Trading Symbol (TSX-V): YGI
VANCOUVER, Feb. 26 /CNW/ - YAMIRI GOLD & ENERGY INC. ("YGI" or the
"Company") is pleased to report that it is now actively operating in Uruguay
with its recent acquisition of a 100% option on a shear-hosted gold property,
negotiation for additional properties underway, and the formation of a local
company to manage activities in the country.
The Company now has exploration crews exploring its Valentines gold
property located at low elevations in an easily-accessible area of central
Uruguay close to a main highway and sources of power, labour, and other
The gold mineralization here is associated with a series of shears and
subsidiary splays that to date has been exposed along a 1,500m east-west
strike length by approximately 750m north-south. Visible free gold and
associated high-grade is common. High-grade mineralization is erratic, but the
Company believes that the contact between greenstone units and granite country
rock could host more continuous gold grades. A geophysics program will
commence shortly to test this interpretation, identify additional structures
hidden by overburden, and probe the depth extent of specific drill targets.
The Company can now report significant sampling results from trenching
work completed in December 2007 on the West Block of the property (~400m of
the total 1,500 property strike length). From nine trenches sampled four
returned the following results:
Trench Au, g/t Width, metres
TY0 35.96 6.0
TY1 1.98 4.5
TY1 0.33 1.5
TY6 4.22 4.8
The five other trenches sampled along 400m of strike length in the West
Block returned anomalous gold values of 0.01-0.10g/t Au collected from rock,
saprock and saprolite material.
Two channel samples cut in the floor of a shallow, 75m long pit developed
by previous operators in the East Block returned:
Au, g/t Width, metres
Channel 1 7.23 1.0
Channel 2 1.02 1.75
In February and March of 2008, the Company plans to undertake a
geophysics program (Induced Polarisation and Magnetics), follow up with
surface trenching and mapping, clean out the floor of the open pit to allow
more representative sampling there, and recompile past and current results as
a basis for a future drill program to test for high-grade lodes at depth below
the supergene cover.
Elsewhere, the Company is actively pursuing other projects in Uruguay and
in neighbouring countries, and is well placed to quickly take advantage of
rising markets for gold and uranium over the coming months.
Callum Grant, P.Eng., Vice President Projects for YGI is the Qualified
Person for the purposes of this press release. All YGI sampling and assaying
quoted in this press release have been carried out to NI 43-101 standards.
Where required, samples in quartz-rich rock have been cut with a diamond saw.
All samples reported herein have been prepared and assayed at Alex Stewart
Assayers Argentina S.A. in Mendoza, Argentina using a traditional fire assay
method on a 50g sub-sample and final reading by Atomic Absorption.
YAMIRI GOLD & ENERGY INC. (TSX-V: YGI) is an exploration and development
company seeking precious metals and energy-related resources in South America.
For more information on Yamiri Gold & Energy Inc., please visit our
website at www.yamirigold.com.
This press release contains forward-looking statements concerning
Yamiri's objectives and exploration program. Examples of such risks,
uncertainties and other factors include, but are not limited to the following:
(1) Yamiri's ability to discover mineral resources through its exploration
program; (2) changing regulations regarding Yamiri's activities and other
risks associated with exploration and development of mineral properties; (3)
general business and economic conditions; and (4) political and economic
developments in the host country. Actual results and developments are likely
to differ, and may differ materially, from those expressed or implied in the
forward-looking information contained herein.
For further information:
For further information: Marguerite Manshreck-Head, Vice President,
Investor Relations, Phone: (613) 395-4487; Gordon Keep, Secretary, Phone: