NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
TORONTO, Nov. 15, 2011 /CNW/ - Viking Gold Exploration Inc. (TSX-V:
VGC), the "Company", is pleased to announce the final results of its
Summer 2011 exploration drilling program in Verneuil Township, in the
Abitibi region of Northwestern Quebec, and the commencement of a
Fall/Winter drilling program scheduled for completion in 2011.
In July, five shallow holes (VP-11-01 to 05) were drilled over the
Toussaint Shear Zone (TSZ), covering a strike length of 550 metres (m)
east from the main Toussaint lens. All the holes intersected the TSZ
at a depth ranging from 40 to 70 m, confirming the continuity of the
shear zone at shallow depth. The most significant results were as
VP-11-03: 7.74 g/t Au over 1.0 m
VP-11-04: 4.12 g/t Au over 0.4 m
VP-11-05: 20.0 g/t Au over 2.0 m, including 32.3 g/t Au over 1.0 m
Drill hole VP-11-05 is located 450 metres east of the main Toussaint
lens, above a series of holes from previous programs that returned
significant values including 9.87 g/t Au over 6.2 m, 3.16 g/t Au over
5.7 m, 30.25 g/t Au over 0.8 m, 4.9 g/t Au over 0.5 m, 3.69 g/t Au over
1.0 m, and 2.6 g/t Au over 2.0 m.
An Induced Polarization (IP) survey, completed in August, revealed
several extensive "textbook case" anomalies distributed throughout the
property. Five new main target zones were outlined from the IP survey,
the majority of which have not been previously explored. On October
28, 2011, the Company commenced a 4500 m, 25-hole drilling program
aimed at the new target areas and the TSZ. A series of ten holes is
planned on the TSZ, to test the extension of the zone laterally and at
depth. The first two holes have already successfully intersected the
shear zone over widths exceeding 15 m.
The Company sends all samples to ALS Chemex Lab in Val d'Or for a
conventional 35-element ICP analysis with an aqua regia digestion
process, and a 30-gram fire assay with Atomic Absorption Spectroscopy
finish for gold. Samples with gold values above 10.0 ppm are
re-analyzed using a 30-gram fire assay with gravimetric finish.
The Company is currently completing a $1,050,000 non-brokered private
placement consisting of 700,000 units at $0.15 per unit, each unit
consisting of one common share and one-half warrant. Each full warrant
entitles the holder to purchase an additional common share at $0.20
over the next two years. Seventy-five percent (75%) of the placement
proceeds will be eligible for flow-through share treatment.
Pierre Poisson, P.Geo., an independent "qualified person" as that term
is defined in NI 43-101, has reviewed and approved the technical
disclosure in this news release.
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 press
This press release contains forward-looking statements. All statements,
other than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, exploration results,
potential mineralization, potential mineral resources and mineral
reserves) are forward-looking statements. Forward-looking statements
are often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will",
"estimates", "expect", "intend", "budget", "scheduled", "forecasts" and
similar expressions or variations (including negative variations) of
such words and phrases. Forward-looking statements are subject to a
number of risks and uncertainties and other factors that may cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause actual results or events to differ materially
from current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the
possibility that future exploration results will not be consistent with
the Company's expectations, the price of commodities and other risks
identified in the Company's documents filed with the Canadian
securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
SOURCE Viking Gold Exploration Inc.
For further information:
please contact Mark Edwards, CEO at (905) 752-2008 or visit the Company's website at: www.vikinggold.ca.