Batero Gold Provides Corporate Update
VANCOUVER, BRITISH COLUMBIA – November 30, 2011 - Batero Gold Corp. (TSX-V: BAT) is pleased to announce the completion of its 55,755-metre 2011diamond drill program and announces all drill core from the 2011 program is currently being analyzed at ALS Minerals’ laboratories. The Company anticipates receiving final drill results from the entire 2011 drill program during December, 2011 and will verify these results once received. The Company anticipates finalizing its initial resource estimate by the end of the year, and will publish its first independent resource estimate report by Roscoe Postle Associates Inc. in January, 2012. The mineral resource estimate report will comprise approximately 60,000 metres of diamond drilling and include the results from the Company´s initial metallurgical test work prepared by G&T Metallurgical Services.
Following the publication of the initial mineral resource estimate in January, 2012 the Company will continue aggressively developing the project by immediately initiating a Preliminary Economic Assessment (PEA). The work program will include additional metallurgical studies on representative samples from each deposit area for both higher grade near surface oxide zone mineralization and primary sulphide associated mineralization in order to determine an optimal mining process flow sheet, infill drilling of the mineralized centres discovered during the 2011 drill program, as well as an orientated drill program for geotechnical and hydrogeological models to support pit slope designs, and a mine infrastructure location study.
Simultaneously, the Company will build upon 2011’s successful field exploration and diamond drill program by strategically expanding the near and at surface higher grade gold mineralization at La Cumbre porphyry that remains open in all directions, and the Company will define the size and extent of the near surface high grade gold epithermal mineralization in and adjacent to the Amarilla Structural Corridor, which is contiguous to the eastern boundary of La Cumbre porphyry. This high priority target is over 3 kilometres in length, ranges from 200m to 400m wide, and strikes NNW-SSE across the Company´s concessions. Significant 2011drill hole highlights in the Corridor include QAP-DDH-034 intersecting from 9.80 metres below surface (inclined 60 degrees) 5.80 metres grading 11.42 g/t gold.
Further to defining the higher grade gold oxidation zone, in 2012 the Company will test the continuation of this mineralized horizon to the east beyond the eastern contact of La Cumbre porphyry past the Amarilla Structural Corridor to an under explored area called El Cedral. Initial prospecting in this area confirms an extensive oxidation horizon with anomalous gold-in-soil anomalies.
The Company will continue to evaluate all data received from the 2011 diamond drill program to finalize a focused follow-up drill program both to expand the initial resource and to work towards defining future mineral reserves. The areas to be included are the Matecana porphyry target in the south, La Cumbre porphyry, the El Centro Zone and the Dos Quebradas porphyry in the north; these mineralized centres occur within an area of an approximate and continuous N-S strike length greater than 2.8 kilometres by 1.5 kilometres E-W.
The substantive work completed during 2011 coupled with an efficient, targeted and systematic diamond drill program in 2012 (as described above) and a comprehensive phase 1 field exploration program on additional unexplored high priority and prospective exploration targets located immediately adjacent to the current project area (over 50% of the project area is yet to undergo phase 1 field exploration), the Company anticipates it will significantly further the overall project size and deposit potential in 2012.
Beyond the significant economic, technical and operational successes achieved from the first full year of operation, the Company has also built strong, unique, and dedicated social and environmental programs that have contributed significantly to successfully completing the 2011 program on time and on budget. Examples include implementing a complete drill water recirculation system, minimizing the requirement for continued fresh water via use of treated and rain water in the recirculation process, continuous water monitoring and flora and fauna baseline studies integrated into socialization events in the communities nearby the project area as educational and capacity building initiatives. Potential environmental offset areas are now identified and will be shortlisted and formalized as the development of the project progresses.
An initial farming optimization project entailing the relocation of specific crops to more appropriate terrains resulted in significant measureable increases in agricultural production for the local participants, and the strategy of employing the local community contributed to efficient and strong local support for the project.
Other social and environmental program steps that have been taken include:
- Completion of a detailed socio-economic survey of the area, with particular attention to water quality, access to electricity, access to sanitation, education level, and other basic services.
- Initiatives, based on the results of the survey, to promote improved water quality, better sanitation services, educational support and cultural programming.
- Adoption of leading-edge exploration practices to ensure the local environment is protected during the exploration process.
- Establishing a five-person community outreach team to foster a two-way exchange of information among the company and the stakeholders.
- Setting up programs to assist local community members with job creation and employment, crafts, tourism, farming techniques and other opportunities in support of a sustainable local economy.
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-copper porphyry 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 that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strategic share structure with strong 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:
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; the timing of the delivery of a resource estimate on the Batero-Quinchia Project; potential existence and size 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 and potential mineral recovery processes.
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 Filing Statement dated as of June 22, 2010 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.