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Batero Gold Completes 100% Acquisition of Two Historic Gold Mines on Batero-Quinchia Project
VANCOUVER, BRITISH COLUMBIA -- May 10, 2011 - Batero Gold Corp. (TSX-V: BAT) is pleased to announce a strategic 100% acquisition of two historic, artisanal gold mines at its Batero-Quinchia project in Risaralda Department, Colombia. The transaction was an arm's length cash only transaction.
"We are extremely pleased to acquire these two gold mines within what is developing to be a potentially high-grade corridor that we call the 'Amarilla Structural Corridor,' located within the Structural Knot target area" said company President and CEO, Brandon Rook. "The location of these mines within the 'Amarilla Structural Corridor' is directly adjacent to the east of what may also be a developing structural corridor containing the La Cumbre porphyry which continues to be delineated both to the north and south within the east and west structural controls defined to date."
Located directly adjacent to Batero's La Cumbre porphyry corridor and within the Structural Knot target area (see Figure 1 and also see location map in project section of www.baterogold.com) the mines, named Mandeval and La Cumbre, are separated within this corridor by approximately 600 metres along strike. The corridor's width approximates 200 to 400 meters (see Figure 1) and possibly includes the Miraflores mine, located further south and off the company's project.
Batero's work is advancing productively thanks in part to the company's ongoing work to foster positive relations with local stakeholders, which now includes all the small mine operators located on Batero's property that have been successfully integrated into the Batero-Quinchia Project. The company views these successful negotiations as a significant highlight representing the company's strong social commitments to the overall project and the full understanding that relationships such as this are fundamental for the long-term sustainability of the project.
"We believe it's important to provide local miners and all others in the community with opportunities to become involved as partners in the Batero-Quinchia Project," said Mr. Rook. "I'm pleased to see that these local partners see the long-term value in their relationship with Batero as much as Batero values the strength and support of the local people's and their skills to contribute to the long-term sustainability of the Batero-Quinchia Project."
La Cumbre Mine
The La Cumbre Mine area, which is comprised of strong potassic alteration within a focused surface area approximately 200m x 200m, has seen artisanal exploitations for over 20 years. Local miners have also reported that another potential potassic center may exist 250 metres NW of this mine area, but was historically unstable and eventually buried. Part of Batero's current work aims to explore this area further and prove its potential.
La Cumbre mine includes nine tunnels with lengths varying between 15 and 250 metres. Due to the presence of several unstable zones the main tunnel is currently being rehabilitated. Gold values will be confirmed with a comprehensive sampling program that Batero will conduct once the tunnel's structural stability is secured.
The Mandeval Mine is located about 600 m NW of La Cumbre sector (see Figure 1) and it is also within a center of strong potassic alteration. The tunnel is approximately 160-metre's in length and is in the process of being stabilized with the highest safety standards. Once complete, Batero will follow-up with a comprehensive sampling and mapping program.
According to the miners, exploitation was stopped approximately 2 years ago due to a lack of a mining tenement and necessary license for explosives.
Within the 'Amarilla Structural Corridor', Batero has located other significant historic workings that have collapsed. These are located approximately 350 metres to the south of La Cumbre Mine, on La Cumbre Creek, in the Matecaña Sector area (See Matecana Sector circled on Figure 1). This extends the known historic workings and mines to over one kilometer in strike length.
To view pictures of the mines follow the links below:
La Cumbre Mine Photos: Click here
Mandeval Mine Photos: Click here
ON BEHALF OF THE BOARD OF
BATERO GOLD CORP.
President & CEO
Batero Gold Corp.
For further information please contact:
Batero Gold Corp.
Tel: 604.568.6378 or
About Batero Gold:
Batero Gold Corp. (TSX-V:BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold porphyry target centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia whom have contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its share structure with strategic local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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