Antioquia Gold Inc. Signs Letter of Intent With Trident Gold Corp. for Exploration of Two Projects in Colombia
September 22 2011 - 7:30AM
Marketwired
Antioquia Gold Inc. ("Antioquia Gold") (TSX VENTURE: AGD)(OTCQX:
AGDXF) is pleased to announce that Antioquia Gold has entered into
a non-binding Letter of Intent ("LOI") with Trident Gold Corp.
("Trident"), of Vancouver, to explore Antioquia Gold's Caicedo and
Concordia- Betulia Properties, that form part of the Strategic
Properties found in the prolific Cauca Porphyry Belt of Colombia
(refer to figure 1).
Trident can earn a 60% position in the properties by spending $3
million over a 21 month period after the signing of the definitive
Joint Venture Agreement ("JV Agreement"). Both parties will
immediately work towards completing the JV Agreement. An existing
back-in right on the properties will also be sought to be
re-negotiated to reflect current market conditions.
Rick Thibault, President and CEO commented, "The entering into
an LOI with the purpose of having a JV partner earn into a couple
of our Strategic Properties has been a goal and ongoing process for
Antioquia Gold. Several companies were screened and talks held, in
the end we choose Trident as our first partner. Their experienced
team, both on the ground and in the board room and their access to
capital will help unlock the potential of the two properties, while
the Antioquia Team continues to focus on the Cisneros Project by
completing a resource study and moving Cisneros towards a
production scenario. The LOI lends us the ability to add more
shareholder value at Antioquia Gold."
The Concordia-Betulia and Caicedo properties are both located
within the Cauca Porphyry Belt and are situated between Continental
Gold's Buritica project to the north (26km north of Caicedo) and
Sunward's Titiribi project to the southwest (11km east of
Concordia-Betulia) (refer to figure 1). The Concordia-Betulia
project is located 40 km southwest of the city of Medellin,
Colombia and consists of four (4) applications for concession
agreements totaling 14,139 Ha of which three (3) applications
totaling 12,387 Ha have completed technical studies and are waiting
governor signature and registration. The Caicedo project is located
52 km northwest of the city of Medellin, Colombia and consists of
one (1) concession contract, in full force and effect which totals
3,1567 Ha, and one (1) application for concession agreement
totaling 1,067 Ha. Both Concordia-Betulia and Caicedo have
potential for the discovery of porphyry Au Cu, epithermal gold and
polymetallic deposits.
About Trident Gold Corp.
"Trident Gold Corp. (www.tridentgoldcorp.com) is a private
Canadian gold exploration company focused on Colombia. Trident has
management and technical teams established in Colombia and has a
diversified board of directors with the proven ability to secure,
explore, finance and develop gold deposits. After considerable
technical and legal due diligence Trident has retained 36,000
hectares of mineral claims (from 100,000+ hectares optioned) in the
prolific Segovia-Remedios mineral belt, near Frontino Gold Mines
(Medoro Resources) and the Amalfi and Anori districts through joint
venture option agreements where Trident holds minimum 80% JV
interests. Trident is carrying out target generation on the current
land position and continues to search for the best exploration
targets available in Colombia to build a world class exploration
portfolio."
About Antioquia Gold Inc.
Antioquia Gold has been exploring for precious metals in
Colombia since 2007. The Company has a land package of close to
40,000 hectares located throughout Colombia. Antioquia Gold's
principal asset, which is being actively explored, is its 5,630
hectare Cisneros Project, located 55 kilometers northeast of
Medellin in the Department of Antioquia, Colombia. At the Cisneros
Project the Company has conducted extensive geochemical and
geophysical programs over the entire property and has identified to
date six exploration targets. On the original discovery zone it has
drilled over 29,000 meters and is well versed in the understanding
of the deposit type and the project's path to resource definition
and production.
On behalf of Antioquia Gold Inc.,
Richard Thibault, President
For further information on Antioquia Gold Inc., visit our
website at www.antioquiagoldinc.com.
You can also follow Antioquia Gold Inc. on twitter:
@AntioquiaAGD
To receive Company news by email, contact
info@antioquiagoldinc.com and mention "Antioquia Gold" news in the
subject line.
Forward-Looking Statements: This news release may contain
certain forward-looking information. All statements included
herein, other than statements of historical fact, is
forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such information. There is no certainty that the diamond drilling
currently in progress will provide positive results of
mineralization. For any forward-looking information given,
Management has assumed that the results it has received and the
interpretation thereof are reliable, and has applied metallurgical
methodologies which are consistent with industry standards.
Although Management has a reasonable basis for the conclusions
drawn, actual results may differ materially from those currently
anticipated in such statements. For such statements, the
Corporation claim safe harbour for future releases. A description
of assumptions used to develop such forward-looking information and
a description of risk factors that may cause actual results to
differ materially from forward-looking information can be found in
the Corporation's disclosure documents on the SEDAR website at
www.sedar.com. The Corporation does not undertake to update any
forward-looking information except in accordance with applicable
securities laws.
To view the figure associated with this press release, please
visit: http://media3.marketwire.com/docs/AntioquiaFigure1.pdf.
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.
Contacts: CHF Investor Relations Cathy Hume CEO 416-868-1079
x231 cathy@chfir.com CHF Investor Relations Juliet Heading Account
Manager 416-868-1079 x239 juliet@chfir.com
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