April 27, 2012, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX-V: AGD; OTCQX: AGDXF) is pleased to announce the start of Phase 1 of its 2012 Drilling Program on the Cisneros Project, Colombia. The Company has a three-phase drilling program amounting to 20,000 total metres planned for 2012:
Phase 1: one drill will be utilized to further define the multi-zone Guayabito deposit along strike and to depth;
Phase 2: two drills will be utilized to further define the multi-zone Guaico deposit along strike and to depth, and to further define / delineate two new discoveries made in 2011; the Papi and Chamuela gold discoveries;
Phase 3: two drills will be utilized to expand upon results obtained in Phase 1 at the Guayabito deposit and results obtained from Phase 2 drilling at the Guaico deposit and at the Papi gold discovery.
The Company also anticipates testing regional drill targets on the Cisneros project as defined by the Company's ongoing, multi-disciplined surface exploration program.
The Company also announces a non-brokered private placement for aggregate gross proceeds of up to $2,000,000 via the issuance of units (the "Units") at $0.10 per Unit. The Company may choose to increase the offering by 25% depending on market conditions. Each unit will be comprised of one common share in the share capital of the Company and one-half of one common share purchase warrant of the Company. Each whole warrant will entitle the holder thereof to purchase one additional common share at a price of $0.20 per share for a period of six (6) months from the date of issuance. The Company may pay a finder's fee in connection with this transaction. The cash proceeds will be added to working capital and thereby used to fund the 2012 Drilling Program at Cisneros.
About Antioquia Gold Inc. Antioquia Gold has been exploring for precious metals in Colombia since 2007. The Company has a land package of close to 40,000 hectares located throughout Colombia. Antioquia'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 six exploration targets. On the original discovery zone it has drilled over 30,000 meters and is well versed in the understanding of the deposit type and the project's path to resource definition and production.
On behalf of Antioquia Gold Inc. Richard Thibault, President & CEO
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact:
Investor Relations Manager 403-457-4653 firstname.lastname@example.org
CHF Investor Relations Juliet Heading 416-868-1079 x239 Juliet@chfir.com
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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.
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 release of sample results in January 2012, 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 Company claims 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 Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.