VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 3, 2014) - Batero Gold Corp. ("Batero", or the "Company") (TSX VENTURE:BAT) is pleased to provide an update regarding future developments, exploration, cost reduction initiatives and acquisition strategies by the company. Batero continues to aggressively reduce the burn rate of the company and past initiatives including reduction of staff, reduction of office space and additional cost saving programs continue to show success. The strategy during 2014 is to preserve capital while evaluating acquisition opportunities focused on near term production.
Low cost efforts are ongoing to organize and compile data from all recent and historical work on the Batero-Quinchia project to allow for the efficient use of results to guide future work. The Batero-Quinchia database includes over 176 Diamond drill holes totaling 65,405 metres and 3,640 soil samples covering approximately 1,300 ha. Additional auger, test pit and rock chip samples from throughout the project and historic mining tunnels are also being used in an updated geological interpretation.
Work at the Batero-Quinchia project during 2014 will focus on low cost studies in order to preserve funds while advancing the evaluation of the project in a cost effective manner. The company continues its commitments to community relations and anticipates upcoming activation of the previously announced "Improving Socio-Economic Development for Families in Quinchía, Risaralda" community shared value program in alliance with the Government of Canada and the International Organization for Migration (IOM). In addition, the Company will continue to focus on the identification and acquisition of a precious metals project that is at or close to production.
Roger Moss, President and CEO stated, "Batero is currently in full cash preservation mode, and preparing for an extended downturn. We are however mindful of the opportunities such crises bring and continue to review potential acquisitions where our strong treasury can be put to work for the benefit of our shareholders."
Batero Gold has granted to its directors, officers and consultants 1,750,000 stock options to purchase common shares at a price of $0.125 per share for 3 years. The stock option price was set at a 39% premium to the closing price on May 29, 2014. The options will vest over a period of two years, with 25% vesting every six months.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Roger Moss, President and CEO, Batero Gold Corporation
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 ($14,061,765 as at February 28, 2014), 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 orinformation 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.