Acquisition of El Porfido Gold Project
Minaurum Gold Inc. (the "Company" or "Minaurum") announces that it has entered into an agreement with Minera Mariposa S.A. to acquire 100% of the El Porfido Gold project in Puebla State, Mexico. The project is located 95 km east-northeast of the center of the Guerrero Gold Belt and covers 4,666 hectares. The Guerrero Gold Belt contains in excess of 15 million ounces of gold as resources of various categories including Goldcorp's 11 million ounces Los Filos Gold Mine.
David M. Jones, principal of Minera Mariposa and the geologist credited with the discovery of the Los Filos deposit, recognized the Project's potential due to its geological similarities to deposits of the Guerrero Gold Belt including gold-bearing skarns similar to the Los Filos and El Limon iron oxide gold deposits of the Guerrero Gold Belt, and porphyry-style gold-copper mineralization similar to that of other southern Mexican deposits, including the La Verde copper deposit in Michoacan state, and the Cobre Grande deposit in Oaxaca state.
For 2010, the Company plans a program of reconnaissance geological mapping and geochemical sampling and an airborne geophysical survey at El Porfido, followed by sampling in prospective areas. These efforts will be carried out with the intention of developing targets for drilling in 2011.
Two principal alteration and mineralization styles occur in the El Porfido project area: iron oxide exoskarn; and intrusion-hosted, porphyry-style quartz-sulfide veins and breccias. Iron-oxide exoskarn alteration is widely distributed along stock contacts, and copper, gold, silver and zinc mineralization occurs within the exoskarn. A single five-metre chip from one oxide zone assayed 1.48 ppm gold, and a select sample of chalcopyrite-bearing exoskarn from a prospect pit assayed 13.9% copper. A sample of intrusion-hosted quartz-tourmaline veins and breccias assayed 1.8 ppm gold and a sample of sulfide breccia assayed 1.53% copper. In addition, well developed, sulfide-rich magmatic-hydrothermal breccias exposed at El Porfido may constitute a pyritic cap to a substantial porphyry system.
Minaurum can acquire 100% of the El Porfido project by making staged payments totaling $350,000 and 850,000 common shares over three years.
Minaurum Gold is a gold and silver explorer focusing on the acquisition and development of precious metals deposits in Mexico. The Company is currently advancing the Adelita, Aurena, Capilla, Vuelcos del Destino, and Jackie Projects, in addition to the El Porfido property. These projects have been optioned from some of the most successful project generators in Mexico; David M. Jones and Dr. Peter K.M. Megaw with his associates in IMDEX Inc. and Minera Cascabel. Drilling is currently underway at the Adelita Project in southern Sonora State.
Qualified Person: Mr Stephen R Maynard, M.S., C.P.G., has acted as the qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release.
ON BEHALF OF THE BOARD
"Darrell A. Rader"
Darrell A. Rader
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Forward Looking Statement: Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.
Capitalization Report for Minaurum Gold Inc
Shares Issued: 35896433
Shares Escrow: 1542000