From the Wires
Angel Gold Initiates Phase I Drilling Program on the El Cafetal Project
By: Marketwired .
Feb. 13, 2013 07:46 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce that it will be commencing a Phase 1 drilling program on its El Cafetal Project, situated in the Middle Cauca gold belt in Antioquia, Colombia. A contract for a minimum of 900 meters of diamond core drilling has been signed with SMART DRILLING S.A.S, a Colombian company. The Company expects the drill to be mobilized onto the property on or about the 20th of February, 2013. Angel Gold has all necessary permits in place and the initial three drill pads and access roads are ready, along with necessary environmental and erosion control measures. The Company plans to begin each drill hole with HQ or equivalent diameter core and reduce to NQ or equivalent diameter when rock conditions dictate.
The Company has conducted a program of surface and underground rock sampling, MMI soil sampling geochemistry and an Induced Polarity/Resistivity geophysical program on the property with encouraging results. A zone of sheeted or sub-parallel, near-vertical, sulfide-rich veins and veinlets are partially exposed in outcrop and historic underground workings in the central part of the property. This area coincides with MMI gold geochemical values in excess of 30 ppb Au and Induced Polarity chargeability anomalies. The coincident geochemical/geophysical anomalies extend over a length of 1300 meters along an east-west trend and average about 300 meters in width. The initial drilling program will concentrate on the area where the mineralized zone is exposed at the surface and where historic workings are most densely distributed. More information regarding the El Cafetal Project and Angel Gold's other properties may be obtained at www.angelgoldcorp.com.
"I am pleased that Angel Gold is aggressively moving forward to the next step of exploration on the El Cafetal property with the upcoming drill program," stated Stella Frias, President and CEO of Angel Gold Corp.
About Angel Gold Corp.:
Angel is a Canada-based gold exploration company focused on responsible development of mineral resources in Colombia, host to some of the world's largest gold deposits. Angel has been working in Colombia for over three years and is advancing two main gold projects: the El Cafetal Gold Project and the Buritica West Gold Project. In addition, the Company continues its acquisition strategy in Colombia, having recently claimed over 6,800 hectares in four separate project areas.
On Behalf of the Board of Directors of Angel Gold Corp.
Blanca Stella Frias, Director, President and Chief Executive Officer
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
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