Batero Gold Provides Development and Exploration Update at Batero-Quinchia Project, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- Batero Gold Corp. (TSX VENTURE: BAT) ("Batero" or "the Company") is pleased to provide a corporate update regarding the successful exploration and development efforts at its Batero-Quinchia Project ("the Project"). Batero continues to make significant progress in both advancing the Project's La Cumbre gold deposit towards development and defining high priority exploration targets for the Company's 2013 drill program.
Preliminary Economic Assessment for La Cumbre Oxide Gold Deposit Anticipated for Q2 2013
Batero expects to release a Preliminary Economic Assessment ("PEA") during the second quarter of 2013. Progress to date includes infill drilling of the high grade core, geotechnical drilling to assess pit wall slope angles and stability, metallurgical bottle roll and column tests on a matrix of mineralized units, and an infrastructure assessment. Geotechnical engineering is ongoing with Knight Piesold. The results of this engineering, as well as both the results of all 2012 drilling and metallurgy test work completed by C.H. Plenge & Cia. S.A. and SGS del Peru S.A.C., will be utilized by Roscoe Postle Associates Inc. to produce this PEA, which will require no further drilling.
Batero is focused on moving the near surface oxidized gold mineralization through full feasibility to construction as soon as possible. The Company interprets the dominantly fracture controlled near surface oxidized gold mineralization to be amenable to a lower cost leach process.
Please see 'Figure 1 - Batero-Quinchia Deposit - Focus on Near Surface Oxide Mineralization': http://media3.marketwire.com/docs/b227m.pdf
Following the completion of the PEA, the Company expects to initiate a full Feasibility Study during the second half of 2013. Currently, the Company is assessing all options in preparation for the initiation of this Feasibility Study, including the coordination of final metallurgical testing, hydrological studies, and the remaining environmental baseline studies. Batero anticipates that the Feasibility Study will reach completion within 12 months of commencement. The Company is fully funded to proceed through this Feasibility Study without any dilution to shareholders.
"Batero continues to make progress in evaluating an optimal mine scenario," stated Brandon Rook, Batero's Chief Executive Officer. "Considerations include both a leach processing circuit and the optimum starter pit production rate from the higher grade oxidized gold mineralization at La Cumbre, which represents just one of three porphyry deposits at the Batero-Quinchia Project. The development of a prospective starter pit at La Cumbre could potentially serve as the first phase of a larger staged mine development. Our progress on this strategic decision has been greatly accelerated by the operational expertise of our strategic partner, Consorcio Minero Horizonte."
2013 Exploration Program - High Priority Drill Targets and New High Grade Samples
Batero is pleased to announce that its 2013 work program includes an exploration budget. The Company will utilize this budget to focus on new discoveries at the Project, specifically targeting the 60% of the concession area that remains unexplored. The Company has identified three new areas at the Project that are considered highly prospective, and anticipates building upon the field work to date to identify additional targets. The primary goal of the exploration program will be to discover areas of high grade epithermal gold mineralization. The Company has identified over one kilometre of historic tunnels at the Project, and recently discovered additional tunnels by tracing out gold-in-soil soil anomalies within the northeast geographic sector of the concession. Samples of brecciated rock and vein material from these tunnels returned high-grade gold assays.
Linerar Chip Sample Results from Newly Discovered Northeast Tunnels
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Sample Sample Type Lithology g/t g/t
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Au Ag
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MQ-6017 2 metre linear Hydrothermal breccia with oxidized 6.3 8.97
chip quartz-sulphide veins
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MQ-6018 2 metre linear Hydrothermal breccia with oxidized 1.59 4.19
chip quartz-sulphide veins
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MQ-6019 2 metre linear Hydrothermal breccia with oxidized 14.35 11.45
chip quartz-calcite-sulphide veins
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MQ-6020 2 metre linear Hydrothermal breccia with oxidized 1.715 3.03
chip quartz-sulphide veins
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Prior drilling results in La Cumbre established the presence of high-grade mineralization, as evidenced by:
- Drill Hole LC003 grading 43.40 g/t gold over 2.00 meters, 28.00 meters below surface
- Drill Hole LC055 grading 14.70 g/t gold over 2.00 meters, 41.00 meters below surface
- Drill Hole LC038 grading 10.30 g/t gold over 4.00 meters, 65.50 meters below surface
"We are encouraged by recent high-grade exploration discoveries which are defining new high priority drill targets," stated Mr. Rook. "With 60% of the property unexplored, we believe the long-term exploration potential is significant. The goal of these ongoing exploration activities is to determine the potential for higher grade gold vein systems within the Batero concession and associated with the known porphyry systems."
"As a new Director of Batero, I am pleased with the progress to date at the Batero-Quinchia Project," stated Felix Navarro-Grau. "Establishing the La Cumbre deposit as a successful gold mining operation is our primary goal, and we are committed to achieving this goal as soon as possible. I am confident that both the development of La Cumbre's oxide deposit and the continued exploration of the Batero-Quinchia Project will yield significant shareholder value."
From March 3 to 6, 2013, Batero will be exhibiting at the Prospectors and Developers Association of Canada event at the Metro Toronto Convention Centre in Toronto, Canada. Existing and prospective shareholders are encouraged to visit the Company at Booth 3230. On March 5, Darryl Lindsay, Ph.D., P.Geo, Batero's Chief Operating Officer, will be co-chairing a technical session on select Colombian projects. Please visit http://www.baterogold.com/en/investors/events for more details on the Presentation - Jackpot at 8 Ma: Select Mineral Deposits in the Middle Cauca Gold Belt.
Please visit www.baterogold.com for all maps.
Sample Preparation, Assays, and Quality Assurance/Quality Control
Darryl Lindsay, Ph.D., P.Geo., Senior Vice President and Chief Operating Officer at Batero Gold, is the qualified person as defined by National Instrument 43-101 and is responsible for the technical information provided in this release and all future news releases.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development company focused in the emerging and prolific Mid-Cauca porphyry gold and copper belt in the Quinchia district of Colombia. Batero has a 100% interest in the Batero-Quinchia gold project and is currently focused on advancing La Cumbre deposit toward a production decision optimizing the most efficient leach processing circuit. The Company is first targeting the near and at surface higher grade oxidized gold mineralization. Batero has assembled a strong management and technical team that have contributed to significant discoveries and mineral development programs in Colombia and South America. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its Batero-Quinchia exploration project into a gold producing operation. Shares of the Vancouver-based company trade on the Toronto Venture Exchange under the symbol BAT.
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: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit, 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
info@baterogold.com
www.baterogold.com
