Mr. Marco Gagnon reports
ADVENTURE GOLD ACQUIRES NEW LANDS ALONG THE DETOUR GOLD TREND IN THE ABITIBI AREA, QUEBEC
Adventure Gold Inc. has signed two agreements for the acquisition of a 100-per-cent interest in 66 claims adjacent to the company's Massicotte property located along the Detour gold trend. The property is situated 15 kilometres east-southeast of the Detour Lake gold deposit (43-101 proven and probable reserves of 15.6 million ounces of gold, from a global measured and indicated resources of 23.3 million ounces, and inferred resources of 5.8 million ounces: Detour Gold Corporation, press release Jan. 25, 2012). A geophysical survey is already planned for the Massicotte property and is slated to start soon.
"Since 2008, following an extensive geological compilation, the company has acquired strategic land positions at low cost along the Detour gold trend. We believe that the Massicotte property represents a very potential ground for the identification of new gold-bearing structures as indicated by the presence of untested up-ice gold anomalies in glacial sediments on the property and positive historical drill results in the property proximal lateral extensions," stated Marco Gagnon, president and chief executive officer of Adventure Gold.
Massicotte property
The addition of the new claims brings the Massicotte property, to a total of 72 mining claims covering a surface of 3,370 hectares. The property, located 130 kilometres north of La Sarre, is accessible by gravel and winter forestry road. At least two proven gold structures were outlined on the property, namely the Massicotte and the Lower Detour-Grasset deformation zone, that are present over a strike length of six kilometres. The company's geological compilation of historical work also outlined the presence of significant gold anomalies in glacial sediments that were intersected by reverse circulation drilling. In 1988, 14 RC holes were drilled on the property or close to its western boundaries, seven of which returned positives gold results grading from 0.5 gram per tonne gold to 5.2 g/t Au. For more information on the property, please visit the company's website.
Agreements
Under the terms of the first agreement, the company has acquire a 100-per-cent interest in 45 claims from Globex Mining Enterprises Inc. by paying a lump sum payments of $25,000 and granting a 2.5-per-cent gross metal royalty on the claims. The company shall have the right to purchase 1.5 per cent of the GMR at any time by paying $1.5-million. In addition, the company agreed to transfer 100 per cent of its right on the Realore property (11 claims) located 50 kilometres east of Val d'Or. The company will retains 2-per-cent GMR on the Realore claims and Globex shall have the right to purchase 1.0 per cent of the GMR at any time by paying $500,000. Under the terms of the second agreement, the company has acquired a 100-per-cent interest in 21 additional claims from independent prospectors by paying a lump sum payments of $4,500.
Jules Riopel, PGeo, vice-president exploration and acquisitions, acting as the company's qualified person as defined by NI 43-101, has reviewed this press release.
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