Mutiny Advises ATW Gullewa Drilling to Commence in October
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/10 -- ATW Gold Corp. (TSX VENTURE: ATW) ('ATW' or 'the Company') is pleased to provide an update on the Company's Gullewa Gold Project in Western Australia. The Company's partner, Mutiny Gold Ltd. ('Mutiny' or 'Mutiny Gold') recently completed planning for a RC drill program intended to upgrade the existing resource at the Gullewa Gold project's Deflector Deposit to measured status. Drilling is scheduled to begin the first week of October 2010.
Gullewa is located 450 kilometres north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa is a 550 sq kilometre property that hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit, which contains the following resources as disclosed in Table 3.1 to the NI 43-101 Technical Report on the Gullewa Gold-Copper Project dated June 13, 2008 as filed on SEDAR on June 18, 2008:
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Au Ag Cu AuEq AuEq
Category Tonnes (g/t) (g/t) (%) (g/t) (oz)
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Measured 535,000 3.87 8.03 1.18 6.81 117,000
Indicated 1,169,000 4.32 6.34 0.96 6.72 252,000
Measured and Indicated 1,704,000 4.18 6.87 1.03 6.75 369,000
Inferred 1,616,000 6.50 3.41 0.48 7.71 400,000
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The Deflector Gold-Copper Deposit at Gullewa contains total resources of 560,000oz Au and 25,000t Cu and has been the subject of a recent preliminary mining study by AMC Consultants Pty Ltd. The study envisioned an optimal open pit that contained both measured and indicated resources within its shell.
The drill program will consist of 35 RC holes for a total of approximately 3500 metres and is planned to upgrade indicated resources to measured status. A drill contract has been negotiated and drilling is expected to commence in the first week of October 2010. A drill hole location map has been posted on the ATW website.
John Greeve Managing Director of Mutiny Gold has advised ATW Gold that the drill program is intended to support the updating of current mine studies into a scoping study and mine feasibility to help obtain gold hedge finance to support the commencement of mining operations at Deflector.
'We are encouraged to hear Mutiny's plans to aggressively develop the Gullewa Gold project through additional drilling, upgrading of resources and completion of feasibility studies,' says Brent Butler, President of ATW.
As previously announced in the Company's news release dated July 20, 2010, ATW has entered into an agreement (the 'Agreement') with Mutiny, whereby Mutiny can earn a 70% interest in the Gullewa Gold Project in Western Australia, by making exploration expenditures and paying to ATW Australia a total of AUD$9,000,000.
ABOUT MUTINY GOLD: Mutiny Gold Ltd. is a public company listed on the Australian Securities Exchange (ASX) under the trading symbol (MYG). Mutiny's focus is on the development of its gold, nickel and copper tenements in Western Australia. Mutiny Gold plans to focus its efforts in the initial phase on the Deflector Deposit with the objective of completing a bankable feasibility study and commencing mining operations at the existing Deflector Pit.
This news release has been reviewed by Brent Butler, a Qualified Person as that term is defined in NI 43-101.
ATW GOLD CORP.
Brent Butler, President & CEO
'This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.'
'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:
ATW Gold Corp.
Investor Relations
604-662-8184 or Toll Free: 1-877-662-8184
604-602-1606 (FAX)
investor@atwgold.com
www.atwgold.com