AMI Resources Inc. - Anuoro Earn-in continues


VANCOUVER, Feb. 28 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has received the 2010 Annual Exploration Report and 2011 exploration budget on the Anuoro License from Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation (NYSE: NEM) ("Newmont").

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, with a minimum of $US550,000 work commitment and property payments required in year one. 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, which will entail ground geophysics, trenching and RC drilling. 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.

Newmont's 2010 work program consisted of the following:

  1. 29 km of soil sampling for 2,938 samples.
  2. Ground geophysics
  3. Regolith mapping
  4. Air-core drilling, 131 holes for 4,341 m
  5. RC Drilling 25 holes for 2,319 m

A number of gold in soil anomalies were identified, most noteworthy being within the NE and NW sectors of the license. The main NE soil anomaly has a strike length of 2 km and a width of up to 300 m.  The anomalies have peak values of 1045 ppb and 410 ppb Au against a background tenor of 5 - 10 ppb Au.  The NW soil anomaly has a maximum Au in soil value of 109 ppb and 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. A near surface 131 hole aircore drill program on 8 fences over these new anomalies returned some encouraging results. i.e. (2m of  3.14 g/t Au, 6m of 4.46 g/t Au, 2m of 5.31 g/t Au).

In public statements made by Newmont, the company hopes to double their gold production in Ghana to approximately 1.2 million ounces per year with the development of their Akyem project, which is projected to begin  production toward the end of 2013 or in the first quarter of 2014. The Company's Anuoro license under option to Newmont lies approximately 25 km to the NW of Newmont's Akyem project.

Also during the Company's most recent visit to the Anuoro concession management discovered several illegal Artisanal mine sites in the southern portion of the Anuoro license where very little historical exploration work has been undertaken. To view the video taken by management of these Artisanal working please visit our website at

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."

SOURCE AMI Resources Inc.

For further information:

Dustin Elford, President (604) 669-2901

Profil de l'entreprise

AMI Resources Inc.

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