2013-01-15 14:04:18 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- F.D.G. Mining Inc. (TSX VENTURE:FDG) (the "Company") is pleased to announce that it has acquired 100% of the strategic San Pedro concession (3,500 ha) in the La Libertad mining camp, eastern Nicaragua. The San Pedro concession adjoins the Company's 100% owned El Santo concession which is to the west and adjoins B2Gold's La Libertad mine property to the north. The San Pedro/La Libertad claim boundary is 900 meters south of B2Gold's Jabili mine development. See fig.1:
Link to fig.1:
Structural interpretation by the Company's geological teams indicate that the main structure that controls the ore bodies at La Libertad is offset by another structure onto the San Pedro concession. Initial prospecting and mapping on the San Pedro concession has returned more than 20 gold bearing float and chip samples with values up to 28 g/t gold. The Company is planning a 1,600 sample soil geochemical survey, prospecting and geological mapping on San Pedro, followed by trenching and drilling, if warranted. In conjunction with this program, a 500 sample soil geochemical survey and geological mapping program will be carried out on the northwest quadrant of the El Santo concession. There are many known showings in this area including a large quartz vein with an historic resource estimate. If warranted, trenching and drilling will follow.
The Company acquired San Pedro by taking over Exminicsa, a Nicaraguan company controlled by Leslie Earl Coe Hodgson. Mr. Coe will receive 1,500,000 shares of the Company and will retain a 2% NSR on the properties subject to TSX approval.
Included in Exminicsa and now owned 100% by the Company are three other valuable properties in the north central area of Nicaragua (see FDG website). The three properties are the La Troncha concession (825 ha), the La Ochoa concession (500 ha), and the Cerro Kum concession (350 ha). These properties are located in the Rio Boca river drainage.
The first two properties, La Troncha and La Ochoa, cover volcanogenic massive sulphide (vms) showings in Paleozoic rocks. These showings were discovered in the 1980's by Australian interests. A nine hole drill program in the 1990's returned 0.5m of 7% zinc in one drill hole and 0.5m of 1g/t gold in another. This drilling conclusively proved the vms model. It is the Company's intention to fly this area with an aerial gravity geophysical survey and drill test any anomalies.
The Cerro Kum concession covers an epithermal gold system that has returned multiple gold mineralized samples. It is the Company's intention to carry out a systematic exploration program on the Cerro Kum concession, including a large soil geochemical program, detailed geological mapping with trenching and drilling to follow, if warranted.
With the addition of the Exminicsa properties management believes the Company now has an excellent pipeline of projects to enhance and back-up the Company's flagship property, Topacio, in eastern Nicaragua (Inferred Mineral Resource of 2,716,176 tonnes grading 3.90 g/t gold, containing 340,345 ounces of gold). The Company is commencing a significant exploration program on the Topacio property, including 50 more trenches, 2,000 meters of shallow drilling and 1,000 meters of deeper drilling. The trenching and shallow drilling programs are designed to add additional ounces to the 124,000 ounces of gold presently known to be available from the surface(i). The deeper drill program is designed to test two potential bulk mining targets. These are excellent targets consisting of multiple gold bearing veins and stringer zones with total widths exceeding 100 meters. They were discovered by detailed mapping and surface chip samples. Samples ranged up to 19 g/t gold.
Link to map of FDG Mining Concessions:
On Behalf of the Board of Directors
David St. Clair Dunn, P. Geo., President and CEO
(i) For more information please refer to present NI 43-101 resource estimate available at www.fdgmining.com : www.fdgmining.com or listed under the company's documents on SEDAR.
About F.D.G. Mining Inc. (www.fdgmining.com)
F.D.G. Mining Inc. is a Canadian junior mining company engaged in acquisition, exploration and development of precious metal properties in Nicaragua. The Company is currently focused on advancing its core property, the past-producing 9300 hectare Topacio gold concession to production. Topacio has an NI 43-101 compliant inferred resource of 2,716,176 tonnes grading 3.9 g/t gold, containing 340,345 ounces of gold in a similar geological setting to B2Gold's La Libertad and El Limon mines to the northwest. FDG trades on the TSX Venture Exchange under the symbol FDG.
This news release contains forward-looking statements which relate to future events or future performance and reflect management's current expectations and assumptions regarding, among other things, the nature and timing of upcoming work programs, geological interpretations, and intended use of proceeds. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The presence of gold deposits on nearby properties to the Company's property is not necessarily indicative of the gold mineralization on the Company's property. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Neither the 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 news release.
FDG Mining Inc.