News Out on Hounde !! ... (Might Explain today's move) Savary Gold Completes Earn-In on Option Agreement for Hounde South From Endeavour Mining 07/08/2014 07:18 AM ET
TORONTO, ONTARIO, Jul 08, 2014 (Marketwired via COMTEX News Network) -- Savary Gold Corp. (TSX VENTURE: SCA) ("Savary") has completed the
earn-in portion of the option agreement for the Hounde South gold
project located in south-west Burkina Faso. The Option and Earn-in
Agreement (the "Earn-in Agreement") called for Savary to incur US$3
million in exploration expenditures and issue Savary Gold shares
representing 19.99% of the outstanding share count to Endeavour
Mining Corporation. These expenditure obligations have been met and
the share issuance is expected to take place upon transfer of the
concessions to Savary's Burkina Faso exploration subsidiary.
Savary has completed 11,744 metres of drilling in 82 core and reverse
circulation holes on its Hounde South property. The latest campaign
tested previously recognized gold zones and geochemical and
geophysical targets in the Karangosso, Kien and Kueredougou areas.
The gold-bearing trends were extended in all three areas, with the
best results returned from Kien where at least eight gold-bearing
zones were intersected over a large area.
"We are very pleased to have completed the earn-in for the Hounde
South Property" stated Don Dudek, President & CEO of Savary Gold
Corp. "Management is currently modelling the four different
mineralized zones in order to prioritize future drilling and more
accurately plan drill hole placement. Savary's goal is to define a
maiden inferred mineral resource of at least 1 million ounces."
About Savary Gold
Savary Gold is a Canadian exploration company focused on exploring
the Hounde South Gold Property in Burkina Faso. The property is in
the Birimian age Hounde Greenstone Belt, which hosts Semafo's Mana
mine and additional gold deposits that are presently subject to
extensive exploration efforts (including Endeavour Mining's Hounde
Project, Roxgold's Yaramoko Project and Sarama's South Hounde
Project, which is adjacent to Savary Gold's property). For additional
information please visit our website at www.savarygold.com and follow
us on Facebook, Linked-In and Twitter: @SavaryGold.
Don Dudek, P.Geo., President and CEO of the Company and a "Qualified
Person" under National Instrument 43-101, has reviewed and approved
the scientific and technical information in this press release.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek, President & Chief Executive Officer
Cautionary Notes
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.
This news release may contain forward-looking statements. These
statements include statements regarding the earn-in portion of the
option agreement for the Hounde South gold project, the details and
timing of Savary's exploration plan, the results of the recently
completed drilling and sampling, the exploration potential of
Savary's properties and the satisfaction of work commitments related
to the option on the Hounde South property. These statements are
based on current expectations and assumptions that are subject to
risks and uncertainties. Actual results could differ materially
because of factors discussed in the management discussion and
analysis section of our interim and most recent annual financial
statements or other reports and filings with the TSX Venture Exchange
and applicable Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements, except as
required by applicable laws.