VANCOUVER, Feb 11, 2010 /PRNewswire via COMTEX/ --Radius Gold Inc. /quotes/comstock/11v!rdu(CA:RDU0.31, -0.03, -8.82%) - Simon Ridgway, thePresident of Radius, is pleased to announce that the Company has acquired alarge land position covering the headwaters and drainage areas of the prolificSixty Mile Gold Camp of the Yukon Territory.
Through claim staking and negotiating a number of option deals with localplacer gold miners and mineral claim holders (which are subject to TSX VentureExchange approval), Radius has successfully consolidated the Sixty Mile placergold district which reportedly produced over 500,000 oz of gold from the creeksthat drain the Company's land position. The hard rock source for this placergold has never been determined. The regional geology, geochemical signature andstructural setting have strong similarities to the setting of InternationalTower Hill's (TSX-V: ITH.V) major Livengood gold discovery in Alaska, amulti-million ounce gold discovery driven by the search for the source of placergold in that area.
Gold in the Sixty Mile district was first discovered in 1892 when C. Millerstaked claims on what was to become known as Miller Creek. Placer gold mininghas been continuous in the district since that time and is still active today.The area was targeted by Kennecott in their Yukon-Alaska intrusion-related bulktonnage gold program in the 1990s. Kennecott conducted a property-widereconnaissance soil and stream geochemical sampling program, geological mappingand a 640 line-km helicopter magnetic and radiometric survey.
The soil sampling defined several arsenic/gold anomalies, including acoherent 1.5 km x 2 km-diameter, gold-arsenic soil anomaly on the south side oflower Miller Creek. Mechanized trenching at the accessible southern edge of thisanomaly revealed easterly striking sheeted mesothermal quartz veins returning1.6 g/t gold over a 13 meter interval. Kennecott noted that the mineralizationis very similar in style to that found in other metasediment-hostedgranite-related porphyry gold systems within the Tintina Gold Belt and thatadditional work consisting of further soil sampling, trenching and drilling wasrequired to delineate and define the anomaly. However, no further work has beenconducted on the property by Kennecott or any other party.
The properties are located approximately 75 km due west of Dawson adjacent tothe Yukon-Alaska border. Access to the claims is by the posted 15-km long SixtyMile road, from the Top of the World Highway.
Option Terms
In order to consolidate the land holdings in the Sixty Mile district, Radiushas negotiated option agreements with various landowners. To exercise all of theoptions, Radius must pay a total of $378,000 cash and issue a total of $378,000worth of shares by August 31, 2013. The initial payment (on TSXV approval of theagreements) is a total of $18,000 cash and $18,000 worth of shares.
The reader is cautioned that Radius has not yet completed sufficient work
to verify the results contained in historic reports from Sixty Mile, and
as such they cannot be relied on.
Qualified Person
The technical information in this release was prepared under the supervisionof David Cass, Radius's Vice-President of Exploration, who is a member of theAssociation of Professional Engineers and Geoscientists of British Columbia, anda "qualified person" in accordance with National Instrument 43-101.
ON BEHALF OF THE BOARD
"Simon Ridgway"
Simon Ridgway, President
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.5-million
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Radius Gold Inc.
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