VANCOUVER, Feb. 14, 2012 /CNW/ - Guyana Frontier Mining Corp. (TSX-V: GYG) ("Guyana Frontier") is pleased to announce the commencement of a 3,000 metre diamond drilling program at the Marudi Mountain Gold Project ("Marudi Mountain") in southern Guyana, South America. The program consists of 10 to 15 holes to depths of between 150 to 300 metres to test the saprolite and bedrock zones present in two areas of the Marudi Mountain property. Two holes are planned for the Mazoa Hill target area where drilling by previous explorers identified a substantial zone of gold mineralization. The remaining holes are planned for the Marudi North target area, where Guyana Frontier identified prospective drill targets from its extensive 2011 trenching program (see Guyana Frontier News Release, October 31, 2011).
The drilling program is expected to continue into April 2012. To view a map depicting the locations of both proposed 2012 drill holes and historical drill holes, please visit Guyana Frontier's website at www.guyanafrontier.com
The technical disclosure in this news release has been reviewed and approved by Mr. Locke Goldsmith, M. Sc., P.Eng., P.Geo., a Qualified Person as defined in National Instrument 43-101, and an independent contractor to Guyana Frontier.
About Marudi Mountain
Marudi Mountain consists of one Mining Licence totaling 13,502 acres (5,464 hectares) located in southern Guyana approximately 500 kilometres (330 miles) from the capital city of Georgetown. Guyana Frontier holds a 100% interest in the Project, subject to a 2% net smelter returns royalty ("NSR").
Guyana Frontier also holds a 100% interest in the adjacent Paint Mountain property ("Paint Mountain"), subject to a 2% NSR. Paint Mountain consists of one Prospecting Licence totaling 8,848 acres (3,581 hectares) and remains largely underexplored. Guyana Frontier recently commenced surface exploration at Paint Mountain. Rock and stream sediment samples have been collected and sent for geochemical analysis and petrography. A portion of the property has been selected for detailed mapping and sampling on the basis of favourable geology and the presence of artisanal alluvial gold miners. Airborne geophysical surveys are planned for both Marudi Mountain and the Paint Mountain projects in early 2012.
About Guyana Frontier
Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange (TSX-V: GYG), and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's goal is to develop a significant gold resource at Marudi Mountain, and to explore its other Guyanese projects using funding from exploration partners.
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 or accuracy of this release.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as planned exploration activities at the Marudi Mountain and Paint Mountain properties, the establishment of an NI 43-101 compliant resource at the Marudi Mountain property, future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the existence of weather conditions suitable for exploration activities; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For further information:
about Guyana Frontier, please visit our website at www.guyanafrontier.com or contact Warren Stanyer, President and CEO, at (604) 558-0077.