Batero Gold Files Ni 43-101 Technical Report and Announces 2012 Plans for Batero-Quinchia Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/12 -- Batero Gold Corp. ("the Company") (TSX VENTURE: BAT) is pleased to announce that the Technical Report for the Company's initial National Instrument 43-101 mineral resource estimate for the Batero-Quinchia project located in Colombia (the "Project") has been filed on SEDAR. The Company also announces its planned 2012 work program, which includes evaluating the potential of a high grade development option at the La Cumbre porphyry deposit in the southern area of the mineral resources.
The Technical Report titled "Technical Report on the Batero-Quinchia Project, Department of Risaralda, Colombia" and dated "February 24, 2012" has been filed on SEDAR (www.sedar.com) and is also available on the Company's website at www.baterogold.com.
Highlights of Mineral Resource Estimate and Work Program for 2012
-- Significant zones of higher grade gold mineral resources exist at
various cut off grades within a Whittle pit shell at the Project:
-- 2.9 M ounce indicated resource in 165 M tonnes averaging 0.56 g/t
gold and 1.6 M ounce inferred resource in 107 M tonnes averaging
0.47 g/t gold (at a 0.3 g/t cut off)
-- 1.9 M ounce indicated resource in 81 M tonnes averaging 0.72 g/t
gold and 0.7 M ounce inferred resource in 32 M tonnes averaging 0.66
g/t gold (at a 0.5 g/t cut off)
-- Company to focus on evaluating a high grade development option at the La
Cumbre deposit in the southern area of the mineral resources
-- Gold mineralization at La Cumbre occurs as large continuous bodies along
a northwest-southeast corridor that extends beyond the mineral resources
-- High grade epithermal gold mineralization discovered at La Cumbre and
adjacent Amarilla Structural Corridor has potential to increase gold
ounces in the mineral resources and beyond
-- Potentially significant volume of oxidized gold mineralization outlined
at La Cumbre may be amenable to low cost heap leach mineral processing
-- $8 million, 12 month work program planned at the Project, including a
15,000 metres drill program and an updated mineral resource estimate
within a Preliminary Economic Assessment for the La Cumbre area of the
Project
"We are pleased to file the technical report on the Batero-Quinchia project, which provides the full details of the initial mineral resource estimate, gold grade sensitivity analysis and outlines the near term growth potential of the Project," stated Brandon Rook, President and Chief Executive Officer. "We look forward to further advancing the Project in 2012 with a focus on increasing the higher grade gold resources at the La Cumbre deposit in the southern area of the Project. There are multiple targets and opportunities to be drill tested in 2012. We will be evaluating the potential to expand mineral resources and improve overall project economics within a Preliminary Economic Assessment at La Cumbre."
Potential at La Cumbre Porphyry Deposit Area
The current mineral resources at the Batero-Quinchia project are situated within a two kilometre by 600 metre wide mineralized trend that encompasses three porphyry deposits - the La Cumbre, El Centro and Dos Quebradas porphyries. The mineral resources at the Project are defined by a Whittle pit and associated economic parameters. The exploration potential for additional gold ounces is identified in a gold envelope outside of the Whittle pit that is based on mineralization already intersected in the immediate vicinity of the resource. The La Cumbre deposit, the southern-most porphyry, contains a majority of the near surface, high grade mineral resources and will be the main focus for growth for the Company in 2012.
Multiple targets exist at La Cumbre for upgrading and expanding the mineral resource. There is a clear northwest-southeast mineralized trend at La Cumbre that remains open beyond the Whittle pit and gold envelope (see Figure 1: http://media3.marketwire.com/docs/RCBM.pdf), and will be drill tested for resource expansion. Geophysical and geochemical anomalies associated with the La Cumbre deposit also remain open to the south (see Figure 2: http://media3.marketwire.com/docs/LC.pdf) and will be evaluated. In addition, high grade epithermal mineralization, previously exploited by artisan miners, was discovered within and adjacent to the La Cumbre deposit and requires further investigation for overall grade improvement.
The 2012 drill program will also evaluate the opportunity to improve project economics through low cost heap leach mineral processing. At surface to a depth of 70 metres at the La Cumbre deposit is an oxide horizon. Below the oxide horizon is a thicker transition horizon, over a vertical distance of 150 metres to 200 metres, which overlies the primary sulphide mineralization. The oxide and transition horizons will be evaluated to determine if they are amenable to low cost heap leach mineral processing.
Batero-Quinchia Project Mineral Resources
The mineral resources at the Batero-Quinchia project are defined by a Whittle pit and associated economic parameters. A gold grade sensitivity analysis is presented in Chapter 14 of National Instrument 43-101 mineral resource estimate.
Mineral Resource Estimate
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Category/Zone Tonnes (000s) Gold (g/t) Gold Ounces
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Total Indicated Resource 248,500 0.44 3,546,000
Total Inferred Resource 242,400 0.33 2,588,000
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Notes for Mineral Resource Estimate:
1. CIM definitions were followed for mineral resources.
2. The Qualified Person for this mineral resource estimate is Luke Evans,
M.Sc., P.Eng.
3. Indicated and Inferred resources are estimated using a gold price of
US$1500 per ounce.
4. A gold recovery factor of 80% was used based on preliminary
metallurgical test work.
5. Indicated and Inferred resources are constrained by a Whittle shell and
reported at a 0.16 g/t gold cut-off grade.
6. Totals may not represent the sum of the parts due to rounding.
The mineral resource estimate record date of February 24, 2012 for the Batero-Quinchia project was prepared by Roscoe Postle Associates Inc. of Toronto, Canada under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The Exploration Potential for additional gold ounces is identified in a gold envelope outside of the Whittle pit. The Exploration Potential is based on mineralization already intersected in the immediate vicinity of the resource, but not included in the resource estimate, and contains 1,500,000 ounces to 3,500,000 ounces gold within 100,000,000 tonnes to 400,000,000 tonnes grading 0.25 g/t to 0.45 g/t gold. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in this target being delineated as a resource.
The Mineral Resource estimate and other scientific and technical information contained in this news release were prepared by or under the supervision of Mr. Paul Chamois, M.Sc. (Applied), P.Geo., and Mr. Luke Evans, M. Sc., P.Eng., of Roscoe Postle Associates Inc., who are independent "Qualified Persons" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
About Batero Gold:
Batero Gold Corp. (TSX VENTURE: 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; resource estimate, grades on the Batero-Quinchia project; scope 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.
Contacts:
Batero Gold Corp.
604.568.6378
604.568.6834 (FAX)
info@baterogold.com
www.baterogold.com
