VANCOUVER, Feb. 2, 2012 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has received a 2011 Exploration Report on the Anuoro Prospecting
License from Newmont Ghana Gold Limited, a subsidiary of Newmont Mining
Corporation (NYSE: NEM) ("Newmont").
Under the Option Agreement, Newmont has the right to earn an initial 51%
interest in the Anuoro license by completing US$2,000,000 in work
expenditures and property payments during a three-year period. To date
Newmont has spent US$1.4 million and has presented the Company with an
approximate US$875,000 exploration budget going forward for 2012. 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 the Anuoro license to 75% by
completing an additional US $2 million in work expenditures and
property payments over the following two-years.
The Anuoro license covers 128 sq km of the north-eastern margin of the
famous Ashanti gold belt and is approximately 25 km NW of Newmont's +7
million oz Akyem project, scheduled for production in late 2013-2014.
Structurally the concession covers a segment of the Konongo-Axim Shear
System, or Ashanti Shear. This shear zone occurs close to the belt
margin and hosts a number of deposits and operating mines. The zone can
be traced from north of the Konongo Mine (1.4 million oz), through our
North Ashanti Project area to the Obuasi Mine (41 million oz). The
shear continues towards the southwest adjacent to the western contact
of the Ashanti belt and hosts the Bogosu mine (7 million oz) and
Prestea mine (6 million oz).
A 97,686 oz gold resource was outlined on the Anuoro license by AMI in
it's NI43-101 May 2008 Resource Report and a number of additional gold
in soil anomalies have since been identified. The main NE soil anomaly
has a strike length of 2 km and a width of up to 300 m. The main SW
soil anomaly shows a +2,000m strike by 400m width, where trenching is
currently being conducted.
The proposed 2012 exploration budget will entail infill soil sampling,
trenching over untested soil anomalies, gradient array IP/Resistivity
and ground magnetic surveys and a 2500m RC/DD drill program.
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