Azteca Gold Corp.: Two Mile Down-Hole Geophysics to Start Week of September 28, 2009 and Outstanding Payable Settlement Finalize
25 September 2009 - 5:33PM
Marketwired
Matthew Russell, President of Azteca Gold Corp. (TSX VENTURE: AZG)
(the "Company") wishes to announce that the previously announced
(August 7, 2009) arms-length agreement to settle $749,926
(US$700,000) in outstanding payables owing to Ruen Drilling Inc. by
the issuance of 6,249,384 units has been finalized. Each unit
consists of one common share and a warrant exercisable at $0.25 for
2 years.
These shares are subject to a voluntary pooling agreement that
will see the holder agree to vote with management for a period of 2
years. These securities are subject to trading restrictions until
January 19, 2010.
The Company is pleased to report that Scintrex personnel will
begin the week of September 28, 2009 a down-hole gravity survey in
holes DDH-005B and DDH-006B at the Company's 50% owned Two Mile
Project in the Silver Valley of Idaho. Scintrex is prepared to
surpass their advertised 2,000 meter depth capability and will meet
the Company's higher depth requirements. DDH-005B is currently at a
depth of 10,243 FT (3,122 meters). DDH-006B is currently at a depth
of 11,345 FT (3,458 meters).
Scintrex is the developer of a new borehole gravity meter for
mining and geotechnical applications, designed to log inside NQ
drill rods to with a sensitivity of better than 5 ï¿1/2Gal, and
operable in deep boreholes inclined from 30 degrees off horizontal
to vertical. The field tests of the prototype probe were
successfully conducted for a number of sponsor companies in 2008
and 2009. A recent paper detailing the gravity meter projects and
technology was published by Preview, The Magazine of the Australian
Society of Exploration Geophysicists in their April 2009 issue,
#139, pages 34-38 and is available to view online at
http://www.publish.csiro.au/nid/229/issue/5037.htm.
Gravity measurements inside boreholes provide evidence of
density variations both in the immediate vicinity and at a distance
from the hole. Scintrex's development of a new borehole gravimeter
will, for the first time, allow the application of gravity logging
in typical mining and geotechnical boreholes.
Primary applications of the Gravilog system in mining include
the sensing and mass-estimates of massive sulphide bodies, either
intersected by or remote from the hole; and accurate bulk density
measurements of formations intersected by the hole More information
on deep gravity meter capability can be found at their sister
company website http://www.microglacoste.com/bhg.htm or
http://www.scintrexltd.com/borehole.html".
WARNING: the Company relies upon litigation protection for
"forward looking" statements. The information in this release may
contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results
to vary material include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of
mineral deposits, currency fluctuations, unanticipated operational
or technical difficulties, changes in laws or regulations, the
risks of obtaining necessary licenses and permits, changes in
general economic conditions or conditions in the financial markets
and the inability to raise additional financing. Readers are
cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise
or update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
Shares issued: 189,243,715
Neither 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: Azteca Gold Corp. Jon Slizza VP of Finance and
Investor Relations (509) 981-2020 info@azteca-au.com
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