VANCOUVER, April 8 /CNW/ - Amato Exploration Ltd. (the "Company" or "Amato") (TSX-V:AMT), (http://www.amatoexploration.com) announces that it has reached agreement with the vendor of the Colosio property in Northwest Mexico to extend the timeframe for completion of the first work program of US$400,000 for an additional three years to April 27, 2013.
Mr. Mel Reeves, President of Amato Exploration Ltd. stated that "I am very pleased with the time extension for the first work program for an additional three years in order to allow Amato to properly assess and strategically plan the resumption of the work program on the silver property under option in northwest Mexico."
Mr. Reeves also stated "The extension comes at no cost to Amato. This is a significant concession by the vendor of Colosio recognizing the importance of a well thought out drill program on Colosio in order to best determine silver resources on the property". In accordance with the original agreement Amato has made a $50,000 USD payment to the Vendor. While Amato puts together a drill program in order to fulfill its obligations under the property agreement with the vendor of the Colosio property, it will also continue to augment its property portfolio by seeking iron ore resource projects with significant reserves as announced in its March 24, 2010 news release.
The Colosio Property is located within the Sierra Madre Occidental ("SMO") in western Chihuahua State, in northern Mexico. The SMO is a prolific geological belt that hosts numerous precious and base metal deposits. The Colosio Property is prospective for silver-rich epithermal mineralization. Small-scale mining of high-grade silver veins has occurred at Colosio since colonial times, but the property has seen no diamond drilling. The exploration completed in 2008-09 included geological and geochemical studies which identified the most prospective targets for future diamond drill testing. As reported in the news release of September 11, 2009, management recommended an acceleration of the exploration program into drilling in a similar program to that described in the Phase Two exploration recommendations presented in the Technical Report for Colosio prepared pursuant to National Instrument 43-101 (available on SEDAR).
About Amato Exploration Ltd.:
Amato Exploration Ltd. is a global mineral exploration company based in Vancouver, B.C., Canada. We are currently focused on exploring the Colosio silver deposit in Mexico and seeking significant iron ore mineral properties globally.
This news release contains forward-looking statements which reflect management's current expectations regarding the Company's objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, as identified in the Company's disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by law.
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 release.
SOURCE AMATO EXPLORATION LTD.
For further information: For further information: Mr. Melvin R. Reeves, Chief Executive Officer, Amato Exploration Ltd., Tel: (604) 315-2559; Investor relations contact: Mr. John Bevilacqua, Acqua Capital Group, Tel: (604) 601-8505; For further information, please send enquires to email@example.com