March 18, 2016 - Calgary, Alberta: Antioquia Gold Inc. ("Antioquia" or the "Company") (TSXV: "AGD") is pleased to provide an update on progress at its Cisneros Project in Colombia as of March 16, 2016. The following is a summary of additional milestones that have been achieved at the Guaico deposit:
Main tunnel development (cross section 4.5 m wide by 4.5m high) continues to progress well. Total length of the tunnel is now more than 210.7 m at an average grade of -13% and has reached an elevation of 1,252.5 , some 22m below the elevation of the portal entrance;
The main Guaico vein structure was intersected at ~135m and an elevation of 1,260; the vein averaged 1.2m in width with some areas up to 1.5m wide. The vein structured has been surveyed and geologically and geotechnically mapped. The vein footwall/hangingwall contacts are unaltered and in good condition geomechanically;
The vein structure is brecciated and strongly mineralized with pyrite and chalcopyrite; gangue minerals include quartz and some carbonates; also rock fragments were observed in the altered and mineralized structure. A total of six samples were taken across an average true thickness of 1.02m. The weighted average for these samples was 63.2 g/t Au. Diamond drill hole PC10-01 had intersected the vein 5m above the tunnel and assayed 61.8 g/t Au. These values should be treated with caution as the grade of the ore mined from this area would be somewhat lower because of dilution and blending. As development continues underground in-fill diamond drilling is planned to firm up the mining resources.
The electrical infrastructure on site is now complete including the main transformer. The Company is only waiting on the authorization of the official inspector and then the official connection to the electrical grid.
Reclamation of the areas disturbed by the road and portal development is well underway; a significant area has already had a layer of topsoil applied and seeded for revegetation;
The combined workforce of Antioquia and contractors on site currently totals 77 employees, of these 38 are from the local area.
Further information including photos of construction activities can be found on the Company's website www.antioquiagoldinc.com.
Mr. Jim Decker, P. Eng., Vice President Investor Relations and Director of Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this news release.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com
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This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: capital expenditures, operating costs, and the anticipated project schedule. Any statements 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", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" 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.
Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia Gold to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia Gold will operate in the future, including the price of gold, anticipated costs and Antioquia Gold's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia Gold's most recently filed annual and interim MD&A and other disclosure documents available under the Company's profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.