AM Gold Announces Updated Technical Report for Pinaya Property
16 Mai 2011 - 3:30PM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce that an updated technical report
("the Report") titled "Progress Report on the Pinaya Gold/Copper
Property Caylloma and Lampa Provinces, Peru" has been prepared for
the Company by Brian Leslie Cole, P. Geo., who is a Qualified
Person under National Instrument 43-101 and a copy of the report
will be filed under the Company's profile on SEDAR (www.sedar.com).
The Report was commissioned by the Company to summarize scientific
and technical information from 2007 - 2008 exploration programs
which post-date the last report filed for the Pinaya Project in
2006.
Between 2007 and 2008, the Company completed approximately
25,180 meters diamond drilling in 68 holes; cut an additional 73
trenches providing approximately 11.25 kilometers new exposure; and
expanded the geochemical soil survey to parts of the project area
that had not been previously covered. The independent review of the
scientific and technical information gathered subsequent to 2006
has established that:
-- the Pinaya Project is a moderately advanced stage exploration project;
-- a range of opportunities exist, not least due to the number of known
mineralized occurrences and zones that have to date not fully been
assessed by means of exploration diamond drilling;
-- the resource area is open to further expansion with additional step-out
drilling;
-- the discovery of additional mineralized occurrences across the Project
Area (the Antana Este, Los Vientos and Saitocco Zones were found in 2007
and early 2008 (during the Company's last formal exploration programs);
and
-- outside the scope of the immediate resource area the property is
significantly underexplored.
The Company's 2011 programs at the Pinaya Project have been
planned to attempt to expand resources at the Gold Oxide Skarn Zone
(GOSZ), Western Porphyry Zone (WPZ) and Northwest Porphyry Zone
(NWPZ), test the postulated presence of cross-trending structures
within those zones and to comprehensively test other zones of
mineralization identified by previous soils sampling and trenching
programs. In addition, the Company's current exploration effort has
been designed to assess Pinaya on a much broader, property-wide
scale. An airborne ZTEM geophysical survey covering the entire
19,200 hectare land position is currently underway, as are heavy
mineral stream sediment and soils sampling programs covering
approximately 6,000 hectares at the southern end of the property.
Diamond drilling is scheduled to commence at the resource area by
the third quarter of 2011. A total of up to 9,000 meters of
drilling is planned for the year pending results of the ongoing
soils sampling and geophysical programs. A new mineral resource
estimate is currently being prepared for the Company and is
expected to be completed in June of 2011.
About AM Gold Inc.
AM Gold Inc. is a publicly held resource company based in
Vancouver, Canada. The Company is listed on the TSX Venture
Exchange under the symbol "AMG" and is quoted on the Frankfurt
Exchange under the symbol "AMX". The Company is focused on creating
shareholder value through the development of the Company's gold and
gold-copper projects in the Yukon and Peru while building a
portfolio of quality pipeline projects in North and South America.
The Company's Red Mountain gold property is located in central
Yukon Territory approximately 55 kilometres northwest of the
community of Mayo in the Tintina Gold Belt. AM Gold holds an 80%
interest in Red Mountain with an option to acquire 100% ownership
of the 52 contiguous claims that constitute the property and cover
approximately 1,168 hectares. AM Gold's Pinaya gold-copper project
is located approximately 775 kilometres southeast of the city of
Lima, Peru in the Tintaya Gold Belt. The Company maintains 100%
ownership of 35 mining concessions covering the 19,200 hectare
Pinaya land position. AM Gold's corporate offices are located Suite
305 - 369 Terminal Avenue, Vancouver, British Columbia, V6A 4C4
(phone: 604-646-0067).
Brian L. Cole, P. Geo., has reviewed and approved the technical
disclosure contained in this news release and is a Qualified Person
and is independent of the Company within the meaning of National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
This news release was prepared on behalf of the Board of
Directors, which accepts full responsibility for its contents.
On behalf of the Board:
John Fiorino, CEO
AM GOLD INC.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond AM Gold's control.
Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
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.
Contacts: AM Gold Inc. Murray Caruth 1-604-646-0067
1-604-692-0117 (FAX) mcaruth@amgold.ca www.amgold.ca
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