Barisan Gold Extends Two of Its Exploration Licenses
December 24 2012 - 7:30AM
Marketwired Canada
Barisan Gold Corporation (TSX VENTURE:BG) wishes to inform shareholders that
that two of its majority-owned Indonesian subsidiaries, PT Linge Mineral
Resources ("Linge") and PT Takengon Mineral Resources ("Takengon"), have
received extensions to their Exploration Izin Usaha Pertambangan ("IUP"). The
two IUPs have been extended until December 28, 2014. Exploration IUPs are
exploration licenses, which allow their owners the right to conduct mineral
exploration on the ground they cover, subject to other relevant permits,
government and local approvals, if applicable. Exploration IUPs are granted for
up to a total period of eight years, covering one year for general surveys,
three years for exploration, extendable for one year, with a maximum extension
of twice the respective extension period, and one year for a feasibility study,
extendable for one year, following which they must either be relinquished or
upgraded to Production-Operation IUPs.
The Linge IUP is 80% owned by Barisan Gold and is solely operated by the
Company. The IUP contains the Abong gold deposit which at a 0.4g/t gold cut-off,
has an estimated an NI 43-101 compliant inferred resource of 8.5 million tonnes
of 1.49g/t gold and 10.7 g/t silver, containing 405,000 ounces of gold and 2.9
million ounces of silver. The IUP also contains the Bahu, Middle Ise-Ise and
Lower Ise-Ise gold-copper porphyry prospects. Linge continues to work with local
government authorities seeking forestry borrow-use permits, which would allow
Linge to resume drilling at Abong and other gold-copper porphyries.
The Takengon IUP is 75% owned by Barisan Gold and is solely operated by the
Company. The IUP contains the Collins epithermal gold prospect as well as the
Semelit, West Semelit and Tanga gold-copper porphyry prospects.
Barisan Gold also wishes to advise that it has just begun exploratory drilling
at the Collins epithermal gold prospect, located within the Takengon IUP. The
previous owner of the project had conducted mapping and sampling at Collins over
the past few years, the results of which were positive and identified narrow
high-grade gold veins at surface. Recent mapping by Barisan Gold has confirmed
and has re-defined at least two sub-parallel quartz vein zones which contain
high grade gold besides a low grade 1.6-3.2 meter wide main quartz vein. The
Collins prospect is located in Areal Penggunaan Lain ("APL"), which means an
area that is not classified as forest pursuant to a decree of the Ministry of
Forestry. The initial program consists of 2,000 meters of drilling to test the
continuity of the veins with grade at depth. The initial drilling program is
expected to cost less than $300,000 and will count towards the work commitment
under the Takengon IUP documentation. Barisan Gold strives to conduct
economically sensible drilling that targets high probability targets while
conserving the Company's financial resources.
Dibiansyah Hamid, MAIG, the designated QP within the meaning of NI 43-101, has
reviewed and approved the content of this release.
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FOR FURTHER INFORMATION, visit the Company's website at www.barisangold.com.
About Barisan Gold Corporation
Barisan Gold (TSX VENTURE:BG) is a Canadian-based minerals exploration company
listed on the TSX Venture Exchange under the symbol "BG". The Company is engaged
in the exploration, acquisition and development of mineral properties in
Indonesia. Barisan Gold currently owns and operates three gold and gold-copper
properties in Indonesia's Aceh Province on the northern tip of Sumatra Island,
namely the Barisan gold-copper porphyry belt, the Abong epithermal gold project
and the Takengon gold-copper porphyry prospect. Barisan Gold currently has
40,706,186 shares outstanding.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature,
constitute "forward looking statements" within the meaning of that phrase under
applicable Canadian securities law. These statements reflect management's
current assumptions and expectations regarding future work programs (such as
those planned for the Collins epithermal gold prospect), results, performance or
events as of the date hereof and by their nature are subject to certain
underlying assumptions, known and unknown risks and uncertainties and other
factors which may cause actual results, performance or events to be materially
different from those expressed or implied by such forward looking statements.
Those risks include the interpretation of drill results and the estimation of
mineral resources and reserves; the geology, grade and continuity of mineral
deposits; the possibility that future exploration, development or mining results
will not be consistent with our expectations; commodity and currency price
fluctuation; failure to obtain adequate financing; regulatory, permitting and
licensing risks; and general market and mining exploration risks.
Forward-looking statements should not be construed as investment advice. Readers
should perform a detailed, independent investigation and analysis of the Company
and are encouraged to seek independent professional advice before making any
investment decision. Accordingly, readers should not place undue reliance on any
forward looking statement. Except as required by applicable securities laws, the
Company disclaims any obligation to update or revise any forward looking
statements to reflect events or changes in circumstances that occur after the
date hereof.
FOR FURTHER INFORMATION PLEASE CONTACT:
Barisan Gold Corporation
Kristy Reynolds
Investor Relations
Vancouver: +1 604 684 2183
reynolds@barisangold.com
www.barisangold.com
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