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Minaurum Gold Inc. (the
"Company" or "Minaurum") announces that it has entered
into an agreement with Minera Mariposa S.A. to acquire 100% of the El Porfido
Gold project in Puebla State, Mexico. The project is located 95 km east-northeast
of the center of the Guerrero Gold Belt and covers 4,666 hectares. The
Guerrero Gold Belt contains in excess of 15 million ounces of gold as
resources of various categories including Goldcorp's 11 million ounces Los
Filos Gold Mine.
David M. Jones, principal of Minera Mariposa and the geologist credited with
the discovery of the Los Filos deposit, recognized the Project's potential
due to its geological similarities to deposits of the Guerrero Gold Belt
including gold-bearing skarns similar to the Los Filos and El Limon iron
oxide gold deposits of the Guerrero Gold Belt, and porphyry-style gold-copper
mineralization similar to that of other southern Mexican deposits, including
the La Verde copper deposit in Michoacan state, and the Cobre Grande deposit
in Oaxaca state.
For 2010, the Company plans a program of reconnaissance geological mapping
and geochemical sampling and an airborne geophysical survey at El Porfido,
followed by sampling in prospective areas. These efforts will be carried out
with the intention of developing targets for drilling in 2011.
Two principal alteration and mineralization styles occur in the El Porfido
project area: iron oxide exoskarn; and intrusion-hosted, porphyry-style
quartz-sulfide veins and breccias. Iron-oxide exoskarn alteration is widely distributed
along stock contacts, and copper, gold, silver and zinc mineralization occurs
within the exoskarn. A single five-metre chip from one oxide zone assayed
1.48 ppm gold, and a select sample of chalcopyrite-bearing exoskarn from a
prospect pit assayed 13.9% copper. A sample of intrusion-hosted
quartz-tourmaline veins and breccias assayed 1.8 ppm gold and a sample of
sulfide breccia assayed 1.53% copper. In addition, well developed,
sulfide-rich magmatic-hydrothermal breccias exposed at El Porfido may
constitute a pyritic cap to a substantial porphyry system.
Minaurum can acquire 100% of the El Porfido project by making staged payments
totaling $350,000 and 850,000 common shares over three years.
Minaurum Gold is a gold and silver explorer focusing on the acquisition and
development of precious metals deposits in Mexico. The Company is currently
advancing the Adelita, Aurena, Capilla, Vuelcos del Destino, and Jackie
Projects, in addition to the El Porfido property. These projects have been
optioned from some of the most successful project generators in Mexico; David
M. Jones and Dr. Peter K.M. Megaw with his associates in IMDEX Inc. and
Minera Cascabel. Drilling is currently underway at the Adelita Project in
southern Sonora State.
Qualified Person: Mr Stephen R Maynard, M.S., C.P.G., has acted as the
qualified person as defined in National Instrument 43-101 for this disclosure
and supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD
"Darrell A. Rader"
Darrell A. Rader
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this news release.
Forward Looking Statement: Some of the statements contained in this press
release are forward-looking statements. Forward-looking statements are not
historical facts and are subject to a number of risks and uncertainties
beyond the Company's control, including, but not exclusively, statements
regarding potential mineralization, exploration results, completion of work program
and studies, and future plans and objectives of the Company. Resource
exploration, development and operations are highly speculative, characterized
by a number of significant risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate, including, among
other things, unprofitable efforts resulting not only from the failure to
discover mineral resources but from finding mineral deposits which, though
present, are insufficient in quantity and quality to return a profit from
production.
Capitalization Report for Minaurum Gold Inc
Shares Issued: 35896433
Shares Escrow: 1542000
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