Batero Gold commences drill program at La Cumbre deposit
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 20, 2012) – Batero Gold Corp. (“the Company”) (TSX VENTURE:BAT)(PINKSHEETS:BELDF)(FRANKFURT:68B) is pleased to announce the commencement of its 2012 diamond drill program at 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. The drill program is planned to include a minimum 2,000 metres and up to 6,000 metres of diamond drilling including infill, step-out, metallurgical and geotechnical drilling. The work plan will initiate with a single drill rig and will incorporate a second rig as required.
The drill program is part of the 2012-2013 work program designed to advance La Cumbre towards a production decision (please refer to the Company’s news release dated July 18, 2012). The Company is evaluating the most efficient and cost effective mine scenario, including a leach processing circuit and the optimum starter pit production rate from the near and at surface high grade oxidized gold mineralization.
Continuous Zones of High Grade Oxidized Mineralization
Gold mineralization at La Cumbre occurs as large, continuous zones of at surface and higher gold grade oxidized mineralization. (Please refer to the corporate presentation at www.baterogold.com). The 2012 drill program will evaluate potential extensions of the mineral resources and will focus on upgrading the indicated mineral resources to a NI 43-101 compliant measured resource category. Existing drill spacing suggests the possibility that only limited drilling may be required to upgrade the oxidized mineralization to a measured resource category.
The Company believes that step-out drilling has the potential to increase the size of the resources and grade of gold mineralization to determine the potential starter pit at La Cumbre. Zones of high grade oxidized gold mineralization at La Cumbre remain open beyond the current extent of drilling.
Metallurgical and Geotechnical Testing
Initial gold recovery results from bottle roll tests at La Cumbre range from 91% to 94% in oxidized mineralization (see NI-43-101 Technical Report at www.baterogold.com). New drilling is expected to 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 oxidized mineralization at La Cumbre.
The topography and location of gold mineralization at La Cumbre support a low strip ratio for a potential starter pit. Geotechnical drilling will be used to complete initial geotechnical studies in order to assess pit slope angles of a potential starter pit.
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.
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 and geotechnical testing; extensions of mineral resources, 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, potential mineral recovery processes and potential mine scenarios.
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.
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.