Halifax, Nova
Scotia; December 7, 2010 � Brigus Gold Corp. (�Brigus
Gold� or the �Company�) (NYSE Amex: BRD; TSX: BRD) has completed the review
of historical information from the past producing underground Stock gold mine
located on Brigus� 100% owned 24 square kilometre Stock Mine property in the Timmins Mining
District, Ontario. The review has confirmed the potential for further gold
mineralization below the historical Stock Mine workings, as well as, for
discovering new gold mineralized zones along strike. Brigus will launch an exploration drill program and plans
to have two drill rigs active on the property beginning in the first quarter
of 2011.
The Stock Mine is located directly adjacent to Brigus�
2000 tonne per day gold mill which processes ore
from the Company�s Black Fox gold mine. Brigus has
recently received the results of a review completed by Mackie and Associates
and EHA Engineering providing short and long-term recommendations including
the identification of opportunities for increased future throughput at the
mill. The recommendations are under review and demonstrate the
potential for processing additional sources of ore.
The Stock Mine is hosted by the Destor-Porcupine
Fault Zone (�DPFZ�). The Stock Mine comprises a 3-compartment shaft
developed to a depth of 275 metres below surface. A
production ramp extends from the 140 metre level to
approximately 330 metres below surface. Between
1988 and December 2000, the Stock Mine operated intermittently and produced
131,000 ounces of gold from 824,000 tonnes of ore
at an average of 5.5 grams of gold per tonne mined
from the N2, West and East Zones.
The exploration potential of the Stock Mine property are highlighted by
historic surface drill hole results at the Stock Mine include hole S96-02
which returned 6.5 gram per tonne gold over 5.2 metres (�m�) at an approximate depth of 150 m below mine
workings, and drill hole S98-14 which intersected 14.5 gram per tonne gold over 3.0 m and 10.7 gram per tonne gold over 1.0 m and hole S03-11 (drilled 50 metres east of S98-14) which intersected 1.1 gram per tonne gold over 12.0 m including 6.1 gram per tonne gold over 2.0 m on the Discovery West zone, located
150 m west of existing mine workings.
Howard Bird, Brigus Gold�s Vice President of
Exploration, said, �We will be commencing an aggressive drill program on the
Stock Mine Property, which covers approximately five kilometres of the DPFZ and is host to the past producing
Stock Mine. Our objective is to identify new gold resources with the
obvious advantage of having an operating mill and permitted tailings facility
on site.The program will commence in January 2011
to test below and along strike of the historic underground Stock mine
workings and to test gold targets expected to be generated from a Titan deep
IP geophysical survey which is underway and will be completed towards the end
of December�.
Senior Exploration Project Manager John A. Dixon P. Geo reviewed the
technical exploration information in this release as the Qualified Person for
the Company.
About Brigus Gold
Brigus Gold is a growing gold producer committed to
maximizing shareholder value through a strategy of efficient production,
targeted exploration and select acquisitions. The company operates the
wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario,
Canada. The Black Fox Complex encompasses the Black Fox Mine and
adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus Gold is
also advancing the Goldfields Project located near Uranium City,
Saskatchewan, Canada, which hosts the Box and Athona
gold deposits. In Mexico, Brigus Gold holds a 100
percent interest in the Ixhuatan Project located in
the state of Chiapas, and an 80 percent interest in the Huizopa
Joint Venture, an early stage, gold-silver exploration project located in the
State of Chihuahua. In the Dominican Republic, Brigus
Gold has a joint venture covering three mineral exploration projects.
Contact
Information:
Wendy Yang, Vice President of Investor Relations
Phone:
303-524-3203
E-mail: ir@brigusgold.com
Cautionary Note to
U.S. Investors Concerning Estimates of Mineral Resources
This news release uses the term mineral �resources�. The Company
advises U.S. investors that while these terms are defined in and required by
Canadian regulations, these terms are not defined terms under the U.S.
Securities and Exchange Commission (�SEC�) Industry Guide 7 and are generally
not permitted to be used in reports and registration statements filed with
the SEC. The SEC generally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7 compliant
�reserves� as in-place tonnage and grade without reference to unit measures.
U.S. investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves.
Cautionary and
Forward-Looking Statements
This news release includes �Forward-Looking Statements� within the meaning of
section 21E of the United States Securities Exchange Act of 1934, as
amended. All statements regarding the resource potential, resource
addition or expansion, continuity of mineralization, plans for the Company�s
surface and underground exploration drilling programs and the results
associated therewith, the amount of surface drilling, the drill rigs
operating at Black Fox Complex and the timing associated therewith, increase
of Black Fox resources, matters relating to the geophysical survey of the
Black Fox Complex and the timing thereof, release date of a National
Instrument 43-101-compliant mineral resource estimate for the Contact Zone,
and additions to resources in 2011and 2012 are forward-looking statements and
estimates that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from these forward-looking statements include environmental risks
and other factors disclosed under the heading �Risk Factors� in Brigus Gold�s and its predecessor companies� most recent
annual report on Form 10-K filed with the United States Securities and
Exchange Commission and elsewhere in Brigus Gold�s
documents filed from time to time with the Toronto Stock Exchange, the NYSE
Amex, the United States Securities and Exchange Commission and other regulatory
authorities. All forward-looking statements included in this news
release are based on information available to the Company on the date
hereof. The Company assumes no obligation to update any forward-looking
statements, except as required by applicable securities laws.
|