TORONTO, Oct. 31, 2012 /CNW/ - Guyana Precious Metals Inc. (TSX-V:GPM) (the "Company" or "GPM")
Mr. John Patrick Sheridan reports details of the commencement of the Peters Mine Property exploration program. Company geologists and technicians are currently on site and the exploration program is underway.
The program is based on re-interpretation of data from the previous operator at the Mango Trend. Defined targets are being investigated with a sequence of 6 mechanized trenches of various lengths between 70m and 120m, and soil / rock sampling of the trenches.
The trenching and sampling is being carried out concurrently with surface mapping.
In anticipation of the exploration ramp up, a field camp has been established at the Peters Mine Main Shaft Area to facilitate ease of access to priority target areas.
The Peters Mine Property consists of 8,358 acres of highly prospective ground. It is located approximately 80km west of the town of Bartica, and approximately 140km southwest of Georgetown; the capital and largest city of Guyana. The site is accessible by an all-weather road from the town of Bartica.
Based on archival records, the Peters Mine produced 40,000 ounces of gold between 1905 and 1909 with head grades in excess of one ounce. Historical production has not been verified and should not be relied upon. The Main Shaft Area, the site of the former operation, is part of a regional structural trend (The Mango Trend ) which is more than 8km in length.
About Guyana Precious Metals
Guyana Precious Metals is led by an experienced management team with project generation and development experience in Guyana. The Company is presently expanding the exploration and development of its Aremu and Peters Mine Properties; two of the four significant past producing mines in Guyana. The Company maintains an interest in acquiring additional key exploration and development properties in the country of Guyana.
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 - Certain information set forth in this news release may contain forward looking statements that involve substantial known and unknown risks and uncertainties. These forward looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Guyana Precious Metals Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements.
SOURCE: Guyana Precious Metals Inc.
For further information:
Guyana Precious Metals Inc.
1205-141 Adelaide Street West,
Toronto, ON. M5H-3L5