Barrick Gold Corp.

Published : January 29th, 2014

African Barrick Gold Exploration (Kenya) Ltd. Reports Results from a Drilling Program at Advance Gol

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Keywords :   Gold | Gold Producer | Kenya | London | Market | Tanzania |

 
African Barrick Gold Exploration (Kenya) Ltd. Reports Results from a Drilling Program at Advance Gold's West Kenya Properties
    30.9 g Au/t over 6.0m Hole KDAC0152

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:

Hole ID East UTM North UTM Elevation Azi Dip Length From To Interval Au
WGS84 36N WGS84 36N metres metres metres metres metres g/tonne
KDAC0152 692059 21586 1524 180 -60 35 29.0 35.0 6.0 30.90
KDAC0135 393595 21304 1517 180 -60 10 0.0 10.0 10.0 1.75
KDAC0161 692535 19976 1485 180 -60 50.5 41.0 50.5 9.5 1.59
including 47.0 50.5 3.5 4.20
KDAC0180 694728 21666 1547 180 -60 80 47.0 80.0 33.0 0.38
KDAC0125 693745 20856 1515 180 -60 42 29.0 35.0 6.0 1.69
including 29.0 32.0 3.0 3.35
KDAC0043 691975 28505 1479 180 -60 12 0.0 5.0 5.0 1.85
KDAC0074 686811 23548 1462 180 -60 29 5.0 17.0 12.0 0.64
KDAC0188 695815 22087 1559 180 -60 23 0.0 23.0 23.0 0.28
including 8.0 14.0 6.0 0.89
KDAC0041 692004 28390 1477 180 -60 20 0.0 2.0 2.0 2.83
Average drilling depth from the Aircore drilling is relatively shallow at 30 metres and the KDAC0152 hole ended in mineralization.

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.

Qualified Person

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
Phone 1.250.314.0186
Fax 1.250.828.2269

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.

You can also view this News Release on our website at:
http://www.advancegold.ca/s/NewsReleases.asp?ReportID=621578

Data and Statistics for these countries : Kenya | Tanzania | All
Gold and Silver Prices for these countries : Kenya | Tanzania | All

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Barrick Gold is a gold producing company based in Canada.

Barrick Gold produces gold, copper and silver in Argentina, in Australia, in Canada, in Chile, in Papua New Guinea, in Peru, in Tanzania and in USA, develops copper, gold, palladium, platinum, rhodium, silver and zinc in Chile, in Dominican Republic, in Pakistan, in Papua New Guinea, in Peru, in Russia, in South Africa and in Tanzania, and holds various exploration projects in Australia, in Canada, in Papua New Guinea and in Tanzania.

Its main assets in production are BALD MOUNTAIN, CORTEZ HILLS, GOLDEN SUNLIGHT MINE and ROUND MOUNTAIN in USA, HEMLO, WILLIAMS UNDERGROUND, DAVID BELL, WILLIAMS, GOLDSTRIKE UNDERGROUND and WILLIAMS OPEN PIT in Canada, GRANNY SMITH MINE, KANOWNA BELLE, KALGOORLIE "SUPER PIT" JV, TURQUOISE RIDGE (GETCHELL), PLUTONIC, OSBORNE, DARLOT, LAWLERS, GOLDSTRIKE OPEN PIT, KUNDANA, RUBY HILL, COWAL, GOLDEN FEATHER and PIPELINE MINING COMPLEX in Australia, ZALDIVAR in Chile, PIERINA and LAGUNAS NORTE in Peru, BULYANHULU, NORTH MARA and TULAKAWA MINE in Tanzania, VELADERO and MARIGOLD in Argentina and PORGERA and GOLDSTRIKE in Papua New Guinea, its main assets in development are DEE PROJECT and GOLD HILL in Peru, PUEBLO VIEJO in Dominican Republic, KAINANTU in Papua New Guinea, BUZWAGI in Tanzania, PASCUA LAMA in Chile, REKO DIQ in Pakistan, FEDOROVA and ROSSI in Russia and SEDIBELO in South Africa and its main exploration properties are PANDORA, HOMESTAKE MINE, MEIKLE GOLD MINE, LAC ELMER, MICHAUD, SOUTH ARTURO and COURAGEOUS LAKE in Canada, KIDSTON, GETCHELL, MOUNT PLEASANT GOLD OPERATIONS, MARYMIA, CLONCURRY COPPER GOLD JV, MT. CARULINA, FUSE WEST, RED HILL and LAVERTON JV in Australia, RIO FRIO S.A., LA ORTIGA, SANTA ROSA, SARITA AND SARITA SUR, REESE RIVER NEVADA and ICBM in Argentina, ANTABAMBA, DONLIN CREEK and PINSON in Peru, KABANGA, REN and KABANGA in Tanzania and NEW BRITAIN ISLAND in Papua New Guinea.

Barrick Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 19.3 billions as of today (€ 18.0 billions).

Its stock quote reached its lowest recent point on November 07, 2003 at US$ 10.03, and its highest recent level on January 04, 2013 at US$ 99.88.

Barrick Gold has 1 165 779 968 shares outstanding.

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9/6/2012(Ren)Bank of America Merrill Lynch Canada Mining Conference
8/16/2012Statement in Relation to African Barrick Gold plc
6/27/2012Ontario Superior Court Rules in El Morro Case
6/25/2012(Ren)Second Quarter 2012 Results Release, Conference Call and Web...
5/15/2012(Ren)Bank of America Merrill Lynch 2012 Global Metals, Mining & S...
4/26/2012Announces Sale of its Shareholding in Highland Gold Mining
4/3/2012Completes Sale of $2.0 Billion of Debt Securities
3/30/2012Announces Pricing of $2.0 Billion Offering of Debt Securitie...
3/1/2012(Ren)BMO Capital Markets Global Metals & Mining Conference
1/20/2012(Ren)CIBC Whistler Institutional Investor Conference
1/10/2012(Ren)Fourth Quarter 2011 Results Release, Conference Call and Web...
11/29/2011(Ren)/ Scotia Capital Mining Conference
7/22/2011Completes Compulsory Acquisition of Equinox Shares
6/22/2011(Ren)Second Quarter 2011 Results Release, Conference Call and Web...
6/15/2011offer for Equinox expires: proceeding with compulsory acquis...
6/7/2011offer for Equinox - Additional shares acquired
6/2/2011Offer for Equinox Successful - Offer Extended
5/31/2011receives Zambian clearance for Equinox acquisition: all regu...
5/29/2011reviews Zambian clearance for Equinox acquisition
5/18/2011receives Investment Canada clearance for Equinox acquisition
5/10/2011receives Australian foreign investment clearance for Equinox...
2/16/2011announces dividend of US$ 0,12 per share
7/29/201020% Dividend Increase
12/31/2007Reserve and resource summary
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