Batero Gold Reports Additional Metallurgical Results from La Cumbre Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/26/12 -- Batero Gold Corp. ("the Company") (TSX VENTURE: BAT)(PINKSHEETS: BELDF)(FRANKFURT: 68B) is pleased to report additional metallurgical test results from the La Cumbre deposit ("La Cumbre"), one of three porphyry deposits at the Company's 100% owned Batero-Quinchia project ("Project") located in Risaralda, Colombia. Positive metallurgical testing yielded gold recoveries of 93% and 94% within 24 hours for mineralization in the oxide zone and recoveries from 82% to 86% within 48-72 hours in the Transitional Zone at La Cumbre. Column leach testing is scheduled to commence in August, 2012.
This initial metallurgical test work is part of the 2012-2013 work program designed to evaluate the most efficient and cost effective leach processing circuit for a potential starter pit of the near and at surface higher-grade oxidized gold mineralization at La Cumbre.
"In addition to confirming the high recovery of 94% reported from our preliminary testing of the oxide zone at La Cumbre, we are pleased to report new recoveries of up to 86% in the Transitional Zone. We had no previous testing of the Transitional Zone and these results are consistently above the 80% average recovery used in our initial resource estimate reported February 2012," stated Brandon Rook, President and CEO of the Company. "The results of these and additional bottle roll tests will be compared and correlated with the results of future column tests in order to estimate recoveries throughout the volume of high grade mineralization at the La Cumbre deposit."
A sample selection and test work schedule is being finalized for additional metallurgical test work on both the oxide and Transitional Zones to support a potential starter pit operational scenario. Drilling from the currently underway 2012-2013 work program will provide sample material for metallurgical column leach testing in order to provide additional recovery estimates and to determine an optimum process flow sheet for the mineralization at La Cumbre.
See Figure 1 for a long-section indicating the gold recoveries within the Oxide and Transitional Zone at: http://media3.marketwire.com/docs/bat726-F1.pdf.
To view tables and maps, please visit www.baterogold.com.
The following table summarizes the results of the metallurgical testing (bottle roll):
2012 Cyanide Leach Tests - Summary Results
Batero-Quinchia Project
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Head Gold Head Silver
Diamond Miner- Grade Reco- Grade Reco- NaCN CaO
Composite Drill From To alized Gold very Silver very (kg (kg
Sample ID (m) (m) Zone (g/t) (%) (g/t) (%) /t) /t)
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MQ12COMP-
01 LC007 9.0 18.9 OXIDE 0.87 93 1.2 82 1.0 10.3
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MQ12COMP-
02 LC007 48.0 57.0 Transition 0.67 84 1.1 36 0.7 1.2
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MQ12COMP-
03 LC002 10.0 25.0 OXIDE 0.58 93 1.3 84 1.0 10.5
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MQ12COMP-
04 LC023 105.0 119.0 Transition 1.3 86 1.2 75 2.7 2.3
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MQ12COMP-
05 QAP008 150.8 160.1 Transition 0.66 82 1.2 79 1.4 1.7
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MQ12COMP-
06 QAP002 22.0 42.0 OXIDE 0.75 94 1.2 89 1.0 3.5
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MQ12COMP-
07 QAP002 106.0 126.0 Transition 0.49 85 1.2 70 0.9 1.8
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Metallurgical Testing
Metallurgical testing undertaken by C.H. PLENGE & CIA. S.A on behalf of the Company was completed on seven drill core composite samples from the 2011 drill program to determine their response to cyanidation via bottle roll tests. The composite samples were selected to represent mineralization in both the oxide and Transitional Zone at La Cumbre and over the current known length of the deposit. These results are consistent with the original tests of the oxide material presented in the Company's NI 43-101 resource estimate technical report (April 19, 2012).
The oxide horizon exists at surface to a depth up to 70 metres. The thicker Transitional Zone (horizon), over a vertical distance of 150 metres to 200 metres, is below the oxide horizon and has a low total sulphur content. The composite head grades were selected to represent an average deposit grade at a 0.5 g/t gold cut-off, or approximately 0.7 g/t gold grade and in cases higher grade material representing central core (1 g/t gold). All samples comprised drill core pulps meeting over 80% passing a 200 mesh size (about 75 microns). Results presented in the table above are the recoveries after 72 hours. For the oxide horizon sample gold recoveries of 90% were achieved in all samples within 24 hours, whereas for the Transitional Zone samples at least 80% gold recovery was achieved within 48 hours.
Preliminary metallurgical testing was completed by G&T Metallurgical Services in 2011 on six drill core composite samples from the 2010-2011 drill program.
La Cumbre Highlights:
-- At and near surface oxidized gold mineralization grading greater than
0.7 g/t
-- Lateral and vertical continuity of gold mineralization
-- Topography and location of gold mineralization support a low strip ratio
-- Negligible deleterious chemical elements associated with the gold
mineralization
-- Environmental and social baseline studies are ongoing
-- Permitting process to initiate exploitation activity is ongoing
-- Basic infrastructure in place including road access, power and water
-- 100% ownership of surface rights over La Cumbre deposit
The 2012-2013 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.
Darryl Lindsay, Ph.D., P.Geo., Senior Vice President and Chief Operating Officer at Batero Gold, is 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
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 near and 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: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit, the timing and scope of expected diamond drilling; resource estimate, 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 Filing Statement dated as of June 22, 2010 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.
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
604.568.6834 (FAX)
info@baterogold.com
www.baterogold.com