May 27, 2011, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia") (TSX-V: AGD) is pleased to announce continued success of the drilling program at its Cisneros Project in the Department of Antioquia, Colombia. The first results from the 2011 drilling campaign at Cisneros have discovered two new mineralized zones. The results include an assay of 7.27 g/t Au over a length of 4.2 m which includes 0.5 m grading 42.35 g/t Au, 32.0 g/t Ag and 1.56% Cu.
The first phase of this year's 15,000 meter drill program was designed to test three new target areas: Papi, Cerro and Nus Vein (refer to Figure 1). Ten drill holes, totaling 2,355 metres made two new discoveries - the Papi and Nus Vein structures. Along with the previous work at Guayabito, Guaico, Chapulin, and Manuela this gives the project several potential gold bearing zones to expand the existing resource base.
Refer to Figure 1 for overall location of defined mineralized zones and the focus of the current drilling program. A version of this release, including maps in full colour, is available on the Antioquia's web page www.antioquiagoldinc.com.
Interestingly the new discoveries are polymetallic in nature and contain significant values of silver and copper in addition to gold. Table 1 provides select results and has converted the silver and copper values to provide a gold equivalent value (Au Eq).
Notes: ns - refers to a not significant result in that particular element * interval reported is drilled thickness and may not represent true width ** Gold Equivalent calculations are based on US$1500 per ounce Au, US$35 per ounce Ag and US$4.10 per pound Cu and metallurgical recoveries and net smelter returns are assumed to be 100%.
Papi Zone The PAP11-001 and PAP11-003 intersections occur in a northeast trending polymetallic structure (Au+Ag+Cu) that has been defined over a strike length of 100 metres and remains open along strike and to depth. Drill hole PAP11-002 intersected the polymetallic structure; defined by a zone of anomalous Au and Cu; but did not return significant Au values.
Nus Vein Zone The NUS11-002, NUS11-003 intersections are also of a polymetallic nature (Cu+Au+Ag) and occur in a chalcopyrite-rich vein that has been defined over 100 metres in strike. NUS11-004 was stopped short of the projected location of this Cu+Au+Ag vein but did however intersect a similar polymetallic vein. NUS11-001 was abandoned at a shallow depth due to ground conditions. Both veins remain open along strike and to depth and occur in the footwall of a prominent east-west trending fault zone explored in 2010, the previously defined NUS Fault structure.
Other Data The three drill holes drilled at the Cerro target did not return significant results and has thus been eliminated from the list of potential targets for future work. Table 2 attached further summarizes the results of the first phase of the 2011 drill program.
Phase 2 Drilling Two drills are currently in operation in the second phase of drilling and have been successful in extending the Guaico structure along strike and down plunge where mineralization has been encountered 250 metres down plunge at the Guaico artisanal mine. Selective samples from the Guaico artisanal mine returned up to 60.74 g/t of gold.
Two new, well mineralized vein systems that correlate with IP anomalies defined during the fall of 2010 have been intersected in the Chamuela area (Figure 1). Definition drilling of both vein systems is in progress.
Currently a drill rig at the Guayabito area is expanding the previous work on the El Bolo and Guayabito structures down plunge.
Assay results from the new discoveries at Chamuela along with results from Guaico and the Guayabito areas are pending.
"Antioquia is excited with these most recent results and anticipates that continued drilling in the Papi and Nus Vein areas along with the areas identified in the 2010 program will contribute to the company's goal of developing a significant gold resource on the Cisneros property that will permit us to becoming a gold producer in the shortest possible time frame"; commented Brad Van Den Bussche, Vice President of Exploration.
About Antioquia Gold Inc. Antioquia is a precious metal exploration company with projects in Colombia since 2007. Antioquia's principal asset, which is being actively explored, is its Cisneros Project, located 55 kilometers northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has drilled over 15,000 meters, conducted extensive geophysical programs and is well versed in the understanding of the deposit type and the project's path to production. The Cisneros Project consists of 5,630 hectares and forms the nucleus of the company's 37,500 hectare land package located throughout Colombia.
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 SGS laboratories in Medellin, Colombia.
Prepared samples are direct-shipped to SGS Laboratories in Lima, Peru or Toronto Canada, both ISO certified laboratories, for analysis. Assay for gold is performed by fire assay with 30 g charge and AAS finish, with a gravimetric finish for over limit samples.
This press release has been prepared under the supervision of Brad Van Den Bussche, P. Geol., Vice President of Exploration for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.
On behalf of Antioquia Gold, Richard Thibault, President
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Forward-Looking Statements: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. There is no certainty that the diamond drilling currently in progress will provide positive results of mineralization. For any forward-looking information given, Management has assumed that the results it has received and the interpretation thereof are reliable, and has applied metallurgical methodologies which are consistent with industry standards. Although Management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. For such statements, the Corporation claim safe harbour for future releases. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Notes: ns - refers to a not significant results in that particular element * interval reported is drilled thickness and may not represent true width ** Gold Equivalent calculations are based on US$1500 per ounce Au, US$35 per ounce Ag and US$4.10 per pound Cu and metallurgical recoveries and net smelter returns are