Barrick Gold Corp.

Published : July 25th, 2013

African Barrick Gold Exploration (Kenya) Ltd Reports the Completion of the Deep Core Hole at Advance

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African Barrick Gold Exploration (Kenya) Ltd Reports the Completion of the Deep Core Hole at Advance Gold's Rosterman Gold Mine.
    $700k Exploration Program Continues

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") is proceeding with their planned exploration program on Advance's three projects in the Kakamega Dome area in Kenya, East Africa, having completed the deep core hole on the former producing Rosterman Gold Mine. 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.

Diamond drill hole RODDH001 was planned to investigate for mineralisation along the selvedges of the Rosterman mineralised quartz reefs, to look for disseminated economic gold mineralisation within the wall rock, as well as, for additional reefs not identified by historic mining. This information will assist in the design of drill targets for extensions to and/or satellite deposits to the Rosterman mineralisation. Drilling of RODD001 was completed during H1 to a depth of 506m. All Rosterman quartz reefs targeted were intersected; however, limited disseminated sulphides were intersected in zones between quartz reefs. The Rosterman "reefs" were marked by remnant quartz veins, voids and/or broken ground (possibly backfill) in the core. The deepest reef intersected was the Number 4 Footwall Reef, and in the area of the core hole it was completely preserved in the core. Several other narrow quartz reefs were intersected by the core hole between the known mined reefs. Results for the core hole are pending.

The Rosterman Mine's orebody, which was in production between 1932 and 1952, is a series of arcuate, sigmoidal quartz veins stacked within a diorite near a contact with mafic volcanic rock. The mine is reported to have produced 250,000 ounces of gold at a grade of 13 grams per ton gold (g Au/t).

The incorporation of geological mapping, structural information from the core hole and assay results from RODDH001 into the 3D model will be used for targeting along strike within the Rosterman corridor, especially to the northeast where existing surface anomalies exist from soil sampling. ABG is also planning ten to twelve holes for 1,000-1,500 metres of RC drilling on three to four drill fences along strike from the Rosterman Mine. The SW and NE trend of the mineralization has been defined by gold in soil anomalies as a result of Aviva Mining (Kenya)'s first phase exploration program in 2011-2012. This priority target area lies within a structurally significant zone bounded by the diorite - volcanic contact to the south and altered and sheared volcanics next to the Mumias Granite in the north.

Elsewhere on the Advance Gold licences (Sigalagala and Bukura) soil sampling is being undertaken to extend the existing grids for total coverage. This work is expected to be complete during Q3 2013 and once all results are received aircore drilling will be undertaken on priority targets. At Bukura, a previous RC hole drilled by Aviva Mining (Kenya) in 2011, returned 57 metres of 0.67 g Au/t including 9 metres of 1.47 g Au/t ending in mineralization.

The total expenditure for this phase of work is expected to be in the range of $US 700,000.

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.

Jim Gillis, President of Advance Gold Corp indicated "At a time when most companies are cutting back on exploration expenditures, its important that African Barrick is continuing to explore on Advance Gold's Kenyan project."

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 five largest gold producers in Africa with four 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. ABG reports in US dollars in accordance with IFRS as adopted by the European Union, unless otherwise stated in this announcement.

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.
#1100 -- 235 First Avenue
Kamloops, BC V2C 3J4
Phone 1.250.314.0186
Fax 1.250.828.2269
www.advancegold.ca

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.



Figure 1: Location of Drill Hole RODD001. Geology after Pulfrey (1934)



Figure 2: Leapfrog model of Rosterman underground workings indicating trace of drill hole RODD001

You can also view this News Release on our website at:
http://www.advancegold.ca/s/NewsReleases.asp?ReportID=594735

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

Barrick Gold Corp.

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CODE : ABX.TO
ISIN : CA0679011084
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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 CA$ 26.2 billions as of today (US$ 19.1 billions, € 18.0 billions).

Its stock quote reached its lowest recent point on December 31, 2015 at CA$ 10.08, and its highest recent level on April 22, 2024 at CA$ 22.51.

Barrick Gold has 1 165 779 968 shares outstanding.

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3/21/2013(Ren)First Quarter 2013 Results Release, Conference Call and Webc...
2/25/2013(Ren)BMO Capital Markets Global Metals & Mining Conference
2/13/2013Announces Dividend
1/23/2013(Ren)CIBC Institutional Investor Conference
1/8/2013Statement in Relation to African Barrick Gold plc
11/8/2012(Ren)RBC Capital Markets Gold Conference
10/2/2012Responds to Mini-Tender Offer by TRC Capital
10/1/2012(Ren)Third Quarter 2012 Results Release, Conference Call and Webc...
9/25/2012Kelvin Dushnisky Appointed Senior Executive Vice President
9/11/2012Denver Gold Forum
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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