VANCOUVER, Feb. 27, 2012 /PRNewswire/ - Radius Gold Inc.
(TSX-V: RDU) is pleased to announce that it has been awarded the
final permit needed to begin construction of its Tambor gold mine
in southern Guatemala. Radius's
joint venture partner, Kappes Cassiday and Associates (KCA) has
commenced construction, and earth moving for the foundations for
the plant is underway. KCA is aiming to begin gold production
within 2 to 3 months after obtaining the mining permit.
KCA has constructed a modular mill, with a
150tpd ball mill and flotation cells, at its Reno Nevada facility, as a set of modular
units mounted on 40-ft skids. KCA has engineered the mill for a
target capacity of 150 tonnes/day or 52,500 tonnes/year.
Mining Plans
Guapinol South Underground
KCA is planning to drive an incline suitable for
small trackless mining equipment from the current face of the
Guapinol South under-ground drift to the surface west of the
Guapinol outcrop. The decline would parallel the ore in the
hangingwall. Cross cuts into the mineralization will be driven on
12 meter vertical intervals, and then branched to become level
drives in ore. Mineralization will be extracted using a simple
shrinkage stoping method. The levels may be left open or backfilled
depending on the stability of the walls.
Guapinol South Open Pit
About one-third of the mineralization in the
Guapinol South shoot will be mined from surface, and this will be
done simultaneously with the underground mining.
Poza Del Coyote
This area is not quite as well defined by
drilling as Guapinol South, but appears to be a near-surface, more
flat-lying system. Drilling indicates that Poza Del Coyote will
provide about half the mill feed for the project mine life.
About Tambor
Radius discovered the Tambor orogenic lode gold
system in 2000. It was drilled by Gold Fields, who defined a
NI43-101 compliant resource, under a joint venture. Gold Fields
drill tested the Guapinol, Laguna Norte, Poza del Coyote and Cliff
zones, and a Technical Report prepared by Chlumsky, Armbrust and
Meyer LLC of Lakewood Colorado (see
Radius news release dated December 10,
2003) outlined a 43-101 compliant resource of 216,000 ounces
of gold in inferred resources (2.55 million tonnes @ 2.64 g/t Au)
and 57,800 ounces in indicated resources (456,000 tonnes @ 3.94 g/t
Au) in three separate zones.
In 2007, an underground exploration drift and
four cross cuts were completed at the Guapinol South zone, in order
to provide information on the structural controls, continuity and
grade of the high grade gold mineralization (see Radius news
releases dated September 6 and
October 22 2007). Crosscut CE-1,
parallel to and 12.75m to the east of the main adit, intercepted a
vein zone with 3 veins, where it assayed:
- 65.6 g/t Au over 4.45m from the vein zone on the East tunnel
wall
- 25.8 g/t Au over 4.38m from the vein zone on the West tunnel
wall
The main access adit also intercepted the vein
on both sidewalls of the adit. The vein was sampled on both
sidewalls of the adit and gave results of:
- 74.5 g/t Au over 3.40m* from the vein on the east tunnel
wall
- 77.7g/t Au over 2.40m from the vein on the west tunnel
wall
*includes 0.2m of quartz veining on HW
Qualified Person
Mr. Roger
Hulstein, B.Sc., P.Geo., is a member of the Association of
Professional Engineers and Geoscientists of British Columbia and is the Company's
Qualified Person as defined by National Instrument 43-101.
Mr. Hulstein has verified that the technical information in this
release is an accurate summary of the information provided by KCA
to Radius; however, Radius has not independently verified the
information provided by KCA.
About Radius
Radius has been exploring for gold in
Latin America for nearly a
decade. It has assembled interests in a portfolio of
promising gold projects throughout the region, including carried
stakes in two small-scale developing gold projects in Guatemala and Nicaragua, and a number of 100% owned
exploration plays, including the HB property in Guatemala. Please call toll free
1-888-627-9378 or visit our web site (www.radiusgold.com).
ON BEHALF OF THE BOARD
"Ralph Rushton"
President
Investor relations: Jaclyn
Ruptash
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 86.6-million
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy
or accuracy of this release.
Forward-Looking
Statement
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Radius Gold Inc. Actual
results may differ materially from those currently anticipated in
such statement.
SOURCE Radius Gold Inc.