Phase 1 of IP Survey Completed and Drilling Started on New Targets
TORONTO, ONTARIO -- (Marketwire) -- 11/02/11 -- Unigold Inc. (TSX VENTURE: UGD) is pleased to announce that the first phase of its IP survey has been completed. New targets have been identified which are located along strike from existing known gold mineralization, established by previous geochemical indicators and drilling. Based upon the promising results from the geophysical survey, and the potential to significantly expand the area of known gold mineralization the Board of Directors has authorized additional work. Diamond drilling has now resumed to test the new targets identified.
Phase 1 of the IP survey was conducted over the summer on the Candelones and MGN properties. 150 kilometers of IP gradient survey was completed, with a line spacing of 200 m covering approximately 10km of strike length along the prospective contact between andesite and dacite lithologies.
Drilling resumed in October on the most prospective targets. Unigold plans to complete 3,000 m to 4,000 m diamond drilling at the Candelones IP targets and 2,000 m diamond drilling at MGN IP targets. The drill program will likely extend into 2012.
On October 28, 2011, Daniel Danis resigned as President and Chief Executive Officer. As previously announced, Andrew Cheatle has assumed the position of President and CEO. The Board thanks Mr. Danis for his contributions. Mr. Cheatle was also appointed to the Board of Directors.
Technical information in this press release has been reviewed and approved by Andrew Cheatle, P. Geo., President and CEO of Unigold Inc., who is a qualified person under the definitions established by National Instrument 43-101.
About Unigold
Unigold is a growth-oriented junior natural resource company focused primarily on exploring and developing a large land position in the Dominican Republic which is highly prospective for gold mineralization.
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.
Contacts:
Unigold Inc.
Mr. Andrew Cheatle
President and CEO
1 (416) 866-8157
unigold@unigoldinc.com
www.unigoldinc.com
