Guyana Frontier Receives Exploration Program and Budget for Five Star Gold Project
10 Juli 2012 - 2:03PM
PR Newswire (Canada)
VANCOUVER, July 11, 2012 /CNW/ - Guyana Frontier Mining Corp.
("Guyana Frontier") announces that it has received a program and
budget from Mulgravian Ventures Corporation ("Mulgravian", a
private Canadian exploration company) for proposed 2012 exploration
and administration costs on the Five Star Gold Project ("Five
Star"), located in Guyana, South America. A joint venture was
formed in 2012 on Five Star between the two companies, with
Mulgravian as operator holding a 51% interest and Guyana Frontier
holding a 49% interest (see Guyana Frontier news release dated
April 17, 2012). Highlights of 2012 Exploration Plans -- Program
and budget presented by Mulgravian totals US$3,945,000; --
Geochemical survey consisting of approximately 2,000 samples; --
Prospecting and mapping program of an estimated 500 samples; --
Airborne magnetic and radiometric survey over areas of Five Star
not previously flown; -- Diamond drilling program of approximately
5,000 metres, using up to two drills; -- Permit received for
construction of an airstrip and its associated infrastructure.
Guyana Frontier has elected not to contribute to the 2012 Five Star
program, and awaits the results of the ongoing exploration from
Mulgravian. Five Star Exploration Focus The objective of the
2012-2013 exploration program is to better establish local
structural and lithologic controls to gold mineralization at
several target areas. Various anomalies along the Green Hill trend
have been the focus of recent artisanal mining. In general, the
Green Hill trend is a significant ENE trending shear zone system
hosted in greenstones of the Barama-Mazaruni Supergroup. The zone
has a clear geochemical expression based on historical sampling to
2007 where gold mineralization is believed to be associated with
discrete and anastomosing shears. Geologically disrupted areas
within the general northeast trend result in apparent periodic
mineralized pods. For example, Mulgravian's 2012 sampling in Trench
2 on the western extent of the Green Hill trend returned 0.83
grams/tonne gold over 28.0 metres, which included 1.41 grams/tonne
gold over 12.0 metres. Not all of the anomalies defined by
historical work have been duplicated by recent work, which may be
due to difficulty in locating the historically anomalous areas
where they are heavily vegetated or have been subject to previous
mining activity. Continued sampling and mapping is recommended,
leading to diamond drilling in the most prospective areas. The
technical work disclosed in this document was supervised, reviewed
and approved by Robert Lunceford, M.Sc., CPG, who is a Qualified
Person as defined in National Instrument 43-101 ("NI 43-101").
About Five Star Five Star consists of 17 mining permits and 8
prospecting permits, which cover an area of approximately 25,065
acres (10,144 hectares) near the settlement of Matthew's Ridge,
Guyana. Guyana Frontier acquired its 100% interest in Five Star
from two separate underlying vendors, Case Development Company Ltd.
and Marcel Waaldijk (the "Underlying Vendors"), with each of the
Underlying Vendors currently maintaining a 3% net smelter returns
royalty ("NSR") on their respective permits. Each NSR is subject to
buy-down provisions. Mulgravian earned its 51% working interest in
Five Star from Guyana Frontier by incurring exploration
expenditures and by purchasing shares in Guyana Frontier, as
follows: -- making aggregate exploration expenditures and certain
property acquisition payments to the Underlying Vendors totalling
US$2,000,000 within a four-year period from the date of TSX-V
acceptance, being May 10, 2011; -- purchasing an aggregate of
700,000 units (the "Units") of Guyana Frontier by way of private
placement for gross proceeds of CDN$210,000; and -- exercising all
of the common share purchase warrants comprising the Units for
further gross proceeds to Guyana Frontier of CDN$420,000. On May 9,
2011, Guyana Frontier filed a technical report in respect of Five
Star on SEDAR compliant with the standards of NI 43-101, available
at www.sedar.com About Guyana Frontier Guyana Frontier is a public
mineral exploration company listed on the TSX Venture Exchange ,
and is focused on the exploration, discovery and development of
precious metals deposits located within Guyana, South America.
Guyana Frontier began acquiring interests in Guyanese exploration
properties in 2007, and now holds various rights to obtain working
interests in approximately 342,000 acres (138,400 hectares) of
prospective lands. Guyana Frontier's goal is to develop a
significant gold resource at the Marudi Mountain Gold Project in
southern Guyana, and to explore its other Guyanese projects using
funding from exploration partners. 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. FORWARD LOOKING
STATEMENTS This release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements that address activities, events or developments that
Guyana Frontier expects or anticipates will or may occur in the
future, including such things as planned exploration activities at
the Five Star property, the operation of the joint venture between
Guyana Frontier and Mulgravian, future business strategy,
competitive strengths, goals, expansion, growth of Guyana
Frontier's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration
activities generally, permitting time lines, government regulation
of exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcome of any pending litigation and timing and results
of future resource estimates or future economic studies. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "planning", "planned", "expects" or
"looking forward", "does not expect", "continues", "scheduled",
"estimates", "forecasts", "intends", "potential", "anticipates",
"does not anticipate", or "belief", or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking statements are based
on a number of material factors and assumptions, including, the
result of drilling and exploration activities, that contracted
parties provide goods and/or services on the agreed timeframes,
that equipment necessary for exploration is available as scheduled
and does not incur unforeseen break downs, that no labour shortages
or delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; the existence of
weather conditions suitable for exploration activities; future
prices of minerals; possible variations in grade or recovery rates;
failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; labour disputes and other
risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well
as those factors disclosed in Guyana Frontier's publicly filed
documents. Although Guyana Frontier has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Guyana Frontier Mining Corp. CONTACT:
For further information about Guyana Frontier, please visit
ourwebsiteat www.guyanafrontier.com or contact Warren Stanyer,
President and CEO,at (604) 558-0077.
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