March 25, 2011 Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) today announced its expanded exploration plan amounting to $8.2 million in approved and allocated expenditures for its Colombian projects over the next twelve months ending March 2012. The majority of expenditures are assigned to the Company's flagship Cisneros Project in Antioquia, Colombia.
At the Cisneros Project a regional exploration program comprised of airborne geophysics interpretation and target identification will be utilized on the remaining +5,000 hectares outside the immediate Guayabito and La Manuela areas which have not been systematically explored to date. The program will follow the same methodical approach used on the Guayabito and La Manuela areas that have proven successful in discovering and interpreting mineralized gold structures.
On the Guayabito and La Manuela areas themselves additional geophysics, geochemistry, soil sampling, trenching and evaluation of old tunnels will be completed in order to evaluate and prioritize new targets as part of a 15,000 metre diamond drilling program. Other work will be conducted in geological modelling, preliminary mine planning, design and logistics of exploration tunnels, land acquisition and infrastructure development to support the accelerated exploration program.
The existing drill targets at Guayabito and La Manuela, discovered in the 2009 and 2010 programs, are being drilled to expand the size of the several structures found to date both along strike and in depth. Additional drilling will determine which of the identified structures may be of sufficient size to support exploration tunnels to expand the mineral resources.
Funds have also been allocated to exploration on the six Strategic Properties located in the Cauca Porphyry belt of Colombia. Although considerable interest in joint venturing these properties has been expressed by several companies, Antioquia intends to advance its knowledge base on the Strategic Properties prior to finalizing any business arrangements.
AGD has granted, subject to TSX-V approval, options to acquire a total of 250,000 common shares of AGD to an officer and a consultant, in accordance with the terms of their contracts with the Company, at an exercise price of $0.32 per share, vesting immediately and expiring if unexercised on March 25, 2016, in accordance with the existing stock option plan.
About Antioquia Gold Inc.
Antioquia is a precious metal exploration company active with projects in Colombia since 2007. Antioquia's principal asset, which is being actively explored, is its Cisneros Project, located 55 kilometres northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has drilled over 14,000 metres, conducted extensive ground and airborne 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.
On behalf of Antioquia Gold Inc. Rick Thibault, President.
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Forward-Looking Statements: This news release may contain forward-looking statements. In particular, this news release contains forward-looking statements relating to the timing and details of the drilling program. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Antioquia Gold Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Antioquia Gold Inc. and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Except as required by law, Antioquia undertakes no obligation to publicly update or revise any forward-looking statements