AM Gold Increases Land Position and Commences 2011 Drill Program at Red Mountain Property, Yukon Territory, Canada
22 Juni 2011 - 2:30PM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce that it has substantially
increased the Company's Yukon land position through the staking of
131 quartz claims covering approximately 2,400 hectares at Red
Mountain. The recently acquired claims are contiguous to the 52
claims (1,168 hectares) that previously constituted the Red
Mountain Property and are situated to the south and east of the
Company's 1.32 million troy ounce gold inferred resource (79.3
million tonnes grading 0.52g/t gold) (see the Company's news
release of December 2, 2010, a copy of which is available under the
Company's SEDAR profile at www.sedar.com). AM Gold holds an 80%
interest, with an option to acquire 100% ownership of the 52 claims
that had previously comprised the entire Red Mountain Property.
With the addition of the new claim block, AM Gold has more than
tripled the size of its land package at Red Mountain to
approximately 3,600 hectares in total.
AM Gold's 6,000 meter summer diamond drill program at Red
Mountain commenced during the last week of May with the
mobilization of the camp from Dawson City. Through an agreement
reached at the conclusion of the 2010 season, Kluane Drilling of
Whitehorse winterized and left two drill rigs on the property to
facilitate an earlier start for the 2011 drill campaign. Despite
poor spring weather conditions, the first hole of the 2011 program,
Hole ICE11040, was collared on June 6th at the southeast end of the
resource area at a 100m step-out from Hole ICE10039, the last hole
of the 2010 program. On June 15th, the second Kluane drill collared
Hole ICE11041 at a 100 meter step-out southeast of Hole
ICE11040.
In addition to the Company's focus on the potential expansion of
the inferred resources, the 2011 drill program has also been
planned to explore several areas of interest across the property
previously untested by drilling.
Dr. Stewart Jackson, P. Geol. and a director of the Company, is
a qualified person (as such term is defined in National Instrument
43-101) and has reviewed and approved the technical disclosure
contained in this news release.
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. The Company's Red
Mountain gold property consists of approximately 3,600 hectares of
contiguous quartz claims. 52 of such quartz claims (1,168 hectares)
are held 80% by the Company with an option to acquire 100%
ownership and are subject to a net smelter returns royalty and 131
quartz claims (approximately 2,400 hectares) are held 100% by the
Company. 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 605 - 369
Terminal Avenue, Vancouver, British Columbia, V6A 4C4 (phone:
604-646-0067).
ON BEHALF OF AM GOLD INC.:
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 604-692-0117
(FAX) mcaruth@amgold.ca www.amgold.ca
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