Antioquia Gold Inc. Initiates 2012 Drilling Program at Cisneros and Announces Private Placement
CALGARY, ALBERTA--(Marketwire - April 27, 2012) - Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX VENTURE:AGD)(OTCQX:AGDXF) is pleased to announce the start of Phase 1 of its 2012 Drilling Program on the Cisneros Project, Colombia. The Company has a three-phase drilling program amounting to 20,000 total metres planned for 2012:
- Phase 1: one drill will be utilized to further define the multi-zone Guayabito deposit along strike and to depth;
- Phase 2: two drills will be utilized to further define the multi-zone Guaico deposit along strike and to depth, and to further define / delineate two new discoveries made in 2011; the Papi and Chamuela gold discoveries;
- Phase 3: two drills will be utilized to expand upon results obtained in Phase 1 at the Guayabito deposit and results obtained from Phase 2 drilling at the Guaico deposit and at the Papi gold discovery.
The Company also anticipates testing regional drill targets on the Cisneros project as defined by the Company's ongoing, multi-disciplined surface exploration program.
The Company also announces a non-brokered private placement for aggregate gross proceeds of up to $2,000,000 via the issuance of units (the "Units") at
.10 per Unit. The Company may choose to increase the offering by 25% depending on market conditions. Each unit will be comprised of one common share in the share capital of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant will entitle the holder thereof to purchase one additional common share at a price of
.20 per share for a period of six (6) months from the date of issuance. The Company may pay a finder's fee in connection with this transaction. The cash proceeds will be added to working capital and thereby used to fund the 2012 Drilling Program at Cisneros