Antioquia Gold Achieves Positive Results from Phase 1 Drilling Program at Cisneros

07:30 EST Wednesday, Aug 08, 2012

 

CALGARY, ALBERTA--(Marketwire - Aug. 8, 2012) –

 Antioquia Gold Inc. ("Antioquia Gold") (TSX VENTURE:AGD)(OTCQX:AGDXF) has completed Phase 1 of a planned 3-phase 20,000 metre diamond drilling program at its flagship Cisneros Project in Colombia.

Phase 1 commenced on April 26, 2012 and focused exclusively on the Guayabito deposit. The program has resulted in expanding the length of known mineralized structures along strike to approximately 300 meters and has confirmed continuity to a depth of almost 500 meters, with all structures remaining open along strike and depth. Significantly, several new mineralized structures were encountered with excellent potential gold values. Plan and section views of the previous structures and the 2012 extension are illustrated in Figures 1 and 2 attached (or link to www.antioquiagoldinc.com for all figures).

To date, Antioquia Gold has received the results of 9 of 13 completed holes from the 5,069 meters of Phase 1 drilling with positive gold values that reinforce the significant dimensional increase of the Guayabito deposit. Values include 13.93 g/t Au over a length of 4.70 meters and 3.70g/t Au over a length of 10.48 meters. Antioquia Gold expects to receive the results for the remaining 4 holes in the next 2 to 3 weeks. Highlights of the results for the holes received to date can be found in Table 1 below.

Table 1 - Highlights of Phase 1 Drilling at Guayabito Deposit

 

Drill Hole

From

To

Length (m)*

Au (g/t)

GYB12-068

46.50

50.25

3.75

5.12

GYB12-068

55.15

59.85

4.70

13.92

including

57.10

59.85

2.75

21.26

GYB12-068

136.00

137.40

1.40

28.12

GYB12-068

183.80

185.50

1.70

13.58

GYB12-069

260.50

262.20

1.70

6.64

GYB12-070

261.85

263.20

1.35

9.45

GYB12-070

340.20

342.30

2.10

4.13

GYB12-070

430.00

433.80

3.80

6.30

GYB12-070

454.65

465.13

10.48

3.70

including

454.65

456.75

2.10

9.52

including

459.35

465.13

5.78

5.06

including

461.75

465.13

3.38

7.37

GYB12-070

517.80

519.40

1.60

8.94

GYB12-072

142.20

144.10

1.90

2.77

GYB12-073

78.95

80.65

1.70

11.55

GYB12-073

256.90

266.10

9.20

4.31

including

256.90

260.65

3.75

9.27

including

256.90

258.55

1.65

16.20

Notes: * Intervals reported are drilled thickness and may not represent true width .

Drill holes GYB12-074, GYB12-075, GYB12-077 and GYB12-080 intersected the

intended structures, are geochemically anomalous, but low in Au.

Four drill holes; GYB12-071, GYB12-076, GYB12-078 and GYB12-079 were

abandoned due to technical difficulties.

The 2012 Phase 1 drill results can be found on Antioquia Gold's website: www.antioquiagoldinc.com.

As stated in the March 21, 2012 News Release, Antioquia Gold's 2012 drill program is designed to add and delineate additional ounces of gold at the Guayabito and Guaico deposits; expand and delineate the 2011 Papi/Ivana discovery and conduct further work at the Chapulin, La Manuela, Soroma and Chamuela structures (see Figure 3).

Phase 2, consisting of approximately 5,000 meters of drilling divided equally between the Guaico and Papi/Ivana targets, began June 26, 2012 with the mobilization of a second drill.

"We are very satisfied with the work at Guayabito so far this year. Stepping out and expanding the deposit, confirming continuity along strike and depth as well as receiving a bonus of new mineralized structures with only 13 holes, is very encouraging. Phase 3 drilling is currently being planned for the fall of 2012 to expand Guayabito further," commented Ian Fraser, Chief Geologist.

In addition to the 3-phase 20,000 meter drill program, Antioquia Gold continues with its regional exploration program on the other 90% of the Cisneros property with seven (7) new sectors identified at the beginning of 2012 and work on the 2011 targets, Bareño and Los Planes. This program is comprised of geological mapping, prospecting, soil geochemical profiles and the possibility of additional IP geophysical surveys. The Cisneros property, as evidenced by the occurrence/location of the Guayabito and Guaico deposits, and Papi, Chapulin, Soroma, La Manuela and Chamuela structures, has the potential to host multiple gold deposits (refer to Figure 4).

About Antioquia Gold Inc.

Antioquia Gold has been exploring for precious metals in Colombia since 2007 and has accumulated a land package of close to 40,000 hectares located throughout Colombia. Antioquia Gold's principal asset, which is being actively explored, is its 5,630 hectare Cisneros Project, located 55 kilometers northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has conducted extensive geochemical and geophysical programs over the entire property and has identified to date eleven (11) exploration zones. On the original discovery zone it has drilled over 37,000 meters and is well versed in the understanding of the deposit type and the project's path to resource definition and production.

To ensure reliable sample results Antioquia has a rigorous QA/QC program in place that monitors the chain of custody of the samples and includes the insertion of blanks, preparation duplicates, field duplicates, and certified reference standards in each batch of samples. Core is photographed and sawed in half with one half retained in a secured facility for future reference if needed. Sample preparation (crushing and pulverizing) is performed at ACME laboratories in Medellin, Colombia.

Samples prepared by ACME (Medellin) are direct shipped to ACME Laboratories in Vancouver Canada, an ISO certified laboratory for analysis. Assay for gold (36 elements) is performed initially by 1Dx30g Agua Regia Digestion. Au values > 3000 ppb is then subject to a Metallic Assay.

This press release has been prepared under the supervision of Ian Fraser, P. Geol., Chief Geologist for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.

On behalf of Antioquia Gold Inc.

Richard Thibault, President & CEO

For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com.

You can also follow Antioquia Gold on twitter: @AntioquiaAGD

To receive Company news by email, contact [email protected] and mention "Antioquia Gold" news in the subject line.

Forward-Looking Statements:

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, including, but not limited to, statements about the seven additional regional exploration zones adding significant exploration potential to the overall property, the Company's plans for exploration in 2012, including the plans for 20,000m of drilling, are forward-looking statements. Forward-looking statements are based on management's assumptions and are subject to risks and uncertainties. There can be no assurance that any forward-looking statement will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information due to a number of factors beyond the Company's control. These assumptions, risks and uncertainties include, among other things, management's assumptions about government permitting, equipment procurement and the availability of the necessary consultants and capital, as well as the risks of delay in any of these activities and the risks inherent in Antioquia Gold's operations, including the risks that the Company may not find any minerals in commercially feasible quantity or raise enough money to fund its exploration plans. These and other risks are described in the Company's Annual Information Form and other public disclosure documents filed on the SEDAR website maintained by the Canadian Securities Administrators. The Company does not undertake to update any forward-looking information except as may be required by applicable securities laws.

To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/AntiFigs88.pdf

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor Relations Manager

Antioquia Gold Inc.

403-457-4653

[email protected]

www.antioquiagoldinc.com

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 release.