CALGARY, ALBERTA -- (Marketwired) -- 05/01/13 -- Antioquia Gold Inc. ("Antioquia Gold" or the "Company") (TSX VENTURE: AGD)(OTCQX: AGDXF) is pleased to announce that Rodger Roden, CA has been appointed as the Company's Chief Financial Officer, effective immediately. Mr. Roden is a Chartered Accountant with more than 25 years of industry experience. He has worked as Vice President of Finance/Chief Financial Officer with public and private companies in a broad range of industries. His experience includes all aspects of corporate finance, mergers and acquisitions, IT implementations, tax, and business systems and process analyses and implementation. More recently Mr. Roden has worked exclusively in the mining industry and is currently CFO to several public companies.
Ms. JoAnne Dorval-Dronyk has resigned as the Chief Financial Officer of the Company, effective April 30, 2013. The Board of Directors would like to thank Ms. Dorval-Dronyk for her contributions to the Company.
The Company also announces that it intends to complete a non-brokered private placement for aggregate gross proceeds of up to $500,000 via the issuance of common shares at a price of $0.035 per common share.
The Company also announces that subsequent to the recent changes with respect to management and directors with an increased focus on mining development, the Company has retained IBK Capital Corp. ("IBK") and Mr. Craig Duncan, an independent consultant as its financial advisors to explore a range of potential strategic alternatives for the Company with a goal to enhancing shareholder value.
While undertaking this review, the Company's Board of Directors and its senior management team will remain focused on executing its longer term business plan with an emphasis in assembling information to make a production decision for its flagship Cisneros property by the end of the 2014 calendar year. Currently it is estimated that a total of $12 million would be required to complete the necessary work described below that would provide the Company with the information it needs to make a production decision.
The Company expects that the key milestones and timelines required (some of which has already been completed) are as follows:
1. Resources -- 45,000+ m of core diamond drilling has been completed to date; -- Numerous multi-vein gold bearing structures open at depth and along strike have been discovered; -- Understanding of potential resources was significantly improved in 2012 augmenting discovery success; -- A National Instrument 43-101 ("NI 43-101") compliant resource estimate is currently being prepared for the Guayabito and Guaico deposits, with delivery scheduled for early June; -- Further exploration including diamond drilling and bulk sampling will be carried out in two tunnels in the Guaico and Guayabito prospects2. Mining -- Governmental approval has been received for the Guaico tunnel environmental and development permits; -- The 650 m long Guaico tunnel will be designed and built during 2013 and will support midsize U/G production equipment; -- The company expects that a NI 43-101 compliant preliminary economic study will be undertaken with the following milestones: -- Mine Method & Design completed by September 2013; -- Process Plant Preliminary Design completed by October 2013 (incorporating existing used equipment owned by Antioquia Gold and metallurgical testing specific to Guaico and Guayabito ore types); and -- Site Infrastructure (Surface Facilities, Dumps and Tailings Disposal) layout design (including supporting geotechnical and hydrological studies) by October 2013