VANCOUVER, Feb. 2, 2012 /CNW/ - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has received a 2011 Exploration Report on the Anuoro Prospecting License from Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM) ("Newmont").
Under the Option Agreement, Newmont has the right to earn an initial 51% interest in the Anuoro license by completing US$2,000,000 in work expenditures and property payments during a three-year period. To date Newmont has spent US$1.4 million and has presented the Company with an approximate US$875,000 exploration budget going forward for 2012. Upon Newmont earning a 51% interest, the Company and Newmont will enter into a Joint Venture Agreement under which Newmont will have 90 days in which to elect to increase its interest in the Anuoro license to 75% by completing an additional US $2 million in work expenditures and property payments over the following two-years.
The Anuoro license covers 128 sq km of the north-eastern margin of the famous Ashanti gold belt and is approximately 25 km NW of Newmont's +7 million oz Akyem project, scheduled for production in late 2013-2014. Structurally the concession covers a segment of the Konongo-Axim Shear System, or Ashanti Shear. This shear zone occurs close to the belt margin and hosts a number of deposits and operating mines. The zone can be traced from north of the Konongo Mine (1.4 million oz), through our North Ashanti Project area to the Obuasi Mine (41 million oz). The shear continues towards the southwest adjacent to the western contact of the Ashanti belt and hosts the Bogosu mine (7 million oz) and Prestea mine (6 million oz).
A 97,686 oz gold resource was outlined on the Anuoro license by AMI in it's NI43-101 May 2008 Resource Report and a number of additional gold in soil anomalies have since been identified. The main NE soil anomaly has a strike length of 2 km and a width of up to 300 m. The main SW soil anomaly shows a +2,000m strike by 400m width, where trenching is currently being conducted.
The proposed 2012 exploration budget will entail infill soil sampling, trenching over untested soil anomalies, gradient array IP/Resistivity and ground magnetic surveys and a 2500m RC/DD drill program.
We seek safe harbour.
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For further information:
Dustin Elford, President (604) 669-2901