May 5, 2016 - Calgary, Alberta: Antioquia Gold Inc. ("Antioquia" or the "Company") (TSXV: "AGD") is pleased to provide an update on the progress at its Cisneros Project in Colombia as of May 4, 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 m high) continues to progress well. Total length of the tunnel is now more than 307 m at an average grade of -13% and has reached an elevation of 1,241.4m, some 34m below the elevation of the portal entrance;
in the last news release, it was mentioned that the main Guaico vein structure had been intersected at ~135m and an elevation of 1,260m; the vein averaged 1.2m in width with some areas up to 1.5m wide. The first ore extraction drift has been developed (cross section 3m wide by 3m high) in this general area with ore and waste chutes in readiness for production. Total development for this portion totalled 73m. While ore is not planned to be mined until much closer to the plant completion date has been established, there should be no delay in getting plant feed when the time is right;
an access tunnel has been developed at elevation 1245m of the main access ramp in preparation for raise boring of a ventilation shaft in about 2 months time;
the industrial water treatment plant has been installed and is functioning;
the electrical infrastructure is scheduled to be functioning on May 15, 2016. This will allow the Jumbo drills and other equipment to switch from diesel thereby optimizing ventilation requirements;
surface infrastructure continues to progress with the setting up of buildings for the following:
Guayabito South (acquired last year from Anglo-Gramalote) -- The first exploration diamond drill hole has been completed to a depth of 100m. A second hole is currently underway and the planned depth is 300m which should cut across all the vein structures that extend south from the original Guayabito property. A total of 6 diamond drill holes are planned. The results from this program will be closely examined for possible incorporation of Guayabito South into the overall mine plan.
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
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.
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.