TORONTO, Jan. 12, 2012 /CNW/ - Gondwana Gold Inc. (GON: TSXV) today announced its 2012 exploration program for Burkina Faso.
Work is set to begin in January, under the direction of Francois Auclair, on all four of the Corporation's exploration permits. The permits, Dianvour, Gabou, Ouaraba and Kasseba, are located in south western Burkina Faso, in the Birimian Boromo Greenstone Belt that hosts the Kalsaka and Poura gold mines. All properties are easily accessible from the capital, Ouagadougou.
In 2010, a regional soil survey of the Dianvour, Gabou and Ouaraba properties outlined a number of encouraging gold anomalies. On the Dianvour property, a NNE-trending series of soil anomalies have been identified in the northern part of the property which coincide with a regional deformation zone and a number of outcropping quartz veins. These veins have been mined by local artisanal miners. In the northern part of the Ouaraba property, a NNW-trending soil anomaly lies near the contacts between metavolcanics and metasedimentary rock.
Before drilling is initiated, detailed soil sampling will take place over the most prospective anomalous areas identified in the regional surveys on Dianvour and Ouaraba. Following the identification of targets, an initial phase of RC drilling of approximately 10,000 meters will take place on the Dianvour and Ouaraba properties. Results from the drill program are expected at the end of Q2 or early Q3. On the Gabou and Kasseba properties, detailed and regional soil surveys will be carried out. The cost of the planned work is estimated at $2 million. Additional RC drilling of a further 10,000 meters is also planned with results at the end of Q3.
About the Company
Gondwana Gold Inc. is focused on pursuing exploration and development opportunities within the mining sector. For further information about the company and its activities, please refer to the company's website at www.gondwanagold.com as well as filings at www.sedar.com.
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.
Caution Concerning Forward-Looking Information
This news release contains forward-looking statements that are based on the Corporation's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Corporation's 2012 exploration program and the timing and costs associated therewith. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Factors that may cause actual results to vary materially include, but are not limited to, the Corporation's financial resources and the availability of financing alternatives, changes in general economic conditions or conditions in the financial markets, the availability of suitable exploration properties, the speculative nature of mineral exploration, and unanticipated operational or technical difficulties. Such forward-looking information is based on a number of assumptions, including but not limited to, the availability of financing, no significant decline in existing general business and economic conditions, and the level and volatility of mineral prices. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information:
Gondwana Gold Inc.
Phone: (514) 744-4408