TORONTO, Jan. 17, 2013 /CNW/ - White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) today announced that its subsidiary, Koryakmining LLC, has been granted a two-year extension of the prospecting and appraisal period for the Zolin-Arkiinsk license, the Company's key exploration property.
Commenting, Jim McBurney, CEO of White Tiger, said, "We are extremely pleased to have been granted a two-year extension of the prospecting and appraisal period for Zolin-Arkiinsk. This extension provides us with a period of time to continue exploration work to fulfill the initial license requirements and evaluate the potential of the property. Based on the work done to date, as well as the location of Zolin-Arkiinsk property adjacent to attractive producing properties and also within a highly prospective gold producing area, we believe that Zolin-Arkiinsk will be an important strategic asset for White Tiger."
The Zolin-Arkinsk exploration and mining license is held by the Company's subsidiary Koryakmining LLC and covers an area of 863.37 km2. The license was granted in 2007 is valid until December 31, 2032.
Zolin-Arkiinsk is located in the Mongol-Okhotsky Belt, one of the most prolific copper, gold, and molybdenum belts in Siberia. The license area is located within a mining district that hosts a number of known gold, copper and polymetallic base metal mineral deposits that include Novoshirokinskoye (a producing Au-Pb-Zn-Ag mine owned by Highland Gold) that lies directly adjacent to the Zolin-Arkiinsk license area, Bystrinskoye (a Cu-Au deposit owned by Norilsk Nickel), and Lugiinskoye (a Au-bearing polymetallic deposit controlled by Heilongjiang Fubang-Longxing Mining Co.,Ltd.
Most of the work completed to date on the license area consists of early stage exploration with no drilling having been undertaken. Exploration work on the license area is targeting both bedrock gold and base metal as well as placer gold deposits. Work completed to date includes airborne radiometric, ground IP and magnetic surveys, a soil geochemistry survey (80 km2); and 24 trenches having a total length of 4,803 m and a volume of 42,000 m3.
The geophysical and geochemical surveys were carried out by "Severo-Zapad LLC" in the fourth quarter of 2012 on the Kochkovsky site (10 km2) of Zolin-Arkiinsk property, in order to define IP and geochemical anomalies (Au-Ag-Pb-Zn-As-Sb) that might be associated with gold-bearing mineralized zones. Fourteen trenches were dug across the geophysical / geochemical anomalies that coincide with the Kochovsky main zone. A 1000 m long and up to 65 m wide, low sulfidation, gold-bearing zone hosted in altered andesite was discovered.
On December 24, 2007, license number ЧИТ 01892 БЭ was issued by Zabaikalnedra to White Tiger's subsidiary Koryakmining LLC for the geological study, exploration and mining of bedrock and placer gold, lead, zinc, antimony and associated components on the Zolin-Arkiinsk property in the Aleksandrovo-Zavodsky and Gazimur-Zavodsky districts of the Chita oblast.
Under the terms of the original Zolin-Arkiinsk license, the prospecting and appraisal period of the license—during which certain work was to be completed—was to expire on December 31, 2012. The Company was notified on January 16, 2013 that the prospecting and appraisal period of the license has been extended to December 31, 2014. All other terms of the license remain substantially the same.
Dr. E.H. van Hees, P.Geo., who by reason of education, experience and professional registration, fulfills the requirements of an independent Qualified Person (QP) as defined in NI 43-101, has reviewed and approved the scientific and technical information in this press release.
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Company's mines, projects and license areas, exploration and development plans (including the timing thereof) and potential, anticipated gold production and future plans and objectives of the Company. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to the Company of suitable financing alternatives; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, 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.
SOURCE: White Tiger Gold Ltd.
For further information:
White Tiger Gold Ltd. Jim McBurney, Chief Executive Officer [email protected]