Trading Symbol (TSX-V): YGI
VANCOUVER, Nov. 5 /CNW/ - YAMIRI GOLD & ENERGY INC. (Yamiri) is pleased
to inform its shareholders that it has signed a Letter of Intent to acquire
100% of a high-grade gold property in the Republic of Uruguay. This
acquisition is part of the company's on-going expansion into other South
American countries, and builds on its existing holdings in Argentina. The
company is also aggressively pursuing several other precious metal and uranium
opportunities in South America.
The Uruguay property is located at low elevations in an easily-accessible
area of central Uruguay close to a main highway and sources of power, labour,
and other services. The area is underlain by early Proterozoic or Archean
granulites, metagranites and gneisses interbedded with chloritised schists,
metavolcanics, and metagabbros. Ferruginous quartzites and Banded Iron
Formation are known to occur in the area. Several phases of structural
deformations have created a series of east-west shears and numerous subsidiary
splays that host the gold mineralization.
The existing owner has extracted small amounts of gold from a shallow
open cut developed in rubbly, saprock material overlying a silicified shear
zone containing discrete quartz veins. Visible free gold can be seen in
several outcrops of iron-stained quartz veining found over a core area of
approximately 1,500m east-west along strike by 750m north-south. Shallow,
percussion drilling by previous operators tested the depth extent of oxide
gold in the central vein system to about 20m, while diamond drilling in four
holes intersected deeper, primary gold mineralization in silicified shears at
the contact between granitic-gneiss and metavolcanic (tuff) units with grades
reported from 0.20g/t to 33g/t Au over narrow widths of 1-3m approximately.
The high-grade nature of the saprock zone as reported by previous
operators has been confirmed by Yamiri's own due diligence sampling completed
recently. From an initial batch of 7 samples received to date, four returned
gold values between 9.20g/t to 42.13g/t over widths of 0.3m to 1.0m (the
remaining three returned 0.04-0.05g/t over similar widths). Results from an
additional 21 samples collected by Yamiri are pending.
Yamiri will have the option to acquire 100% of the property through a
series of staged cash payments over a 3-year period, the granting of a
sliding-scale NSR schedule for future production, the specifics of which will
be announced once the final agreement is signed. Following programs of
trenching and geophysics to confirm existing interpretations and outline
additional gold-bearing zones hidden below the shallow overburden cover,
Yamiri will advance to a drilling decision as soon as possible, probably
within 6 months. Exploration will focus on the bulk-mineable
secondary-enriched material close to surface, and the depth potential for a
high-grade underground mining operation.
Callum Grant, P.Eng., Vice President Projects for Yamiri is the Qualified
Person for the purposes of this press release. All Yamiri sampling and
assaying mentioned in this press release have been carried out to NI43-101
standards with samples shipped in sealed containers to recognised laboratories
in Argentina and Canada.
YAMIRI (TSX-V: YGI) is an exploration and development company focused on
developing precious metals and energy-related resources in South America.
YAMIRI's strategy is to advance and add value to its existing properties in
Argentina through sequential exploration and joint venture programs while also
acquiring additional precious metal and energy-related targets of merit.
For more information on Yamiri Gold & Energy Inc., please visit our
website at www.yamirigold.com.
Forward looking Statements
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 statements contained herein.
For further information:
For further information: Marguerite Manshreck-Head, Vice President,
Investor Relations, Phone: (613) 395-4487; Gordon Keep, Secretary, Phone: