AM Gold Inc.: Announces Progress on Red Mountain Exploration Program
18 August 2011 - 6:18PM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce an update of the progress on the
Company's exploration program at Red Mountain, Yukon Territory
Canada.
Drill Program
AM Gold has contracted with Kluane Drilling of Whitehorse, Yukon
Territory to provide two diamond drill core rigs for the Company's
2011 drill program at Red Mountain. The first drill commenced
drilling operations on drill hole ICE11040 at the east end of the
resource area on June 10, 2011. The second drill collared drill
hole ICE11041 on June 15, 2011, also at the east end of the
resource area. To date, approximately 6,000 meters of core has been
cut from 17 drill holes this season. Based on current drill
productivity, the company expects to complete a total of 7,500 to
8,000 meters by the conclusion of the program in September.
Core from the program has been logged and split on site as the
drilling has progressed. Samples have been sent to Eco Tech
Laboratory Limited at Kamloops, British Columbia for fire assay.
Due to the extraordinary amount of exploration activity in the
Yukon and surrounding region, the turn around on assay results has
been slower than was expected for the program. The Company is
currently anticipating the announcement of the first assay results
by the end of August.
Geophysical Surveys
AM Gold is also pleased to announce that it has entered into an
agreement with Geotech Ltd. of Aurora, Ontario to conduct a
helicopter-borne VTEM geophysical survey of the entire Red Mountain
property. The Time Domain EM system is excellent for locating
discrete conductive anomalies as well as mapping lateral and
vertical variations in resistivity. The system also has a
high-sensitivity cesium magnetometer for mapping geologic structure
and lithology and a cesium magnetometer base station for diurnal
correction. A total of 679 line kiolometres are planned to be flown
in the late-August early-September time frame.
In addition, the Company has contracted with PhotoSat
Information Ltd. of Vancouver, Canada to obtain a high resolution,
satellite-derived digital terrain model for the entire property
position. High-resolution topography has been demonstrated as a
useful tool in outlining subtle structural trends important to the
control of gold mineralization and will aid in developing better
surface/attitude controls for the mineralization.
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 (2,430 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).
Brian L. Cole, P. Geo., has reviewed 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.
ON BEHALF OF AM GOLD INC.:
Gerald Aberle, President & COO
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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