True Gold Mining Inc.: Goulagou Drilling Intersects 3.75 g/t Gold Over 56.0 Metres
True Gold Mining Inc.: Goulagou Drilling Intersects 3.75 g/t Gold Over 56.0 Metres
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/06/13 -- True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to report that large-diameter metallurgical core drilling at the Company's flagship Karma Gold Project ("Karma Project") in Burkina Faso has returned broad intersections of high-grade gold mineralization at the Goulagou I and Goulagou II deposits.
Significant drill hole intercepts returned include:
-- 3.75 g/t gold over 56.0 metres, in GLG-DD-12-112 -- 4.43 g/t gold over 24.0 metres, in GLG-DD-12-109 -- 2.53 g/t gold over 22.0 metres, in GLG-DD-12-107 -- 2.22 g/t gold over 22.0 metres, in GLG-DD-12-114 -- 2.65 g/t gold over 14.0 metres, in GLG-DD-12-110
(See map on the True Gold Website for the location of the holes, or click on this link: http://www.truegoldmining.com/sites/default/files/KarmaDrillMap1307. pdf.For a full table of results related to gold mineralization, please click on this link: http://www.truegoldmining.com/sites/default/files/KarmaDrillResults1 307.pdf)
The recent HQ-sized core drilling campaign at the Goulagou deposits totaled 1,369.40 metres in 16 holes drilled within the pit shells. The holes were drilled as part of a comprehensive metallurgical program to support the Definitive Feasibility Study ("DFS"), which is currently underway on the Karma Project. The holes were drilled at 180 and 360 degree azimuths on north-south oriented cross-sections in the western, central, and eastern portions of each deposit, with dips ranging from -45 to -60 degrees, and a maximum depth of 120.0 metres.
The DFS is based on a 1.03 million ounce, in-pit indicated leachable resource averaging 0.94 g/t gold (34.2 million tonnes)(1).
Scott Heffernan named VP, Exploration
True Gold is pleased to announce the appointment of Mr. Scott Heffernan, M.Sc., P.Geo, as the Company's new Vice President, Exploration. Mr. Heffernan has more than 15 years of international exploration and management experience, and has designed and implemented multi-million dollar exploration programs that have led to several significant gold and base metal discoveries.
Mr. Heffernan was Vice President, Exploration for Blue Gold M ining Inc. prior to its merger with True Gold. Previous to that, he held the dual positions of Vice President, Exploration for Wealth Minerals Ltd., and Exploration Manager, Argentina for Cardero Resource Corporation.
"Mr. Heffernan is a quality addition to the True Gold Owner's Team," said Dwayne Melrose, President and CEO, True Gold. "His proven industry experience and ability to effectively manage and target large exploration programs will greatly assist our efforts to upgrade deposits and add new discoveries at our target-rich Karma property, and advance our understanding of a large, widespread, in-situ gold system at Liguidi."
Mr. Paul Anderson has resigned from his position as the Company's Vice President, Exploration. Mr. Anderson has been an integral part of the Company's team, and helped identify exceptional exploration properties at Liguidi and Karma. True Gold extends its appreciation for his contributions to the Company, and wishes Mr. Anderson all the best in his future endeavours.
Ian Cunningham-Dunlop, P. Eng., Senior Vice President Exploration, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the information contained in this release is accurate and approves of the written disclosure of same. True widths are estimated to be 50 to 90% of the intersected widths. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. Assays were by Fire Assay with AAS finish and repeats of all AAS assays over 1.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis every ten samples. Results were monitored on receipt of assays.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a profitable gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in the capital markets and gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne Melrose, President & CEO
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to mineral resources, the assumptions set forth in this news release and in the Company's news release of October 3, 2012 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the Definitive Feasibility Study on the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
(1) See the Company's news release dated October 3, 2012 and independent NI 43-101 compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.
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: True Gold Mining Inc. Vancouver Office 604-801-5020 firstname.lastname@example.org
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