MONTREAL, Feb. 7, 2017 /CNW/ - ALGOLD RESOURCES
LTD. (TSXV: ALG – the "Corporation") is pleased to update on
its ongoing exploration program on its Tijirit Property in
Mauritania.
The Company announced the filing of an Environmental Impact
Study ("EIS") with the Ministry of Petroleum, Energy and Mines in
respect to its Tijirit property, which is a first step towards
obtaining a mining license in Mauritania. The report was prepared by AECOM
(Montréal) in compliance with all standards and guidelines of
Mauritanian laws and regulations.
Additionally, Algold is pleased to announce that a Phase III
drilling program, consisting of a minimum of 20,000 meters of
drilling, has commenced at Tijirit's Eleonore Zone. This objective of the Phase III
drilling program is to further delineate the high-grade gold
deposit.
Due to delays in obtaining assay results, Algold now expects to
finalize and file an updated NI 43-101 for the Tijirit
Property in the coming weeks.
This press release has been reviewed for accuracy and compliance
under National Instrument 43-101 by André Ciesielski, DSc., PGeo.,
Algold Resources Ltd Lead Consulting Geologist and Qualified
Person, as defined by NI 43−101 Standards of Disclosure for Mineral
Projects. André Ciesielski has further approved the scientific and
technical disclosure in the news release.
ABOUT ALGOLD
Algold Resources Ltd is focused on the
exploration and development of gold deposits in West Africa. The board of directors and
management team are seasoned resource industry professionals with
extensive experience in the exploration and development of
world-class gold projects in Africa.
Algold is the operator on both the Kneivissat and Legouessi
Properties. The Kneivissat property is 90% owned by Algold and the
Legouessi property is being managed through a 51% earn-in interest
agreement with Caracal Gold LLC. Algold can earn up to a 90%
interest in the Legouessi exploration permit (see October 10, 2013 press release for more details),
however, Caracal has the right to participate in the joint venture
at either 51% or 75%, by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING
INFORMATION
This news release contains and refers to
forward-looking information based on current expectations. All
other statements other than statements of historical fact included
in this release are forward looking statements (or forward-looking
information). The Corporation's plans involve various estimates and
assumptions and its business is subject to various risks and
uncertainties. For more details on these estimates, assumptions,
risks and uncertainties, see the Corporation's most recent Annual
Information Form and most recent Management Discussion and Analysis
on file with the Canadian provincial securities regulatory
authorities on SEDAR at www.sedar.com. These forward looking
statements are made as of the date hereof and there can be no
assurance that such statements will prove to be accurate, such
statements are subject to significant risks and uncertainties, and
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 that are
included herein, except in accordance with applicable securities
laws.
SOURCE Algold Resources Ltd.