Prodigy Gold Incorporated: Today's Discovery, Tomorrow's Future
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/11 -- Prodigy Gold Inc. (TSX VENTURE: PDG) is excited to unveil its new name, logo and business outlook for the future. Born from the unification of Kodiak Exploration and Golden Goose Resources, Prodigy Gold has a bright future that exemplifies all the word 'Prodigy' means: A young outstanding company with tremendous abilities and the potential to become a leader in the gold mining industry.
Prodigy Gold's advanced stage Magino Mine project, with Measured and Indicated gold resources of 453,190 ounces and Inferred gold resources of 1,178,120 ounces(i), is the company's lead project. Prodigy is currently evaluating the Magino Mine project as an open-pit mining opportunity with the potential for deeper, higher grade gold production: A new 43-101 compliant resource estimate emphasizing the open pit mining potential of Magino is underway. This new resource estimate will be the basis for a Preliminary Economic Analysis (PEA) establishing the economic parameters of an open pit mining operation leading to a full bankable feasibility study expected in the first quarter of 2011. Bringing the Magino Mine project through the feasibility process along the pathway to production has the potential to add substantial value to Prodigy Gold shareholders.
Prodigy's Beardmore-Geraldton gold exploration projects, including Hercules, Milestone and West Geraldton, provide exposure to the upside of the exploration process: low cost ounces added through district scale exploration. During 2011, Prodigy plans to continue aggressive exploration of the district with an emphasis on Milestone, a low grade gold system with considerable volume potential. We will also drill test multiple additional targets, seeking new areas to add gold resources.
Prodigy has strengthened its technical team in anticipation of the company transitioning from pure explorer to emerging gold producer. Strong Board leadership coupled with seasoned management will enable the company to advance its projects with an emphasis on sound business planning executed by an experienced exploration and mine development team.
Today's Discovery, Tomorrow's Future: Magino, Milestone, Hercules and more; multiple projects in the exploration and development pipeline with near term gold production potential and an aggressive approach to acquisition opportunities. These are the building blocks of the new Prodigy Gold: An outstanding young company with a strong bright future at a time of unprecedented gold prices.
Prodigy Gold is proud to launch a new web site that captures the vision and exciting outlook for the company while providing important news and information about our projects and people: www.prodigygold.com. Over the next several weeks we will be phasing in the new web site and plan to have the transition completed by the end of the month. All existing contact information for the company will remain intact during the transition, new e-mail addresses will simply have an '@prodigygold.com' extension.
(i)M &I: 2,092,000 mt grading 6.74 gpt gold. Inf: 5,829,000 mt grading 6.29 gpt. Cut-off grade of 3.0 gpt (Technical Report and Mineral Resource Estimate for the Magino Mine, prepared by InnovExplo, 28 May, 2009)
The geological information for the Magino project has been reviewed and approved by Quentin J. Browne, Kodiak's Magino Project Manager, who is a qualified person under the definitions established by National Instrument 43-101. Kodiak QA/QC procedures are as follows: Kodiak channel samples are 5 cm wide cut perpendicular to the strike of the vein and/or shear zone from mapped alteration in the footwall continuously through the vein and/or shear zone and into mapped alteration in the hanging wall. Channels are cut with a motorized circular saw to a depth of 10 cm and removed with a hammer. Channel sample spacing is nominally every 20m along strike, dependent on outcrop size and geometry. Sample intervals are selected according to geologic contacts and visible mineralization, placed into a sample bag, and shipped to the assay lab for quantitative analysis of select elements. Kodiak drill cores are split down the center with a typical table feed circular rock saw or are split with a hydraulic slitting device. Sample intervals are selected according to geologic contacts, visible mineralization, and alteration, placed into sample bags and shipped to the assay lab where they are quantitatively analyzed for select elements. Drill cores are boxed, covered, and sealed at the drill rig and moved to the Kodiak logging and sample preparation facilities by Kodiak personnel. Kodiak angle core holes are directed perpendicular to the mapped dip of the vein therefore reported drill hole intercepts approximate true thickness of the vein. All Kodiak samples are currently being assayed by Chemex ALS, 2090 Riverside Dr., Timmins, ON P4R 0A2. Blank and standard samples are routinely submitted with all sample batches sent to the lab for assay. Samples are routinely sent to other labs for additional checks.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This release may contain forward-looking statements or statements that relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Neither 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:
Prodigy Gold Incorporated
Brian J. Maher
President and Chief Executive Officer
1-604-688-9006
1-604-688-9029 (FAX)
ir@prodigygold.com
www.prodigygold.com