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VANCOUVER, July 30, 2013 /CNW/ - Cosigo Resources Ltd. (TSX-V: CSG) today announced the completion of the field work phase of its first drilling program on the Machado Project in the Taraira Gold Belt of south eastern Colombia.
Twenty reverse-circulation drill holes were completed at varying depths to a maximum of 95 meters.
Dennis Milburn, President of Cosigo, stated, "We are proud of the efforts and dedication of our employees and contractors, who despite the strict conditions of our Forestry Reserve Subtraction successfully completed several drill holes through strata known to have produced gold in the past. Our focus has now shifted to the laboratory phase of the program and we are looking forward to receiving assay results over the next few months."
Drilling at Machado was focused in the Cerro Rojo area at the center of the property. This area hosts numerous tunnels and an open pit mined by artisanal miners during a gold rush in the 1980's and 90's. The drill holes, each with a nominal diameter of 90 millimeters, were continuously sampled in five foot (1.52 meter) intervals. All samples have been transported off-site for processing and preparation for assay. The samples will be dried and processed to prepare splits for gold assay and multi-element analysis. Quality control samples, including standards and blanks, will be inserted into the sample stream prior to delivery to the assay laboratory. Duplicate sample material will be retained and placed in storage. Assay results will be reported by Cosigo as they become available.
Cosigo has applied for extensions to its Forestry Reserve Subtraction to allow for additional work. The company is working to ease some of the initial restrictions placed on it by the Government of Colombia by showing that its recently completed program has been environmentally sustainable. In addition, the Machado Project is of great benefit to the local community of Taraira, which continues to be supportive of Cosigo's efforts.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company exploring for gold deposits in Colombia and Brazil. Cosigo has assembled a strong team, well experienced in South America and in the exploration and mining-finance industries. The Company's flagship project is its 100% owned Machado Project in the Taraira Gold Belt of southeastern Colombia where geological mapping and geochemical sampling have identified potentially gold-bearing strata over a strike-length of more than 20 km. Cosigo's ongoing work on the 9,973 hectare Machado Project is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.
On behalf of the Board of Directors
Cosigo Resources Ltd.
President & CEO
Neither the 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 of this release
SOURCE: Cosigo Resources Ltd.
For further information:
Cosigo Resources Ltd.
Dennis Milburn, President & CEO
Tel: 877-866-8688 (North America)