Batero Gold Announces Work Program to Assess Development of La Cumbre Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/18/12 -- Batero Gold Corp. ("the Company") (TSX VENTURE: BAT)(FRANKFURT: 68B)(PINKSHEETS: BELDF) is pleased to announce details of its 2012-2013 work program designed to advance La Cumbre deposit ("La Cumbre") towards a production decision. La Cumbre is one of three porphyry deposits at the Company's 100% owned Batero-Quinchia gold project ("Project") located in the department of Risaralda, Colombia. The Company will evaluate the most efficient and cost effective leach processing circuit initially targeting the near and at surface higher-grade oxidized gold mineralization.
"The primary focus for the Company will be to evaluate a starter pit to be developed as the first stage of a potentially larger staged mine development of the Project. The exploration work completed to date and its success in identifying resources indicates that the Project is ready to move to the next stage and the Company is taking steps to move forward with a development plan that will allow the Company to become a production company with operations and cash flow," stated Brandon Rook, President and CEO. "The Company's current work program at the Project has been cost effectively scaled back since March, 2012, and is expected to achieve the objective of advancing La Cumbre in a short term timeline towards a production decision."
La Cumbre Highlights:
-- At and near surface oxidized gold mineralization grading greater than
1.0 g/t gold in the central core of the deposit
-- Lateral and vertical continuity of gold mineralization
-- Initial gold recovery results ranging from 90%- 94% in oxide material
-- Topography and location of gold mineralization support a low strip ratio
-- Negligible deleterious chemical elements associated with the gold
mineralization
-- Limited infill drilling required to upgrade indicated resources at La
Cumbre deposit to measured resources
-- Environmental and social baseline studies are ongoing
-- Permitting process to initiate exploitation activity is ongoing
-- Development program funded from recent financing
-- 100% ownership of surface rights over La Cumbre deposit
-- 100% ownership of entire Project - no NSR's or back-in rights
-- Infrastructure in place including road access, power and water
-- An optimized leach processing circuit will be evaluated for La Cumbre
-- The initial resource estimate, dated February 27, 2012, outlines other
near and at surface higher grade gold mineralization occurrences within
a two kilometre long block model that the Company will continue to
investigate as part of the potential future staged development of the
Batero-Quinchia gold deposit cluster
2012-2013 Work Program Details:
The work program at La Cumbre will include up to 6,000 metres of diamond drilling (2,000 metres contracted), comprehensive metallurgical testing, geotechnical studies, environmental studies, and social baseline studies and permitting, which will determine the optimum starter pit production scenario.
The diamond drill program will commence shortly. The program will be targeting the following:
-- Infill drilling to upgrade the indicated mineral resources at La Cumbre
to a National Instrument 43-101 compliant measured mineral resource
category
-- Step-out drilling to potentially increase oxidized mineralization at La
Cumbre starter pit location
-- Additional metallurgical testing, including column leach tests, to
determine optimum process flow sheet
-- Initial geotechnical studies to assess pit slope angles
The Company would like to thank Kieran Downes, Ph.D., P.Geo., for his past work at Batero Gold as the qualified person. The Company announces Darryl Lindsay, Ph.D., P.Geo., Senior Vice President and Chief Operating Officer at Batero Gold, is now the qualified person as defined by National Instrument 43-101 and is responsible for the technical information provided in this release and all future news releases.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
Batero Gold Corp.
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development company focused in the emerging and prolific Mid-Cauca porphyry gold and copper belt in the Quinchia district of Colombia. Batero has a 100% interest in the Batero-Quinchia gold project and is currently focused on advancing La Cumbre deposit toward a production decision optimizing the most efficient leach processing circuit. The Company is first targeting the at surface higher grade oxidized gold mineralization. Batero has assembled a strong management and technical team that have contributed to significant discoveries and mineral development programs in Colombia and South America. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its Batero-Quinchia exploration project into a gold producing operation. Shares of the Vancouver-based company trade on the Toronto Venture Exchange under the symbol BAT.
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information relate to, among other things: the timing and scope of expected diamond drilling and metallurgical testing; categorization and updating of mineral resource estimates, grades on the Batero-Quinchia project; scope of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form dated May 8, 2012 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Plan view, cross-sections, and long-section of a portion of the targeted starter pit location: http://file.marketwire.com/release/806295.pdf
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:
Batero Gold Corp.
604.568.6378
info@baterogold.com
www.baterogold.com