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VANCOUVER, April 15, 2013 /CNW/ - Cosigo Resources Ltd. (TSX-V: CSG) today provided the following update on its Machado Project in south-eastern Colombia.
Cosigo has been notified by the Colombian Ministry of Environment that a forestry reserve subtraction (the "Subtraction") has been granted to the Company. The granting of the Subtraction will allow Cosigo to mobilize for an initial drilling program on the 9,973 hectare Machado Project.
The Subtraction is subject to a number of conditions, which will impact Cosigo's upcoming exploration program. These include restricting drilling operations to an area of 45.6 hectares. The limited size of the subtracted area will allow for initial, albeit only partial, exploration of the several mineralized zones identified at Machado. Furthermore, the Subtraction allows for a total of 42 drill holes and is restricted to a duration of three months following the day the forestry reserve subtraction is published in the official publication of the Colombian government. Cosigo expects this to happen within the next 10 days.
"Despite the strict conditions attached to our initial forestry reserve subtraction, this marks a very significant milestone for the Machado Project." stated Dennis W. Milburn, President and CEO of the Company. "Our Colombian team is eager to get our exploration program started and we will immediately proceed with an application to extend the duration and scope of the subtraction."
Remote locations such as Machado often require a mobilization period of one to two months prior to the commencement of a drilling program. Fortunately, Cosigo has moved most of the equipment necessary for drilling to Colombia during the last couple of years. Cosigo has sufficient funding to complete its initial drilling program in an environmentally sustainable manner and on a geologically appropriate and logical basis.
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)