Yamiri Gold and Energy Inc. acquires Tres Sombreros molybdenum property, Uruguay



    Trading Symbol (TSX-V): YGI

    VANCOUVER, Oct. 15 /CNW/ - As part of its expanding exploration
activities in Uruguay, YAMIRI GOLD & ENERGY INC. ("YGI" or "the Company") is
pleased to report that it has recently staked an area of significant
molybdenum mineralization occurring within, and below three iron-rich breccia
caps (Tres Sombreros or "Three Hats"). The area is located near the town of
Minas, an historical mining district of small-scale precious and base metals
operations dating back to the 1800s and 1900s.
    The zone of interest at Tres Sombreros covers a surface footprint of at
least 750m by 400m based on coincident geophysics and geochemistry completed
by the Uruguay Mines Directorate (DINAMIGE) in the 1980s. Drilling by DINAMIGE
in three 100-200m deep vertical holes encountered sulphide and quartz
stockwork mineralization in all holes. A fourth angled hole, located
approximately 550m to the southwest of the main zone, is also reported to have
encountered disseminated sulphides, suggesting additional targets in that
direction. Visible molybdenite, chalcopyrite, and pyrite are commonly noted in
the drill logs; sulphides are described as being "abundant" in sections of one
of the holes.
    Mineralization consists of the association Mo-Cu-Ag (plus anomalous Au)
hosted in quartz stockwork, breccia, and skarn rocks adjacent to a
granodiorite intrusion. YGI has staked two blocks of ground each ~1,000
hectares covering the main Tres Sombreros showing itself and an adjacent block
hosting several Cu-As-Pb-Zn anomalies.
    Assay sheets have been located for two of the four holes drilled by
DINAMIGE in the 1980s. In hole P1, incomplete results indicate a 6.0m surface
cap grading 0.02% Mo, 0.19% Cu, 0.78g/t Ag, and a deeper zone of 16.5m grading
0.01% Mo, 0.21% Cu, and 1.84g/t Ag, all within a broad halo of anomalous Mo
and Cu extending almost the entire length of the hole (103m vertically).
    In Hole P3 (located 400m to the north of P1), several high-grade
intercepts are recorded within a mineralized zone that extends from near
surface to the limits of the vertical hole at a depth of 199m where flakes of
molybdenite at the bottom of the hole are recorded in the logs. Some
significant intercepts calculated from a complete set of assay sheets for this
hole are:

    
    -------------------------------------------------------------------------
                                    Mo          Cu         Ag          %Mo
    From-To           Metres        %           %          g/t     Equivalent
    -------------------------------------------------------------------------
    1.5-21.1            19.6       0.049        0.12        3.16        0.06
    58.0-82.6           24.6       0.060        0.31        2.25        0.09
    108.1-177.9         69.8       0.092        0.16        1.76        0.11
    -------------------------------------------------------------------------
    Including:
    108.1-116.4          8.3       0.140        0.23        1.85        0.16
    134.8-150.4         15.6       0.135        0.06        1.15        0.14
    150.4-157.9          7.5       0.262        0.12        1.60        0.27
    154.0-157.9          3.9       0.366        0.14        1.68        0.38
    -------------------------------------------------------------------------
    

    (Note: Molybdenum Equivalent values in the above table are based on metal
prices of Mo=$30/lb, Cu=$2.40/lb, and Ag=$11/oz). Metallurgical recoveries and
Net Smelter Returns assumed to be 100% in calculating Molybdenum Equivalents.

    Several individual high-grade values in the range 0.4%-0.9% Mo over 0.5m
widths are also recorded in this hole, along with anomalous gold values
averaging 35ppb Au with a high of 83ppb Au (from 30 samples).
    Assaying for the 1980s work programs was carried out by DINAMIGE at their
laboratories in Uruguay using a two-acid digestion procedure followed by
Atomic Absorption finish.
    In July 2008, YGI collected random surface grab samples from around the
collars of holes P1 and P3 that assayed 0.04%-0.20% Mo (plus anomalous Cu and
Ag values), corroborating the level of mineralization reported by DINAMIGE in
its 1980s reports. The YGI samples were assayed at Alex Stewart Laboratories,
Mendoza, Argentina.
    YGI now intends to re-log and if possible re-assay the core from the four
1980s drill holes once they have been located by the Mines Directorate. The
Company intends to then complete basic mapping, geochemistry, and geophysics
prior to a drilling campaign to define near-surface, high-grade lenses of
molybdenum mineralization in skarn, breccia, and the adjacent felsic intrusive
where thin-section work has identified micro-fracturing and hydrothermal
alteration.

    Uruguay Exploration: The acquisition of Tres Sombreros emphasises the
Company's diversification into Uruguay and elsewhere in South America. Uruguay
is a stable country with an excellent geological environment for the discovery
of precious metals, base metals, and uranium deposits. Pending budget
approval, we hope to shortly complete geophysics over the Valentines lode-gold
property, and additional precious metal properties are being evaluated.
Meanwhile the Company continues to pursue uranium opportunities in the country
following a favourable response to our Expression of Interest submitted to the
government in 2007.

    About Molybdenum: Molybdenum's principal use is as an alloying agent
where its unique properties add strength, durability, and anti-corrosive
properties to specialty steel products demanded by the construction,
infrastructure, pipeline, and aerospace industries. It has few if any
substitutes, and is currently enjoying a buoyant market that is expected to
continue for several years. It is currently quoted in the range of US$30-35
per pound.
    As the Qualified Person for this press release, Callum Grant, P.Eng, Vice
President Projects for the Company has reviewed all the available historical
information on Tres Sombreros, has completed a site visit, and has collected
independent samples from the zone.

    YAMIRI GOLD AND ENERGY INC. (TSX-V: YGI) is an exploration and
development Company focused on developing diversified metallic and
energy-related natural resources in South America. The Company is rapidly
expanding and diversifying its exploration activities in the region.
    Technical information on Tres Sombreros will shortly be posted on our
website at www.yamirigold.com.

    
                         Yamiri Gold and Energy Inc.
                       Suite 3123, Three Bentall Centre
                       595 Burrard Street, PO Box 49139
                           Vancouver, BC, V7X 1J1
               Telephone: (604) 609-6110, Fax: (604) 609-6145
                             www.yamirigold.com
    

    Forward looking Statements

    This press release contains forward looking statements concerning YGI's
objectives and exploration program. Examples of such risks, uncertainties and
other factors include, but are not limited to the following: (1) YGI's ability
to confirm the assays in previously drilled holes; (2) discover mineral
resources through its exploration program; (3) changing regulations regarding
YGI's activities and other risks associated with exploration and development
of mineral properties; (4) general business and economic conditions; and (5)
political and economic developments in the countries where we operate. Actual
results and developments are likely to differ, and may differ materially, from
those expressed or implied in the forward-looking statements contained herein.





For further information:

For further information: Marguerite Manshreck-Head, Vice President
Investor Relations, Phone: (613) 395-4487; Gordon Keep, Phone: (604) 609-6110

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YAMIRI GOLD AND ENERGY INC.

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