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News Releases
| | Thu Feb 18, 2010
Vangold Provided Update From Coppermoly Barrick Field Operations To Begin
| February 18, 2009 - Vancouver, British Columbia - Vangold Resources Ltd. ("Vangold" or "the Company") is pleased to announce that Coppermoly Ltd. ("Coppermoly") an Australian Securities Exchange (ASX) listed company, in which Vangold Resources holds a significant stake, has released the following press release entitled "Barrick to Begin Field Operations".
Danae A. Voormeij, Vice President of Exploration for Vangold comments: "We are pleased to see activity on Coppermoly's Nakru and Simuku's projects; having a major gold producer like Barrick work in the area adds confidence to our flagship Mt Penck property. Mt Penck, our 100% owned high sulfidation epithermal gold property, is located less than 50km from the Simuku property at the northwestern limit of the mineralized Kulu Awit trend".
ASX Announcement
11TH February 2010
Code: COY | ASX |
BARRICK TO BEGIN FIELD OPERATIONS
As part of the preparations for the upcoming exploration programmes on the Coppermoly Nakru and Simuku projects (refer to Figure 1), Barrick (PNG) Exploration Ltd (Barrick) have undertaken on-site inspections and completed a formal risk assessment for camp reconstruction, geological mapping and geochemical sampling. Preparations have also begun for the upgrade of track access to the Nakru project site.
Barrick can earn a 72% of Coppermoly's three existing projects by spending A$20 million within eight years. They are currently establishing their own office, staff and communications for their base of operations in Kimbe, the capital of West New Britain Island province. Coppermoly will continue to assist until March.
The diamond drilling programme at Nakru is expected to begin early in the second quarter of 2010 and will test depth extents of surface mineralisation and the copper related geophysical Induced Polarisation targets. It is anticipated that a broader exploration programme will include extensive surface sampling beneath ash cover, mapping and diamond drilling programmes both at Nakru and Simuku.
Barrick are reviewing the existing Nakru drill core and taking representative samples for petrographic and petrophysical studies to help understand the mineralisation and its relationship with geophysical anomalies. Drillhole samples are being re-assayed for a broader suite of elements and historical geological, geochemical and geophysical data are being compiled to assist interpretation and definition of mineralisation potential in the broader area.
Coppermoly is currently reviewing other copper and gold prospects in Papua New Guinea for possible acquisition.
About Coppermoly Ltd
Coppermoly Ltd is an Australian based company, listed on the Australian Stock Exchange (ASX) that is focussed on exploring for copper-gold-molybdenum and gold deposits on the Island of New Britain in Papua New Guinea. It holds title to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445 (Talelumas) covering 170 km2. These tenements cover most of the known areas of mineralisation within the "Kulu-Awit Trend". Projects are close to essential infrastructure including roads, an airfield and an operating deep water port at the provincial capital of Kimbe.
On behalf of the board,
Peter Swiridiuk
MANAGING DIRECTOR
For further information please contact Peter Swiridiuk on (07) 5592 1001 or visit www.coppermoly.com.au
To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.
On Behalf of the Board of
VANGOLD RESOURCES LTD.
"Dal Brynelsen"
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
The information contained herein has been obtained from the above featured company as well as the other publicly available sources and is believed to be accurate. Although reasonable efforts have been made to compile this data with care, neither Vangold, its employees, officers or directors guarantees the accuracy or completeness thereof, nor shall any of them be liable to the user or to any other person, firm or corporation whatsoever for any inaccuracies, errors or omissions contained herein nor for any damages arising there from or occasioned thereby.
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither 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. |
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