September 22, 2011, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold") (TSX-V: AGD; OTCQX: AGDXF) is pleased to announce that Antioquia Gold has entered into a non-binding Letter of Intent ("LOI") with Trident Gold Corp. ("Trident"), of Vancouver, to explore Antioquia Gold's Caicedo and Concordia-Betulia Properties, that form part of the Strategic Properties found in the prolific Cauca Porphyry Belt of Colombia (refer to figure 1).
Trident can earn a 60% position in the properties by spending $3 million over a 21 month period after the signing of the definitive Joint Venture Agreement ("JV Agreement"). Both parties will immediately work towards completing the JV Agreement. An existing back-in right on the properties will also be sought to be re-negotiated to reflect current market conditions.
Rick Thibault, President and CEO commented, "The entering into an LOI with the purpose of having a JV partner earn into a couple of our Strategic Properties has been a goal and ongoing process for Antioquia Gold. Several companies were screened and talks held, in the end we choose Trident as our first partner. Their experienced team, both on the ground and in the board room and their access to capital will help unlock the potential of the two properties, while the Antioquia Team continues to focus on the Cisneros Project by completing a resource study and moving Cisneros towards a production scenario. The LOI lends us the ability to add more shareholder value at Antioquia Gold."
The Concordia-Betulia and Caicedo properties are both located within the Cauca Porphyry Belt and are situated between Continental Gold's Buritica project to the north (26km north of Caicedo) and Sunward's Titiribi project to the southwest (11km east of Concordia-Betulia) (refer to figure 1). The Concordia-Betulia project is located 40 km southwest of the city of Medellin, Colombia and consists of four (4) applications for concession agreements totaling 14,139 Ha of which three (3) applications totaling 12,387 Ha have completed technical studies and are waiting governor signature and registration. The Caicedo project is located 52 km northwest of the city of Medellin, Colombia and consists of one (1) concession contract, in full force and effect which totals 3,1567 Ha, and one (1) application for concession agreement totaling 1,067 Ha. Both Concordia-Betulia and Caicedo have potential for the discovery of porphyry Au Cu, epithermal gold and polymetallic deposits.
About Trident Gold Corp.
"Trident Gold Corp. (www.tridentgoldcorp.com) is a private Canadian gold exploration company focused on Colombia. Trident has management and technical teams established in Colombia and has a diversified board of directors with the proven ability to secure, explore, finance and develop gold deposits. After considerable technical and legal due diligence Trident has retained 36,000 hectares of mineral claims (from 100,000+ hectares optioned) in the prolific Segovia-Remedios mineral belt, near Frontino Gold Mines (Medoro Resources) and the Amalfi and Anori districts through joint venture option agreements where Trident holds minimum 80% JV interests. Trident is carrying out target generation on the current land position and continues to search for the best exploration targets available in Colombia to build a world class exploration portfolio"
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 Gold'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 29,000 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,
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.
Antioquia Gold Strategic Properties Locations (Caicedo and Concordia-Betulia Highlighted)