Guyana Frontier Signs Contract for 2012 Drilling at Marudi Mountain Gold Project
VANCOUVER, Dec. 22, 2011 /PRNewswire/ - Guyana Frontier Mining Corp. ('Guyana Frontier') is pleased to announce that a contract has been signed for a 2012 drilling program at the Marudi Mountain Gold Project ('Marudi Mountain') located in southern Guyana, South America. Versa Drilling Inc. of Georgetown, Guyana has been contracted for a minimum of 3,000 metres of diamond drilling on the Marudi North and Mazoa Hill target areas. Mobilization of drilling equipment is expected to begin in the first week of January 2012.
In the Marudi North target area, drill pads have been prepared for the program, in which a minimum of 12 holes of 200 to 350 metres depth are planned. The purpose of the program is to test gold mineralization in outcrops that were exposed in 2011 trenches, drill targets that have not been the subject of previous drilling. Guyana Frontier's trenching work at Marudi North in the fall of 2011 identified these targets based on a strong association with gold mineralization at the contact with a group of quartzite-metachert rocks (see Guyana Frontier's news release dated October 31, 2011).
Confirmation holes are also planned for the southern Mazoa Hill target area, where previous explorers encountered significant gold mineralization in the 1990s. In July 2011, Guyana Frontier's re-logging and re-sampling of the split core from Mazoa Hill historical hole 91-60 returned a weighted average of 2.61 grams/tonne gold over 151.80 metres, which included 111.05 metres of 2.96 grams/tonne gold from 0.00 - 111.05 metres (see Guyana Frontier news release dated August 24, 2011).
The technical work disclosed in this document was planned and reviewed by Locke Goldsmith, M.Sc., P.Eng., P.Geo., who is a Qualified Person as defined in National Instrument 43-101, and is responsible for all technical information contained in this news release.
About Marudi Mountain
Marudi Mountain consists of one Mining Licence totaling 13,502 acres (5,464 hectares) located in southern Guyana approximately 500 kilometres (330 miles) from the capital city of Georgetown. Guyana Frontier holds a 100% interest in the Project, subject to a 2% net smelter returns royalty ('NSR').
Guyana Frontier also holds a 100% interest in the adjacent Paint Mountain property ('Paint Mountain'), subject to a 2% NSR. Paint Mountain consists of one Prospecting Licence totaling 8,848 acres (3,581 hectares) and remains largely underexplored. Guyana Frontier has recently commenced exploration at Paint Mountain. Rock and stream sediment samples have been collected and sent for geochemical analysis and petrography. A portion of the property has been selected for detailed mapping and sampling on the basis of favourable geology and the presence of artisanal alluvial gold miners. Airborne geophysical surveys are planned for both Paint Mountain and the Marudi Projects for 2012.
About Guyana Frontier
Guyana Frontier is a public mineral exploration company listed on the TSX Venture Exchange
, and is focused on the exploration, discovery and development of precious metals deposits located within Guyana, South America. Guyana Frontier began acquiring interests in Guyanese exploration properties in 2007, and now holds various rights to obtain working interests in approximately 342,000 acres (138,400 hectares) of prospective lands. Guyana Frontier's goal is to develop a significant gold resource at Marudi Mountain, and to explore its other Guyanese projects using funding from exploration partners.Neither the 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.
Forward Looking Statements
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of minerals; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Guyana Frontier has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Guyana Frontier Mining Corp.
CONTACT: about Guyana Frontier, please visit our website
at www.guyanafrontier.com or contact Warren Stanyer, President and CEO,
at 604-558-0077.
