BEDFORD, NS, March 4, 2013 /CNW/ - Zonte Metals Inc or the "Company" is pleased to provide the following update.
During the fall of 2012, a 52 line kilometer induced polarization geophysical survey was carried out on the Wings Point Gold Project, located approximately 30 kilometers north of Gander, Newfoundland. The survey was carried out over eight grids, seven of which were new target areas selected based on a combination of historic and Zonte's sampling results. At the eighth grid area, the Pit Target where the company has previously identified coincident geophysical anomalies with coincident rock and soil anomalies, a number of infill lines were completed. Interpretation of the geophysical survey is in progress and the results will be released when received.
The Company has amended the terms of the Wings Point South property option agreement and will issue the vendors common stock, at a par value of $0.075 per common share, in lieu of the $7,500 cash payment due in March 2013.
The Company has been actively seeking additional projects for acquisition over this past year and has actively reviewed projects in a number of well-known gold districts. The Company has narrowed down its focus area to Colombia and has been actively completing due diligence on several projects of interest. The Company will provide additional updates when and if property acquisitions are completed.
Zonte Metals Inc. is a junior explorer focused on gold and copper. The Corporation is actively reviewing and completing field due diligence on projects in South America.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
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 of accuracy of this release.
SOURCE: ZONTE METALS INC.
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