VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 18, 2014) - Batero Gold Corp. ("Batero", or the "Company") (TSX VENTURE:BAT) is pleased to provide an update regarding developments at the 100 % owned Batero-Quinchía deposit in Risaralda, Colombia.
Recent work at the project includes initiation of a district scale structural study to help target high-grade mineralization and investigation of near surface oxide zones for expansion potential.
Batero has retained SRK Consulting (Canada) Inc. (SRK) to undertake a structural study of the Quinchía District and to develop an overall structural model that can be used to specifically target high-grade vein hosted gold mineralization on the Batero-Quinchía property. It is expected that the model will form the basis for a future phase of exploration on the project that would specifically target high-grade mineralization. Field-work, including checking of known structures and areas of mineralization, in addition to detailed observations of Batero drill core, was completed last November. Initial results of the study are expected early in 2015.
Batero is also exploring for possible extensions of the La Cumbre oxide deposit, as well as infilling areas where information from previous drilling is sparse. Initial work included identifying and mapping of oxide outcrop and auger sampling to get through the overburden, and in some places recent ash deposits, to sample the underlying oxide material. To date 89 samples have been sent to ALS laboratories for gold analysis. Results of the assays are pending. The near surface oxide zone at Batero-Quinchía hosts measured and indicated resources of 12.1 million tonnes grading 0.68 g/t Au (264,000 oz Au) and 1.87g/t Ag (727,000 oz Ag) and inferred resources of 7.5 million tonnes grading 0.48 g/t Au (116,000 oz Au) and 1.6g/t Ag (386,000 oz Ag) at a cutoff grade of 0.3 g/t Au.
The company continues its commitments to community relations, supporting local school activities, including a school band and road maintenance as well as providing assistance for medical and dental care of the nearby communities. In 2014, The International Organization for Migration activated the previously announced "Improving Socio-Economic Development for Families in Quinchía, Risaralda" community shared value program in alliance with Batero Gold and the Government of Canada. The program is aimed at helping small industries in the area including the Quinchía Sugarcane Association and the Goldsmith Associations of Miraflores and Los Cerros Joyeros.
Batero continues to aggressively reduce the burn rate of the company and the strategy during 2015 will be to preserve capital while evaluating opportunities and continuing work to advance the Batero-Quinchía project. Roger Moss, President and CEO stated "Batero's strong treasury and lower burn rate has provided security for our shareholders during the continued downturn in the precious metals sector. Our strong cash position will provide the means to take advantage of potential acquisition opportunities in 2015 and to continue our work at the Batero-Quinchía project. "
The company would like to thank Darryl Lindsay who resigned as a director of Batero effective December 17, 2014. Dr. Lindsay held increasingly senior roles during his career at Batero Gold including Chief Operating Officer and Chief Executive Officer. Roger Moss, President and CEO stated, "Dr. Lindsay was instrumental in advancing the Batero Quinchía project through the initial resource estimate and preliminary economic assessment and we would like to thank Darryl for his tireless work in defining the resource, and working with the local community. We wish him well in his future endeavors. "
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Roger Moss, President and CEO
Batero Gold Corporation
Roger Moss, PhD., P.Geo., is the company's qualified person and has prepared all technical and scientific information in this release.
ABOUT BATERO GOLD
Batero Gold Corp. is a precious and base metals exploration and development Company focused on two primary objectives. The first of these objectives is the advancement of the La Cumbre oxide deposit. La Cumbre is located within the Company's 100% owned Batero-Quinchia Gold Project, which sits within Colombia's emerging and prolific Mid Cauca gold and copper belt. Batero is moving the La Cumbre oxide deposit towards the goal of making a production decision, once the appropriate level of study has been completed, and intends to first target the near and at surface higher grade oxidized gold mineralization at the deposit. Batero's second objective is to pursue opportunities to acquire prospective high-grade, production focused mineral properties in Colombia and Latin America. In pursuing both these objectives, Batero plans to leverage its secure treasury position, strong regional relationships, experienced management team, and long-term financial partners. Shares of the Vancouver-based company trade on the TSX Venture Exchange under the symbol "BAT".
FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information may relate to, among other things: developing the most efficient and cost-effective leach processing circuit for the Cumbre gold deposit; the timing and scope of expected Diamond drilling; resource estimates; grades on the Batero-Quinchia project; scope of mineralization within the Batero-Quinchia project; receipt and/or timing of required permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; and geological interpretations and potential mineral recovery processes.
Forward-looking statements andinformation are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements or information in the event that circumstances or management's assumptions, beliefs, expectations or opinions should change, or there should occur or develop changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither 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 release.