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MONTREAL, QUEBEC -- (Marketwire) -- 01/07/13 -- Adventure Gold Inc. (TSX VENTURE: AGE) ("AGE", the "Corporation") announce that the National Instrument 43-101 technical report representing the qualifying report for the recently announced initial resource estimate for the Val-d'Or East project located in the Abitibi area, Quebec has now been filed on SEDAR and available on the company's website. Here are some highlights of the study previously reported by the Corporation on November 21, 2012 along with a new estimation table for the total in-pit inferred resource with Whittle Pit Optimization (from surface to 250 metres). All details are included in the final report.
-- The selected base case inferred resource is 770,000 ounces (9.13 million tonnes grading 2.63 g/t Au, capped at 30 g/t), using cut-off grades of 1 g/t Au (surface to 350 metres depth) and 1.5 g/t Au (350 metres and below). SGS Canada Inc. outlined three gold deposits over a 1500-metre long strike, up to 900 metres deep and 600 metres wide;-- In order to verify the open pit potential, further to the base case, a Whittle Pit Optimization has been run by SGS Canada Inc. The presented scenario has a 0.69 g/t Au marginal cut-off grade with a gold price of 1500 Cdn$/oz.troy, an ore mining price of 4.5 Cdn$/t, a mining recovery of 98%, 15% dilution, a processing recovery of 95%, a processing cost including G&A and premium costs of 27.5 Cdn$/t. The resulting 3 open pits contain a total inferred resource totaling 4.34 Mt at 2.38 g/t with 330,000 gold ounces. Below the Whittle optimized pits (Underground potential), the inferred resource is 390,000 gold ounces (3.91 million tonnes grading 3.13 g/t Au, capped at 30 g/t) using a cut-off grade of 1.5 g/t Au;-- The mineralized system is still open at depth and laterally. Also of interest, additional resources may be discovered inside the conceptual Whittle open pits as approximately 50% of the volume was not drilled yet. The dyke-type mineralization has a good angle for both open pit and underground selectivity and mining. The past operation at the Beliveau mine suggests that the mining recovery should be very good on the dykes of the New Beliveau, North and Highway deposits. The thickness of the flat structures is also sufficient for open pit or underground consideration. The geotechnical aspects of the project seem good for both open pit and underground mining at this point. The project is located 26 kilometers from Val-d'Or and therefore close to all required infrastructure for a proper development. Key infrastructure for the project: a currently existing 340-metre deep shaft, 660 metres of ramp, underground development drifts on five levels, industrial access road, power line, a railway within 1.5 kilometres and custom milling facilities in Val-d'Or;-- SGS concluded that the Pascalis-Colombiere property, part of the company's Val-d'Or East project, has supported profitable commercial mining operations in the past. While some resource was mined on the property, some remain and should be evaluated. Significant additional exploration drilling is clearly warranted on the property to increase the quality and quantity of gold resources. SGS recommended to continue the drilling with a 20,000 metres program on the New Beliveau, North and Highway gold deposits with the main objectives to cover the volume inside the conceptual Whittle pits and extend the resource outside the pits shell up to 250 metres depth. SGS Geostat considers that mineral resources defined on the property meet the requirement of reasonable prospect of economic extraction. However, it should be understood that the mineral resources which are not mineral reserves do not have demonstrated economic viability. The mineral resources presented in the technical report are estimates based on available sampling and on assumptions and parameters available to the authors dated November 15, 2012. More details and parameters used for the resource estimate are available in the NI 43-101 technical report.
