🕐28.07.11 - 21:27 Uhr
AURO RESOURCES CLOSES WHITE GOLD TRANSACTION & COMMENCES EXPLORATION ON KEY PROPERTIES
AURO RESOURCES CORP.
401 West Georgia, Suite 2020
Vancouver, BC, Canada
V6B 5A1
NEWS RELEASE
AuRo Resources Closes White Gold Transaction & Commences Exploration on Key
Properties
Vancouver, British Columbia, July 28, 2011.
AuRo Resources Corp.
(the
"Company") (TSX-V: ARU) is pleased
to announce that its acquisition of all of the issued and outstanding
securities in the capital of White Gold Corporation ("White Gold") has
closed.
Pursuant to the terms of the amalgamation agreement, the
shareholders of White Gold will receive an aggregate of 21,000,000 common
shares in the capital of the Company at a deemed price of $0.15 per share,
38% of the total shares to be issued shall be released to the White Gold
shareholders on closing.
The remaining 62% of the total shares to be issued
shall be released, on a pro rata basis, to the White Gold shareholders upon
receiving Concession Agreements to the properties that are in the "Pending
Concession" and "Lease Application" stages.
Exploration Update
With the recent engagement of GeoXplore, the Companys Colombian based
exploration group, AuRo plans to immediately commence a simultaneous
"Three-pronged" exploration strategy focused on El Tesoro, the
Tolima-Quindio area properties and Arboledas.
El Tesoro
AuRo Resources previously announced results of its soil geochemical survey
of the Companys El Tesoro gold project in the Department of Antioquia,
Colombia.
The highlights include the collection and analyses of 979 soil
samples, in which gold values in soils ranged from below detection up to a
high of 506 ppb.
These results identified a new gold exploration target
centered on three gold in soil anomalies (>20 ppb Au) with values up to 506
ppb Au located on the southern portion of the El Tesoro property.
Based on the geochemical analysis, and given the distinct geology in
Antioquia, AuRos Colombian based exploration team will be immediately
following up on all of these anomalous areas with an auger drilling program.
A total of 200-300 samples of the saprolite horizon will be taken to
overcome the masking effects of transported or weathered overburden.
Any
significant targets identified by this program will be tested by diamond
drilling.
The aforementioned techniques were successfully utilized by
GeoXplore during their tenure at AngloGold Ashantis (NYSE:
AU) 51% owned Gramalote project, a
2.4 million ounce gold deposit located approximately 20kms from El Tesoro.
White Gold Properties -Tolima-Quindio
AuRo Resources will concurrently be commencing initial exploration at its
projects in the departments of Tolima and Quindio.
AuRos land package in
Tolima-Quindio totals almost 30,000 hectares, with the closest group of
concessions approximately 12km from AngloGold Ashantis La Colosa project.
AngloGold Ashanti CEO Mark Cutifani, said in 2009, "La Colosa is the "most
significant" gold discovery worldwide in a decade." Rafael Herz, CEO of
AngloGolds Colombian unit also stated, "The project, which is a potential
company-maker according to Herz, may produce about 800,000 ounces of gold
a year, or almost 20 percent of total output.
Reserves at the site, located
about 150 kilometers west of the capital, are about 12.9 million ounces."
Colombias state mining and geology bureau has conducted soil geochemical
surveys in this region that have identified gold in soils anomalies, as well
as former artisanal mines, which are situated on AuRos concessions.
Initial
exploration at the Companys projects in Tolima-Quindio will follow up on
these anomalies, and will be comprised of prospecting, structural mapping,
stream sediment sampling, and rock sampling.
Arboledas Gold Project - Norte de Santander
AuRo now has interests in approximately 14,000 hectares located about 18
kilometers north of the California-Vetas mining district, host of EBX
Groups La Bodega multimillion ounce gold discovery (formerly owned by
Ventana Gold Corp.
(TSX: VEN)),
and Greystar Resources (TSX:
GSL) Angostura gold-silver deposits.
At Arboledas, gold has been identified
in areas where active artisanal mining has been occurring.
Small-scale
miners are targeting north-east striking, oxidised, subvertical veins hosted
in feldspar porphyry.
Workings consist of 8 adits which are targeting
oxidised quartz veins and clay structures up to 1 metre wide.
Younger porphyries (late Cretaceous/early Tertiary) are very common in the
immediate area of mineralization and are likely associated with the
mineralizing event at Angostura.
Intrusives of the same age and provenance
will be the focus of exploration within the field area.
This exploration
will consist of float mapping and sampling, and stream sediment sampling of
drainages.
INFORMATION PERTAINING TO THE ARBOLEDAS PROPERTIES INCLUDES INFORMATION
DERIVED FROM NATIONAL INSTRUMENT 43-101 REPORTS, AS PREPARED FOR WHITE GOLD
CORPORATION BY ANDREW J.
TURNER, P.GEO.
INFORMATION PERTAINING TO THE
TOLIMA & QUINDIO PROPERTIES WAS DERIVED FROM HISTORICAL GEOLOGICAL
INFORMATION AND DOES NOT PRESENTLY CONFORM TO THE STANDARDS AS OUTLINED IN
NATIONAL INSTRUMENT 43-101.
About AuRo Resources Corp.
AuRo Resources is a mineral exploration company with major land positions in
Colombias leading gold camps.
The Company holds property interests in
three of the countrys most prolific gold regions in Antioquia,
Tolima-Quindio, and Santander-Norte de Santander.
AuRo shares trade on the
TSX Venture Exchange under the symbol ARU.
For further information please
visit www.auroresources.com.
The content of this news release has been reviewed by Mr.
Ken Thorsen, P.
Eng., who serves as the Qualified Person in accordance with National
Instrument 43-101.
ON BEHALF OF THE BOARD
Mark Lawson
President & CEO
For further information please contact:
Mark Lawson
President & CEO
T: 416-623-0565
John Gomez
President & CEO
White Gold Corp.
T: 604-484-7118
Tyler Ross
Jeremy Ross
Corporate Development
T: 604-893-8838
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-looking Statements.
Certain statements contained in this news release may constitute
forward-looking information, within the meaning of Canadian securities laws.
Forward-looking information may relate to this news release and other
matters identified in the Companys public filings, Forward-looking
information and anticipated events or results and can be identified by
terminology such as "may", "will", "could", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "projects", "predict",
"potential", "continue" or other similar expressions concerning matters that
are not historical facts and include, but are not limited in any manner to,
those with respect to capital and operating expenditures, economic
conditions, availability of sufficient financing, receipt of approvals,
satisfaction of closing conditions and any and all other timing,
development, operational, financial, economic, legal, regulatory and/or
political factors that may influence future events or conditions.
Such
forward-looking statements are based on a number of material factors and
assumptions, including, but not limited in any manner, those disclosed in
any other public filings of the Company, and include the ultimate
availability and final receipt of required approvals, sufficient working
capital for development and operations, access to adequate services and
supplies, availability of markets for products, commodity prices, foreign
currency exchange rates, interest rates, access to capital markets and other
sources of financing and associated cost of funds, availability of a
qualified work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability execute
its business plan on economically favorable terms.
While we consider these
assumptions to be reasonable based on information currently available to us,
they may prove to be incorrect.
Actual results may vary from such
forward-looking information for a variety of reasons, including but not
limited to risks and uncertainties disclosed in other Company filings at
www.sedar.com and other unforeseen events or circumstances.
Other than as
required by law, the Company does not intend, or undertake any obligation to
update any forward looking information to reflect, among other things, new
information or future events.
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