Toronto, Ontario
February 13, 2008
Press Release 04 – 2008
Nayarit Gold intersects gold and silver at depth of 498.5m
at the Orion District
Nayarit Gold Inc. (TSXV: NYG) is pleased to report on the last hole from Phase I drilling at the Minas de Animas (“Animas’’) target area.
Seven holes, OR-07-30 to 36, were completed at the Animas target during the Phase I drill program. Results from these holes were press released (see Press Release 25-2007 dated November 27, 2007). These holes were drilled along 120 metres of strike length of the Animas system and showed the vein system is open along strike and to depth. Field mapping suggests the vein system intersected in holes OR-07-30 to 36 extends to the west by 250 metres and to the east by at least 350 metres, and is potentially still open in both directions.
Hole OR-07-37 was designed to determine the extension of the Animas vein system to the west. This hole was collared 200 metres west of OR-07-36, and drilled to a depth of 499.7 metres at a dip of -45 degrees at an azimuth of 360 degrees. This hole bottomed in mineralization with the bottom 1.2 metres, between 498.5 and 499.7 metres, recording 4.22 grams per tonne Au and 6 grams per tonne silver. Vertically, this intersection is about 370 metres below the surface. The mineralization intersected is believed to be the footwall of the vein system as the vein was not intersected. The drill will be mobilized back to this hole shortly, to re-enter and deepen it to test for the Animas vein system.
The results from OR-07-37 suggest the mineralizing system at Animas has considerable depth potential. The deepest intersection at Animas, prior to this hole, was about 186 metres vertically below the surface.. This new intersection also suggests the Animas vein system has considerable expansion potential along strike. The continuity of the mineralization between holes OR-07-36 and OR-07-37 will be drilled tested, after OR-07-37 has been deepened.
Two additional hydraulic drill rigs are scheduled to arrive during March, and the Company will continue its drill program with three drill rigs. These rigs will focus on additional drilling at the Animas Vein system as well test other targets on the Orion Project. To date, a portion of the Animas, El Carmen, Bonanza 1 and Escondida vein systems have been drill tested and results are expected shortly.
Commenting on the above, Mr. Colin Sutherland, President and CEO of Nayarit stated, "The mineralization intersected in hole OR-07-37 shows that the mineral system at Animas has depth potential, and may have a considerable strike extension. Drilling at the Animas system will start with deepening this hole, followed by drilling along strike to test the overall strike potential at Animas. We continue to progress to our objective of completing a resource calculation expected to be completed in late 2008.”
Maps illustrating the Animas drilling can be viewed on Nayarit Gold’s website at http://www.nayaritgold.com/projects_orion.html.
The Company is also pleased to announce that it has retained the Calgary area firm of tinepublic Inc. (“TPI”) to conduct media awareness and public relations programs on behalf of the Company for a period of one year. TPI is headed by Mr. Christian Darbyshire, who is a long-term public relations specialist in the media sector.
Pursuant to the agreement, the Company has granted 100,000 incentive stock options to TPI, exercisable at a price of CAD $0.49, subject to regulatory approval. The options vest as to 25% every three months and are outstanding for a period equal to the lesser of 30 days after termination and November 20, 2012.
William J. Warren Jr., M.Sc., P.Geo is a Qualified Person as defined in NI 43-101 and has reviewed this release.
QA/QC Procedures: The Company has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core is first logged then split in half during the sampling process with the remaining half being retained for verification and reference purposes. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered directly in security sealed bags to ALS-Chemex Laboratories preparation facility in Guadalajara, Jalisco (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis by ICP techniques. Metallic screen fire analyses for silver are also regularly run as an additional QA/QC check.
For further information on Nayarit Gold please visit the company’s website at www.nayaritgold.com or contact:
Mr. Colin P. Sutherland
President & CEO
(902) 252-3833
info@nayaritgold.com
CAUTIONARY STATEMENT
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Nayarit, are forward-looking statements 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 Nayarit’s expectations are exploration risks detailed herein and from time to time in the filings made by Nayarit with securities regulators.
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