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Batero Gold Corp. Provides Exploration Program and Corporate Update
VANCOUVER, BRITISH COLUMBIA -- August 20, 2010 - Batero Gold Corp. (TSX-V:
BAT) Mr. Brandon Rook, President & CEO, Batero Gold Corp. ("The Company") is pleased to provide an exploration program and general corporate update.
Project Highlights Include:
-- A Phase 2 drill program comprising 15,000 meters and three drill rigs
commencing September 2010
-- Completion of an 80 line kilometre grid covering historic mineralized
target centers and new occurrences including visible shears and numerous
On July 22nd, 2010 the Company closed on its Qualifying Transaction ("QT") by acquiring certain resource properties in Colombia. The Batero-Quinchia Project ("the "Project") is located in the Municipality of Quinchia, Department of Risaralda, Colombia and is held through the Company's Colombian subsidiary, Minera Quinchia S.A.S. (MQ). The Company holds a 100% interest in the Project with no underlying NSR's payable to land owners. Batero holds all necessary environmental and other permits to allow it to implement its proposed work programs. The Company has also made and continues to make necessary arrangements with surface rights owners so that there are no impediments to moving forward with an extensive and aggressive drill program.
Though the acquisition closed July 2010, work was ongoing in Colombia to establish operations and corporate structures. As a result, the Company is a fully functioning exploration and development company with offices in Colombia and Canada. Phase 1 of the exploration program has begun at the Company's Batero-Quinchia Project.
Highlights of the Phase 1 program include the following:
1. Surveying and line cutting of an 80+ line kilometre grid; (See Figure 1:
The grid surface area encompasses three mineralized target centres; two of which have been defined as primary gold porphyries, La Cumbre being priority one.
Also, the grid will encompass other new occurrences recently mapped; namely, multiple breccia zones, visible shears and other fault zones. The primary structures are interpreted by Batero's Colombian geological team as potential multiple shallow dipping bedded shear zones emplaced via several tectonic pulses (i.e. multiple geological events). Significantly, these structures are located contiguous and adjacent to the two mineralized porphyries and are visually prominent in the location bounding to the east of La Cumbre porphyry. The primary structures generally trend north-south and north-northwest to south-southeast project-wide. The project area was recently mapped in detail by Batero geologists. Other significant results from the field mapping program were cross-cutting east-west faults to the primary structure and at these intersections historic artisan mine workings are present.
A highlight of the mapping program includes surface widths of the shear zone contiguous to the La Cumbre porphyry measuring up to 200 metres locally with a surface trend expression greater than 2 kilometres.
2. A systematic, detailed, geochemical sampling program is underway;
3. Ground geophysics survey at 50m east-west line spacing. The survey will comprise Induced Polarization, Radiometrics, and Total Field Magnetics.
4. Targeted channel sampling program has been prioritized from the results of the Phase 1 detailed and systematic project-wide field mapping program. Examples of high priority target channel sampling areas include:
-- Piedras Creek,
-- Granates Creek,
-- La Cumbre Creek and
-- Amarilla Creek.
5. Continue the comprehensive project-wide detailed mapping program to identify other prospective areas within the Batero-Quinchia project area.
The Batero-Quinchia Project is located in the prolific Middle Cauca Belt which hosts two significant gold deposits: Marmato deposit (Medoro Resources) - located approximately 20 km's north of Batero-Quinchia; and La Colosa deposit (AngloGold Ashanti) - located approximately 60 km south of Batero-Quinchia. This belt is also host to other recognized porphyry gold deposits (primary) including Sunward's Titiribi, Bellhaven's La Mina, and B2 Gold's Quebradona.
As this Phase 1 geological field program moves towards completion, the Company is preparing to implement the Phase 2 drill program, comprising 15,000 meters and three drill rigs.
Batero's primary short term objective is to generate a compliant NI 43-101 resource estimate. The Company has the necessary financing in place to achieve this goal and it has established a strong management and technical team to implement the Company's strategic plans.
The Company has commenced taking the necessary steps to ensure it has the infrastructure and support which will assist in achieving the established objectives.
Some highlights of the Company's corporate progress include:
1. The Company today is a fully functioning robust operation with 3
a. Quinchia, Colombia - Exploration Office - within 10 kilometres via a
well-built gravel road to the central project area at La Cumbre
b. Bogota, Colombia - Colombian Corporate and Administration Head
c. Vancouver, Canada - Batero Gold Corp. Head Office.
2. Batero's Colombian operations (which are administered conjunctly between
Bogota and Vancouver) comprise 7 departments today with committed
consultants and hired personnel. Batero is confident that it is
comprised and led by some of the top Colombian's working in the
technical, strategic, social, environmental, economic, and legal
Batero's Colombian departments include: (all departments functioning
with active managers)
b. Social - "Community Communication-Education-Development" - key
individuals have been in similar work capacities for 8+ years and
located in the Quinchia district and specifically, the majority of
time, these individuals were located at or very near today's Batero
c. Environmental - the Company has spent the past four months
conducting environmental baseline studies and preparing
environmental assessment reports while working diligently in the
community with the social department garnering strong support for
the project and significant community involvement through low impact
development in relation to the phase 1 aspect of the project;
f. Administration and Logistics.
Overall in a short period of time the Company has made a successful transition to an exploration and development Company with its focus on exploration for gold in Colombia.
Colombia has recently transitioned from President Uribe's democratic, highly successful Government over the past 8 years to President Santos and his new Government. President Santos' platform, as defined in his recent inaugural address exemplified strength to continue moving the country in a strong, independent democratic path set by the previous Government.
President Santos, in his inaugural speech defined succinctly 5 National objectives for his Government and the Country. Uniquely, the President named as one of Colombia's five National objective's the support and encouragement for strong and positive development specifically for the Exploration and Mining Industry. Batero regards this as a significant statement and is encouraged and motivated to be a positive citizen for Colombia in the context of this National objective and the Batero-Quinchia Project.
Darren Anderson, P.Geo, the qualified person for the company, has reviewed the accuracy of the technical portion of the news release.
ON BEHALF OF THE BOARD OF
BATERO GOLD CORP.
President & CEO
Batero Gold Corp.
For further information please contact:
Batero Gold Corp.
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 the right to earn a 100% ownership in the Quinchia Project, comprising a 1407.43 hectare tenement. The 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.