Trading Symbol: WDG - (TSX.V)
OAKVILLE, ON, Sept. 9, 2011 /CNW/ - Giyani Gold Corp ("Giyani" or the
"Company") is pleased to provide a corporate update including a status
report on the Giyani property acquisition and Ontario property
Board and Management
A new President, Mr. Chuck Allen, and a new Vice President of
Exploration, Mr. Robert Middleton, have been appointed as officers of
the Company. In addition, Mr. Ed Guimaraes and Mr. Scott Kelly were
appointed as directors of the Company at its Annual General Meeting of
Shareholders. Duane Parnham, Executive Chairman of the Company,
commented "These appointments evidence the Company's ability to attract
expertise consistent with the Company's objectives and places the
Company in a strong position to execute its business plan. The Company
thanks Mr. Rick Vaive and Mr. James Turner for their services during
its initial development phase."
The Company further announces that it has granted 75,000 options to each
of Darren Collins and Peter Milutinovic who are consultants to the
Company. Each option is exercisable at $2.35 per common share with an
expiry date of August 31st, 2016.
Giyani Gold Assets
The Company awaits approval from the South African Department of
Minerals Resources ("DMR") to complete the Rock Island and Madonsi gold
project acquisitions. The Company is in regular contact with the DMR
and expects these approvals to be granted by the end of October 2011 in
accordance with the extension of the vendor and escrow agreements.
The Rock Island and Madonsi gold assets are a strategically positioned
land package located within a key geologically prospective and
historically prolific gold producing region in the Limpopo province,
South Africa. These assets are located within the Giyani Greenstone
Belt which represents a historically underexplored region of the
country and a key industry development initiative for both the Chamber
of Mines of South Africa and the Geological Society of South Africa.
The properties are all located within a 13 km long corridor of the
highly prospective Archean Greenstones that host past production and
considerable exploration potential.
Robert Middleton, Vice President of Exploration commented, "On
completion of the acquisition of the Giyani gold assets, we will
implement an extensive geological and geophysical program to explore
extensions of the original gold zones as well as previously unexplored
parallel zones. Upon completion of this program, we will determine the
most attractive drill targets, and launch an aggressive drill program
with the goal of delineating a gold resource with economic dimensions.
The style and age of mineralization within the Giyani Archean
Greenstone Belt is similar to that of other major producing gold camps
in Northern Ontario and Quebec."
The Company raised $1 million in flow through capital in 2010 with a
view of allocating this capital on Ontario based projects. The Company
has spent approximately $300,000 drilling 10 holes on the Skead
property. Since the results from these drill holes did not fit the
Company's geological model of exploring for large scale gold
opportunities, the Company's geological team recommended that the
Company review other opportunities. The Company continues to evaluate
Ontario based projects consistent with the Company's geological model.
The Company's Vice President of Exploration, Robert S. Middleton,
P.Eng., a Qualified Person as defined by National Instrument 43-101,
has read and approved the information contained herein.
Neither the 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 news
On behalf of the Board of
Giyani Gold Corp.,
This news release contains forward-looking statements regarding the
future success of the business of the Company that is subject to risk
and uncertainties. Examples of such forward-looking statements
including, but are not limited to, statements concerning the Company's
acquisition of the interest in the Giyani Gold Project, expectations
concerning timing and success of exploration activities generally,
government regulation of exploration and mining operations, indications
and benefits of exploration, drilling test work and engineering
assessments, environmental risks, title disputes or claims, and the
Company's intention to raise additional capital and financing. These
forward-looking statements involve known and unknown risk and intention
to raise additional capital and financing. These forward looking
statements involve known and unknown risk and uncertainties that may
cause the Company's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied in these forward-looking statements.
These risks include risks related to whether or not the Company will
complete the South African transaction, dependence on key personnel,
competition, risks related to newly acquired businesses, uncertainty
and dilution of additional financing and ability to service debt, as
well as the risk factors described in the Company's Management
Discussion and Analysis filed on SEDAR at www.sedar.com, and the risk to be described in any Management Information Circular.
The forward-looking statements contained herein are made as of the date
of this news release and are expressly qualified in their entirety by
this cautionary statement. Except as required by law, the Company
undertakes no obligation to publicly update or revise any such forward
looking statements to reflect any change in its expectations or in
events, conditions or circumstances on which any such forward-looking
statements may be based, or that may affect the likelihood that actual
results will differ from those set forth in the forward-looking
SOURCE GIYANI GOLD CORP.
For further information:
Darren Collins, Corporate Communications at (416) 399-3422 or email at email@example.com