CALGARY, May 4, 2012 /CNW/ - With respect to the exploration results announced May 3, 2012, respecting the Wingdam Property (the "Property"), CVG Mining Ltd. (the "Company") makes the correction that the refined-equivalent gold grade across this width amounted to 33.4 g/m3 or 0.438 oz/tonne. The grade across a central portion of the paleochannel totalling 14.8 m (3.8 to 18.6 m) averaged 49.45 g/m3 or 0.652 oz/tonne. Abundant elongated gold flakes up to 5 mm long were visible on bedrock across a 5.5-meter distance (6.5 to 12.0 m). Seven consecutive discrete samples (0.036 to 0.054 m3) collected along this distance returned gold grades ranging from 71.35 to 185.62 g/m3 (0.936 to 2.436 oz/tonne).
The Property is situated within the Cariboo Gold Fields; a world-class producer of placer gold that includes a history of mining that began during the 1861 gold rush. The Property is located 45 km east from the City of Quesnel along Provincial Highway 26. The Property lies within the Lightning Creek valley and is located immediately downstream from both the former Sanderson and Melvin mines.
The Company is presently in the process of finalizing a National Instrument 43-101 technical report on the Property. Discussions are also being held with engineering firms for the completion of a pre-feasibility study to ascertain the appropriate mining method.
The technical information in this news release has been reviewed and approved by Chief Geologist Stephen Kocsis, BSc, P.Geo; a qualified person as defined in National Instrument 43-101.
Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. In particular but without limitation, this press release includes references to future exploration activities, anticipated metal production, estimated ore grades, and events or developments that the Company expects which may constitute forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information, including metal prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
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CVG Mining Ltd.