AIVN Mining News
AIVN Mining News
WINNEMUCCA, NV -- (Marketwire) -- 08/09/12 -- American International Ventures, Inc. (OTCBB: AIVN) (OTCQB: AIVN) optioned the Bruner Mine to Patriot Gold on April 1, 2009, for eight annual payments totaling $315,000.00 and a balloon payment due AIVN in April 2016, in the amount of $1,185,000.00. In addition, AIVN retained a 1.5% NSR wherein, PGOL has the option to purchase 1% of the NSR for an additional $500,000.00.
Further, AIVN recently optioned its Gypsy and Hot Springs mines in Douglas County, NV to SWT Gold, a Nevada public company for a payment of $3,000,000.00 in free trading stock, with a cash payment of $5,000,000.00 due within two years.
Jack Wagenti, AIVN Chairman of the Board, stated: "We are pleased to see the progress that Patriot Gold has made in the past couple of years with their partner at the Bruner, Canamex; as stated in their press release August 2, 2012, below." Mr. Wagenti went on to say: "It makes good sense to us to option some of our historical mines from our Nevada Collection to other companies for development. Our plate is full right now with our project development in Winnemucca, NV and the recent option we entered to purchase the Nick Mine, in Imlay, NV, 25 miles from our Golden Eagle 704 acre patented property."
Patriot Gold's Bruner Project Phase II Drilling Intersects 360 Feet of 0.119 Oz/Ton Gold (118 m of 4.08 g/t Au)
Patriot Gold Corp. is very pleased to announce the results from the first hole of the six-hole Phase II drilling program at its Bruner project located in Nye County, Nevada, which consists of 98 unpatented and 21 patented mining claims covering approximately 2,380 acres.
Reverse circulation (RC) drill hole B-1201 intersected 360 feet of 0.119 oz/ton gold (Au) or (118 m of 4.08 grams per tonne (g/t) Au) in the first of six holes drilled during the program, delivering the best intercepts ever drilled to date at the project. Assay results for the remaining holes in Phase II are expected to be delivered by September 2012.
"The results we have seen from Phase I and Phase II give us great confidence in the production potential of the Bruner site," said Karl Boltz, Vice President of Business Development for Patriot Gold. "We look forward to the remaining assay data from the optionee's drilling at the Bruner site and to completing a full NI 43-101 compliant resource analysis."
In November 2011, Phase I exploration drilling at the Bruner project was initiated. In March 2012, final assay results from the 13 hole reverse circulation (RC) drilling program were received and included an average of 12.97 g/t and higher at a vein located 400 feet south of historic drill intercepts BRU-085 and BRU-105.
Patriot Gold's Option To Canamex
Through its subsidiary Provex Resources, Patriot Gold owns 100% undivided rights, title and interest in the project and in May 2010 entered into an agreement with Canamex Resources Corp., the optionee ("Canamex"), to develop the property. Under the agreement, Canamex has the right to earn 70% interest in the Bruner project by spending $6 million over seven years and may earn an additional 5% by completing a bankable feasibility study for a total of 75% interest in the project.
In June 2012, Dr. Stuart Simmons, a world renowned expert on volcanic-hosted epithermal gold-silver deposits and a consultant for Canamex, produced a summary report of his work and observations of the Bruner site. In his report, Dr. Simmons stated: "The patterns of hydrothermal alteration and mineralization at Bruner represent the boiling up-flow zone of a once active hydrothermal system that transported/deposited gold and silver. These attributes mean that the environment and processes conducive to formation of epithermal precious metal mineralization existed. Based on gaps in the exploration drilling, there appears to be significant opportunity for discovery of precious metal ores in blind veins or in lateral-vertical extensions of historically productive veins."
"The drill hole intercept [from B-1201] opens up a new exploration area and deposit type within the Bruner property. The grade and thickness exceed anything in the historical database or drilled previously by the Company [Canamex] and indicates the potential for a deposit of significant size and grade may be present on the property," said Greg Hahn, Chairman and CEO of Canamex. "The intercept is open in almost all directions and the presence of high gold values, breccias and hydrothermal quartz and textures indicates a very robust hydrothermal system is represented by the intercepts in drill hole B-1201."
Favorable Initial Metallurgy Results
Column leach tests conducted by Kappes Cassidy & Associates, a world recognized metallurgical test facility which specializes in cyanidation tests for heap leaching, continue on the bulk sample from the historic resource area on the Bruner property where gold extractions have achieved 81% and 76% on 3/4" and -3" crush material respectively in 40 days, based upon bottle roll cyanide leach and calculated head grade analyses, and leaching of gold in both columns continues.
Further, Miramar Mining Company in their 1991 Annual Report reported 82% extraction of gold in 56 days from a column test run on unagglomerated -3/8 inch particle size material from the historic resource area, with low cyanide consumption. The head grade was unreported.
The Bruner Project
The Bruner Project is situated in central Nevada, fifteen miles north of the Paradise Peak mine, forty-five miles northwest of Round Mountain and twenty-five miles east of the Rawhide mine. Historic production included about 100,000 ounces at an average grade of 0.56 opt gold. Since commencing drilling with Canamex in November 2011, the project has completed 14 drill holes through reverse circulation techniques.
About American International Ventures, Inc.
American International Ventures, Inc. (AIVN) focus is gold and silver exploration and ore extraction, operating in Nevada through Placer Gold Prospecting, Inc., its wholly owned subsidiary. The Company focuses on gold and base mineral resource properties that have historically produced gold and silver until 1942 when all gold production in the United States was halted due to World War II. AIVN currently owns 11 mines in Nevada.
Cautionary Note Regarding Forward-Looking Statements and Information concerning mineral resources. This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of mining programs, anticipated exploration and metallurgical test program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for any mining or production at Golden Eagle Mineral are to be considered forward-looking statements. Except as required by the Federal Securities law, AIVN does not undertake any obligation to revise or update any forward-looking statements contained herein after the date hereof.
IR/Princeton Research Michael King Phone: 702-650-3000 E-mail: email@example.com Website: www.princetonresearch.com