraging results.
i.e. (2m of 3.14 g/t Au, 6m of 4.46 g/t Au, 2m of 5.31 g/t Au).
In public statements made by Newmont, the company hopes to double their
gold production in Ghana to approximately 1.2 million ounces per year
with the development of their Akyem project, which is projected to
begin production toward the end of 2013 or in the first quarter of
2014. The Company's Anuoro license under option to Newmont lies
approximately 25 km to the NW of Newmont's Akyem project.
Also during the Company's most recent visit to the Anuoro concession
management discovered several illegal Artisanal mine sites in the
southern portion of the Anuoro license where very little historical
exploration work has been undertaken. To view the video taken by
management of these Artisanal working please visit our website at www.amiresources.com.
We seek safe harbour.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE AMI Resources Inc.
For further information:
Dustin Elford, President (604) 669-2901