VANCOUVER, Sept. 27, 2011 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) wishes to announce that Newmont Ghana Gold Limited, a subsidiary of
Newmont Mining Corporation (NYSE: NEM) has commenced an RC drill program on the NORTH & NORTH WEST soil and
geophysical anomalies identified on the Anuoro license. The main North
soil anomaly has a strike length of 1.6 km and a width of up to 300 m.
Based on recent trench results of 31m @0.22 g/t Au, 10m @0.57 g/t Au
and previous 2010 RC results from holes ANRC017 44m @ 1.13 g/t Au and
ANRC015 23m @ 1.15 g/t Au. A total of 14 Holes for 1,400 m are planned
to further test the extension of this zone.
The NW 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.
Trench #7 located in the NW sector had an intercept of 12 m @1.13 g/t
Au (including 6 m @ 2.05 g/t Au) within volcaniclastic rocks with some
quartz stringers and veins. A total of 18 RC holes for 1600m are
planned for this zone.
Also results from the soil program at the southern portion of the Anuoro
license has identified a >2km long by 400m wide soil anomaly.
Geologically, the anomaly points to a mineralized contact between the
metavolcanic and the Tarkwaian units. A trenching program is planned to
begin this month over this southern anomaly, prior to a drill program
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. 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. 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 two-years. The Company's Anuoro license
under option to Newmont lies approximately 25 km to the NW of Newmont's
All technical data has been provided to the Company through Newmont
Ghana Gold Limited's monthly reports.
Due to financial and time commitments to Mullaney Trust, Mr. Mullaney
cannot allocate the time necessary to fully contribute to the
development of the Company, therefore he has resigned from the Board of
Directors. We thank Mr. Mullaney for his prior contributions.
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."
Image with caption: "North Zone Map supplied by Newmont Ghana Gold Limited (CNW Group/AMI Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20110927_C6951_PHOTO_EN_3879.jpg
Image with caption: "North West Zone Map supplied by Newmont Ghana Gold Limited (CNW Group/AMI Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20110927_C6951_PHOTO_EN_3880.jpg
Image with caption: "South Zone Map supplied by Newmont Ghana Gold Limited. (CNW Group/AMI Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20110927_C6951_PHOTO_EN_3881.jpg
SOURCE AMI Resources Inc.
For further information:
Dustin Elford, President (604) 669-2901