OAKVILLE, ON, Jan. 28, 2013 /CNW/ - Giyani Gold Corp. ("Giyani Gold") (TSXV: WDG) is pleased to announce that a new $1.2 Million dollar drilling program, which is only a portion of a larger drilling budget approved by the Rock Island Board of Directors, will commence immediately at its Klein Letaba-Frankie property in Giyani, South Africa. All exploration expenditures relating to the 2013 budget are to be shared equally with Corridor Mining Resources (Pty) Ltd. our state-owned partner on the project. Drilling will resume near the historic Klein Letaba mine where Giyani Gold identified two areas of interest from their 2012 drill program.
Giyani Gold's drilling program will start by drilling a series of step out holes surrounding Hole KL-01 (13.162 g/tonne Au over 15.1m) where a new gold zone was discovered (see News Release, September 7, 2012). This drilling activity is expected to trace this new gold zone and marks the beginning of a drilling campaign designed to identify a gold resource in the area of the historic Klein Letaba mine.
Giyani Gold is also working to identify a series of 5 historically mined gold veins down plunge from the original mine workings of the Klein Letaba Mine. Giyani Gold's geological team strongly believes that a fault offset has moved these veins to a lower block of untested gold mineralization and Giyani Gold will be drilling a 600m-650m hole attempting to locate this fault offset and to rediscover these 5 gold veins.
Mr. Robert S. Middleton, Giyani Gold's Vice President of Exploration commented: "These are the most exciting targets we've discovered to date. Our 2012 drill program has confirmed that we have high grade gold veins on our Klein Letaba property and our 2013 drill program aims to better define these veins as we continue to work towards our goal of building a resource."
Further announcements surrounding Giyani Gold's 2013 drill program will be announced shortly.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release or other future plans, objectives or expectations of Giyani Gold Corp. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Giyani Gold's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by Giyani Gold with securities regulators. Giyani Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: Giyani Gold Corp.
For further information:
Luke Vigeant, Head of Communications
Giyani Gold Corp.
Tel: 1.905.844.1456 X237
Chuck Allen, President
Giyani Gold Corp.
Tel: 1.905.844.1456 X223