Batero Gold Announces Appointment of Dr. Darryl Lindsay to Senior Vice President and Director
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/11 -- Batero Gold Corp. (TSX VENTURE: BAT) is pleased to announce Dr. Darryl Lindsay has been appointed Senior Vice President of the Company and President of the Company's wholly owned Colombian subsidiary, Minera Quinchia S.A.S. Dr. Lindsay has also been appointed to the Board of Directors of the Company effective immediately.
'As we have moved into a brownfields development plan, Dr. Lindsay's extensive experience will facilitate the early development of the Batero-Quinchia project,'said Brandon Rook, President and CEO.
'Dr. Lindsay's success in the development, management and completion of major mineral development projects in South America identifies him as the ideal leader entering into the next phase at the Batero-Quinchia project,' said Mr. Rook. 'His demonstrated ability to direct major resource development programs, in all their geological, social and environmental responsibilities, enhances the confidence of all of us engaged in the efforts to identify a world-class gold and copper deposit at the Batero-Quinchia project.'
In order to accommodate the appointments of Dr. Lindsay, Mr. Rafael Alfonso Roa has resigned as a Director of the Company and also as President of the Company's wholly owned subsidiary in Colombia, Minera Quinchia S.A.S.
'We are pleased that Dr. Lindsay has accepted this senior position and taken on these responsibilities to assist our transition from a successful exploration company to an exploration and development company starting in 2012,' said Mr. Rook.
Brandon Rook, President and CEO states, 'We thank Mr. Rafael Alfonso Roa for his leadership and as one of the Company's founders leading the exploration team to significant success in a short period of time. The change today is consistent for the long term plans of Mr. Rafael Alfonso Roa to focus his strong efforts on initial identification and exploration of Greenfield projects and on Corporate Social Responsibility (CSR) initiatives.'
The Company is poised to achieve its first major milestone, that being publishing its first resource estimate that has spanned approximately 18 months from company inception, through a phase 1 field exploration program followed by the completion of a 55,755 metre diamond drill program.
Following the publication of the initial mineral resource estimate in January, 2012 the Company will continue aggressively developing the project by immediately initiating a Preliminary Economic Assessment (PEA). The work program will include additional metallurgical studies on representative samples from each deposit area for both higher grade near surface oxide zone mineralization and primary sulphide associated mineralization in order to determine an optimal mining process flow sheet, infill drilling of the mineralized centres discovered during the 2011 drill program, as well as an orientated drill program for geotechnical and hydrogeological models to support pit slope designs, and a mine infrastructure location study.
Simultaneously, the Company will build upon 2011's successful field exploration and diamond drill program by strategically expanding the near and at surface higher grade gold mineralization at La Cumbre porphyry that remains open in all directions, and the Company will define the size and extent of the near surface high grade gold epithermal mineralization in and adjacent to the Amarilla Structural Corridor, which is contiguous to the eastern boundary of La Cumbre porphyry. This high priority target is over 3 kilometres in length, ranges from 200m to 400m wide, and strikes NNW-SSE across the Company's tenement. Further to defining the higher grade gold oxidation zone, in 2012 the Company will test the continuation of this mineralized horizon to the east beyond the eastern contact of La Cumbre porphyry past the Amarilla Structural Corridor to an under explored area called El Cedral. Initial prospecting in this area confirms an extensive oxidation horizon with anomalous gold-in-soil anomalies.
The Company will continue to evaluate all data received from the 2011 diamond drill program to finalize a focused follow-up drill program both to expand the initial resource and to work towards defining future mineral reserves. The areas to be included are the Matecana porphyry target in the south, La Cumbre porphyry, the El Centro Zone and the Dos Quebradas porphyry in the north; these mineralized centres occur within an area of an approximate and continuous N-S strike length greater than 2.8 kilometres by 1.5 kilometres E-W.
The substantive work completed during 2011 coupled with an efficient, targeted and systematic diamond drill program in 2012 (as described above) and a comprehensive phase 1 field exploration program on additional unexplored high priority and prospective exploration targets located immediately adjacent to the current project area (over 50% of the project area is yet to undergo phase 1 field exploration), the Company anticipates it will significantly further the overall project size and deposit potential in 2012.
Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO
About Batero Gold:
Batero Gold Corp. (TSX VENTURE: BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute 'forward-looking statements' or 'forward-looking information' Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects', 'anticipates', 'believes', 'plans', 'estimates', 'intends', 'targets', 'goals', 'forecasts', 'objectives', 'potential' or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Filing Statement dated as of June 22, 2010 under the heading 'Risk Factors'. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
Neither 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.
Contacts:
Batero Gold Corp.
604.568.6378
info@baterogold.com
www.baterogold.com