Advance Gold Corp. ("Advance") is pleased to announce that African Barrick Gold Exploration (Kenya) Ltd a subsidiary of African Barrick Gold Plc. (LSE:ABG) ("ABG") has completed the drilling of 325 Aircore holes for 12,494 metres with results received for 192 holes. Over 20% of the holes assayed to date have returned significant intercepts of greater than 0.1 grams per tonne gold (g/t Au). The drilling program was conducted on Advance's three projects in the Kakamega Dome area in Kenya, East Africa. The work done on the Advance projects will be in conjunction with ABG's regional exploration work on their West Kenya Joint Venture. The three Advance projects include Special License 265 (Bukura), Special License 266 (Sigalagala) and Special License 267 (Rosterman) that cover in total 64km2.
Initial results from 192 reconnaissance Aircore drill holes testing existing gold-in-soil anomalies have been returned with some initial very positive results including:
Average drilling depth from the Aircore drilling is relatively shallow at 30 metres and the KDAC0152 hole ended in mineralization.
Maps available at: www.advancegold.ca
ABG comments "The extensive soil sampling and the Aircore drilling programme have formed the bulk of our planned exploration programme in Kenya in 2013 and these very promising initial results have reaffirmed our belief in the prospectively of the land package. The Aircore drilling programme continues, with more results expected in Q1 2014 from additional scout holes and infill drill lines and will be integrated together with the soil sampling and mapping that has taken place in 2013 to continue to enhance our understanding of the license area and to assist in the targeting of future drilling programmes."
Jim Gillis, President of Advance Gold Corp indicated "We are extremely pleased with the results coming from our West Kenyan Project area. With highly anomalous values coming from more than one target area, we are confident that African Barrick will continue to explore the entire package."
ABG has the right to acquire a 51% ownership interest in the three Advance Special Licenses in consideration for ABG incurring exploration expenditure of US$0.5 million in a defined period of 24 months in relation to those mineral rights. ABG can further increase its interest to 75 % by spending an additional US$ 1million within a further 24 month period.
About Advance Gold Corp: Advance is focused on acquiring and developing gold and precious metal projects in stable jurisdictions with manageable risk. The company has and will continue to identify acquire and add value to overlooked and undervalued assets
About African Barrick Gold plc.: ABG is Tanzania's largest gold producer and one of the largest gold producers in Africa with three producing mines, all located in northwest Tanzania, and several exploration projects at various stages of development.
ABG is a UK public company with its headquarters in London and listed on the Main Market of the London Stock Exchange under the symbol ABG, and has a secondary listing on the Dar es Salaam Stock Exchange. Historically and prior to our initial public offering (IPO), ABG's operations comprised the Tanzanian gold mining business of Barrick Gold Corporation (Barrick), our majority shareholder.
Jeffrey Scott Ackert, a director of the Company and its Vice President Exploration and Business Development, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the exploration information and technical disclosure in this news release.
For further information, please contact:
Jim Gillis, President
Advance Gold Corp.
432 Royal Avenue
Kamloops, BC V2B 3P7
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
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 news release.