Unigold Inc. announces an update of its exploration program for 2007 and technical property tour on its 100 percent owned property in the Dominican Re
27 March 2007
Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to give an update on the corporate affairs and the operations plan for 2007. Unigold will spend $3.5 million on its 2007 exploration program. Throughout the year, Unigold will continue to carry out surface exploration of the properties, collect soil & stream samples, along with trenching and intensified diamond drilling. In addition, Unigold will initiate an airborne geophysical survey starting at the end of March 2007 with FUGRO Airborne Surveys Corp. The survey is to be conducted on the Neita and Sabaneta properties and will be flown at 200-metre flight gridlines. The survey will encompass approximately 2,600 line kilometres and will entail magnetic, electromagnetic and radiometric readings. Unigold has mandated SGS Minerals Services (Lakefield) for an investigation into cyanidation of the Los Candelones ore and to establish the parameters for a possible heap leaching of the oxidized ore of Los Candelones. Thus far, a variety of 10,000 samples are in the process of analysis with SGS.
Based on the realised results obtained to-date, Los Candelones could be characterized as a fully developed epithermal system with a barium/antimony upper zone and a vuggy quartz lower zone corresponding to the high grade zone found in trenching, reporting 45 g/t of gold over 11 meters with the vuggy quartz vein grading 105 g/t over 1 meter. Since the actual drilling campaign is targeting the lower vuggy quartz zone, the next coming months should be very exciting and should provide a constant flow of new information.
Unigold completed a successful field visit from March 21 to March 23, 2007 of its Neita Property. Unigold management and geologists hosted a group of 13 industry professionals on a technical property tour of its large concessions in the Dominican Republic.
Unigold's chairman Dr. Talal A. Alshair, senior management and field geologists participated in the property tour. The geological team is working on exploration, drill targeting, further developing the Neita Property and more specifically, the expansion of its Los Candelones Gold Deposit.
At the end of the property tour day, Unigold held a dinner reception where Dr. Alshair, main principal of Shairco, the Company's major shareholder, stated ,"I was pleased to evidence the aggressive exploration program conducted on the property and the realised results to date. I am committed to the growth and development of Unigold to broaden its horizons through international business opportunities".
Representation from the Dominican Republic Government attended the dinner reception where Unigold welcomed Mr. Octavio Lopez, the Director of Mines for the Dominican Republic and Dr. Onofre Rojas, Minister of the State, European Fund of Development for the Dominican Republic. Mr. Octavio emphasized the excellent work being conducted by Unigold not only in the field exploration but at the social and community levels. He further stated, "The Directorate of Mines will fully support Unigold in all aspects of its activity in the Dominican Republic".
About Unigold Inc.
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Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from a 20-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
For further information: Daniel Danis, Chief Operating Officer & Director, (450) 667-4766, Web site, www.unigoldinc.com, Email: unigold@unigoldinc.com
Source: newswire
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