TORONTO, ONTARIO -- (Marketwire) -- 03/18/13 -- Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX VENTURE: GG)(BOTSWANA: GG) is pleased to announce the results of the 2013 mineral resource update at the Company's Mupane Property, located on the Tati greenstone belt in North Eastern Botswana. The total measured and indicated mineral resource is 508,400 ounces of gold and the total inferred mineral resource is 261,100 ounces of gold. This is the first mineral resource update for the Mupane Property since the completion of the Company's technical report dated May 10, 2011 (the "2011 Technical Report").
The measured and indicated gold resource at the Mupane Property, excluding the Mupane Slimes Dump (described below), has increased by 17,600 ounces of gold compared to the figures presented in the 2011 Technical Report, despite two years of depletion through mining activities. The Company has also declared, for the first time, a measured mineral resource of 91,800 ounces of gold at the Mupane Slimes Dump, which is located next to the Mupane plant and is currently the Company's operating slimes dump.
The mineral resource estimate, effective as at December 31, 2012, was carried out under the supervision of Charles Byron, Chief Geologist for Galane Gold and Steven Duma, Mineral Resources Manager for the Company's wholly-owned indirect subsidiary, Mupane Gold Mining (Pty) Ltd. ("Mupane Gold"). The Company's mineral resources update is expected to serve as a basis for the preparation of a new technical report in respect of the Mupane Property which is scheduled to be completed in 2013.
The following table summarises the results of the mineral resources update:
Galane Gold Mineral Resource Statement Effective Date: December 31, 2012----------------------------------------------------------------------------Category Measured Indicated---------------------------------------------------------------------------- Cutoff Au Au grade Tons AU (000 Tons AU (000Deposit (g/t) (000) (g/t) oz) (000) (g/t) oz)----------------------------------------------------------------------------Jim's Luck 0.50 859 1.05 29.0 1,659 1.20 64.0Tholo 0.50 20 1.14 0.7 926 2.28 67.8Golden Eagle 0.50 516 1.45 24.1 1,087 1.48 51.7Kwena 0.50 266 0.98 8.4 535 1.19 20.5Tau 0.80 578 3.00 55.7 824 2.75 72.8Mupane Stockpiles 702 0.97 21.9 - - -----------------------------------------------------------------------------Total 2,941 1.48 139.8 5,030 1.71 276.9------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Category Measured Indicated---------------------------------------------------------------------------- Cutoff Au Au grade Tons AU (000 Tons AU (000Dump (g/t) (000) (g/t) oz) (000) (g/t) oz)----------------------------------------------------------------------------Mupane Slimes Dump 0.30 7,195 0.40 91.8 - - -----------------------------------------------------------------------------Total 7,195 0.40 91.8 - - ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Measured andCategory Indicated Inferred--------------------------------------------------------------------- Au Au Tons AU (000 Tons AU (000Deposit (000) (g/t) oz) (000) (g/t) oz)---------------------------------------------------------------------Jim's Luck 2,518 1.15 93.0 1,337 1.08 46.4Tholo 945 2.26 68.6 61 1.53 3.0Golden Eagle 1,603 1.47 75.8 1,637 1.56 82.1Kwena 801 1.12 28.8 1,642 1.11 58.6Tau 1,402 2.85 128.6 723 3.05 70.9Mupane Stockpiles 702 0.97 21.9 - - ----------------------------------------------------------------------Total 7,971 1.63 416.6 5,401 1.50 261.1--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Measured andCategory Indicated Inferred--------------------------------------------------------------------- Au Au Tons AU (000 Tons AU (000Dump (000) (g/t) oz) (000) (g/t) oz)---------------------------------------------------------------------Mupane Slimes Dump 7,195 0.40 91.8 - - ----------------------------------------------------------------------Total 7,195 0.40 91.8 - - -------------------------------------------------------------------------------------------------------------------------------------------
