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May 30, 2008Pelangio Provides Update on Closing Date of Arrangement | more
May 29, 2008Pelangio Advised of Drill Results from Detour Gold's Drilling Program at Detour Lake, Ontario | more
May 21, 2008Pelangio Mines Inc. Completes Private Placement | more
May 21, 2008Pelangio Files a New NI 43-101 Report on Exploration Results and Mineral Exploration Program for the... | more
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PELANGIO ADVISED OF DRILL RESULTS FROM DETOUR GOLD�S DRILLING PROGRAM AT DETOUR LAKE, ONTARIO
(1.85 g/t over 113.5 metres and 1.37 g/t over 71 metres)
TORONTO, Ontario (June 10, 2008) � Pelangio Mines Inc. (PLG:TSX) (�Pelangio�) has been advised by Detour Gold Corporation (�Detour Gold�) that it has released drill results of 27 holes from the Calcite and Gap Zones of its Phase II drilling program at the Detour Lake property in northern Ontario. Detour Gold started Phase II drilling in July 2007 and thus far has completed 302 holes totaling 119,002 metres (including 19 holes abandoned for 1,624 metres). Detour Gold has now reported 187 holes totaling 68,428 metres (including 15 holes abandoned for 1,290 metres). There are four (4) active drill rigs on site.
Pelangio has a 44.6% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
�Detour Gold Reports Wide Gold Intersections in the Calcite Zone of its Detour Lake Project in Northern Ontario
(1.85 g/t over 113.5 metres and 1.37 g/t over 71 metres)
Detour Gold Corporation (TSX: DGC) (�Detour Gold� or the �Company�) is pleased to report the drill results of 27 holes from the Calcite and Gap Zones of its Phase II drilling program at the Detour Lake property in northern Ontario. The Company started Phase II drilling in July 2007 and thus far has completed 302 holes totaling 119,002 metres (including 19 holes abandoned for 1,624 metres). The Company has now reported 187 holes totaling 68,428 metres (including 15 holes abandoned for 1,290 metres).
Detour Gold has been very successful in drilling the Calcite Zone, which will have a positive impact on the upcoming resource update. Results from 22 holes in the Calcite Zone are indicating additional gold mineralization outside the US$575 pit shell and within the US$700 pit shell. Of importance, near-surface mineralization was encountered in holes DG-07-267 with 1.83 g/t (cut) over 113.5 metres and DG-07-265 with 1.37 g/t (cut) over 71 metres. Several significant mineralized zones were intersected at the contact of the SLDZ and massive flow below the US$700 pit shell (DG-08-309 on section 17,900E and DG-07-251 on section 18,220E).
Gold mineralization was encountered in all five (5) holes drilled in the Gap Zone. Of importance, hole DG-08-301 intersected 0.93 g/t over 70.0 metres near-surface at approximately 400 metres northward in the hanging wall and DG-08-294, located 40 metres to the east, intersected the same zone with 1.05 g/t over 47.0 metres.
The best mineralized (uncut) intervals encountered are shown below.
|
Calcite Zone |
|
DG-07-251 |
DG-07-265 |
DG-07-267 |
DG-07-271 |
|
1.38 g/t over 47.0 m
1.30 g/t over 26.0 m |
1.37 g/t over 71.0 m |
1.85 g/t over 113.5 m
4.57 g/t over 7.0 m |
1.15 g/t over 28.0 m
1.76 g/t over 31.0 m |
|
|
|
|
1.64 g/t over 26.0 m |
|
DG-07-275 |
DG-07-276 |
DG-07-281 |
DG-07-282 |
|
1.68 g/t over 45.0 m
2.35 g/t over 15.0 m |
2.67 g/t over 29.0 m |
7.01 g/t over 16.0 m |
12.29 g/t over 7.0 m
1.45 g/t over 27.0 m |
|
DG-08-295 |
DG-08-303 |
|
|
|
3.29 g/t over 21.5 m |
5.85 g/t over 10.0 m |
|
|
|
Gap Zone |
|
|
|
|
DG-08-294 |
DG-08-299 |
DG-08-301 |
DG-08-307 |
|
1.05 g/t over 47.0 m
5.34 g/t over 11.0 m |
7.36 g/t over 10.0 m
2.06 g/t over 20.0 m |
0.93 g/t over 70.0 m
1.03 g/t over 33.0 m
4.11 g/t over 10.0 m |
3.40 g/t over 17.0 m
2.37 g/t over 25.0 m |
The Company is extremely confident in meeting its objectives of outlining a mineral resource of over 10 million ounces of gold at Detour Lake. The Company expects to release its mineral resource update on July 2 at 5:00 PM ET followed by a conference call on July 3 at 10:00 AM ET. The base case will be using a gold price of US$700 per ounce (equivalent to 0.5 g/t cut-off grade) and a US$ exchange rate of 1.10. The resource update will be based on a fully designed and engineered open pit based on a 30,000 tpd operation for the first few years and increasing to 60,000 tpd thereafter. This scenario will serve as the basis of our 2008 feasibility study to be completed by year-end.
The Phase II drill program (135,000 metres) is expected to be completed by mid-2008. Approximately half of that program, along with Phase I, will be included in the new resource update. The Company will be planning a Phase III drill program in the coming months to complete the feasibility study and further test the western extension of the Detour Lake deposit.
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or http://www.detourgold.com/s/LatestDrillResults.asp or on the home page �Explore Detour Lake�.
Detour Gold�s exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Details on the current mineral resource are available in the January 2008 Technical Report, which is posted on the Company�s website or on SEDAR (www.sedar.com).
Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold (>5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control (�QA/QC�), refer to the press release dated April 11, 2007.
For further information, please contact:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
To see the Highlights of Drill Results table, click on image below
Forward-Looking Information
This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as �forward-looking statements�). Often, but not always, forward-looking statements can be identified by the use of words such as �plans�, �expects�, �is expected�, �budget�, �scheduled�, �estimates�, �continues�, �forecasts�, �projects�, �predicts�, �intends�, �anticipates� or �believes�, or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results �may�, �could�, �would�, �should�, �might� or �will� be taken, occur or be achieved. Specifically, this press release includes forward-looking statements regarding: the Company�s planned drilling program and estimate of the quantity and quality of its mineral resources. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company�s ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the uncertainties involved in interpreting geological data and other risks involved in the gold exploration and development industry as well as those risk factors listed in the Company�s Annual Information Form (AIF), Item 4.4 � �Description of Business - Risk Factors� filed on SEDAR. Readers are cautioned that the list of factors included in the AIF is not exhaustive of the factors that may affect the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the following assumptions: the Company�s exploration and development activities on the Detour Lake Property will proceed in accordance with the Company�s current timetables; and the Company�s resource estimates, geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources) and operational and price assumptions on which the resource estimates are based, are accurate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company�s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
Information Concerning Estimates of Mineral Resources
This news release uses the terms �measured�, �indicated� and �inferred� resources. Detour Gold advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, �inferred resources� have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.�
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. Pelangio�s main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti�s Obuasi gold mine.
Pelangio also has a 44.6% equity interest in Detour Gold, which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
Reliance on Detour Gold and Forward-Looking Statements
The information contained in this press release is a verbatim extract of the press release issued by Detour Gold. Although Pelangio believes the information included in the press release to be generally reliable, the data has not been independently verified and Pelangio does not assume any liability for the accuracy or completeness of such information. Furthermore, as noted above in the verbatim extract, the press release may contain forward-looking information within the meaning of applicable securities laws. Such information includes the statements contained in the verbatim extract regarding Detour Gold's exploration and drilling plans, plans to update the mineral resource and the estimation of mineral resources and are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The risks include those that are set out above in the verbatim extract and those contained in Detour Gold's annual information form, Item 4.4 � �Description of Business � Risk Factors� filed on SEDAR as noted above. See also, the risks set out in Pelangio's annual information form, management information circular and quarterly and annual management's discussion and analysis. There is no assurance that the forward-looking information contained in the press release will prove to be accurate. Accordingly, readers should not place undue reliance on the forward-looking information.
All of the information contained in the press release is qualified by this cautionary statement.
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