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MONTREAL, Aug. 4, 2016 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG – the "Corporation") is pleased to report that a technical report, prepared in accordance with National Instrument 43-101 ("NI 43-101"), has been filed for its Tijirit gold deposit in Mauritania (the "Report").
The Report supports the disclosure made by the Company in its news release issued on June 21, 2016 entitled "Algold to File Maiden Mineral Resource Estimate for its Tijirit Gold Project in Mauritania". There are no material differences between the mineral resources contained in the Report and those disclosed in the Corporation's news release dated June 21, 2016.
The Report dated August 4, 2016 is entitled "Tijirit Property NI 43-101 Technical Report with Resource Estimate, Tijirit, Mauritania", and was prepared by independent "Qualified Persons" (as defined in NI 43-101) under the direction of Yann Camus, P.Eng., SGS Geostat, Blainville, Canada. The Report is available for review on both SEDAR (www.sedar.com) and on the Corporation's website (www.algold.com).
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by André Ciesielski, P.Geo., D.Sc., Lead Consulting Geologist, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold's Exploration Manager in Mauritania, both Qualified Persons as defined by NI 43-101 Standards of Disclosure for Mineral Projects.
The resource estimate, based on data available as of June 15th, 2016, and finalised on June 20th, was prepared using results from 294 reverse circulation ("RC") holes totalling 37,533 meters, 23 diamond drill ("DDH") holes totalling 3,813.08 meters and 16,239 meters of trenching carried out on the property by past operators Shield Mining and Gryphon Minerals from 2009 to 2012.
None of Algold's recent exploration work, the 10,000-meter RC program included, has been taken into account in the Report. Algold expects to publish an updated NI 43-101 resource estimate in the latter part of 2016 that will include results from the recent exploration programs.
Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Algold is the operator of all of its exploration licenses in Mauritania. Algold owns 100% of the Tijirit and Akjout properties, which were acquired from Gryphon Minerals (Australia) through a transaction completed earlier in 2016. Algold owns 90% of the Kneivissat property, while the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal (Electrum Group Companies). Algold can earn up to a 90% interest in the Legouessi exploration permit (reference Algold's press release dated October 10, 2013 for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75%, by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
SOURCE Algold Resources Ltd.
For further information: Algold Resources Ltd.: 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, www.algold.com; François Auclair M.Sc., PGeo, President & CEO, email@example.com, (514) 889 5089; Yves Grou, CPA CA, Executive Vice Chairman, firstname.lastname@example.org, (514) 237 7757