SUDBURY,ONTARIO--(Marketwire - July 21, 2010) - Ginguro Exploration Inc. (TSXVENTURE:GEG) is pleased to announce that it has intersected two separategold bearing reefs in conglomerates on the 100% owned portion of itsPardo Gold Project.
The first hole of the current program,PD-10-01, was designed as a 2km step out to test for continuity of goldreefs to the south of work completed in 2009. The hole successfullyconfirmed the geological model developed as a result of the Company'srecent mapping program.
Hole PD-10-01 intersected an intermediatereef at 152.24 metres down the hole, which assayed 1.6 g/T Au over 0.41m. In addition, the main basal reef was intersected at a depth of349.81m and assayed 2.3 g/T Au over 1.0 m.
"This intersection ofmultiple gold bearing reefs with grades in the 1 to 2.3 g/T Au range, ina hole that was drilled 2 km south of our previous exploration at Pardois highly encouraging," stated Richard Murphy, President and CEO ofGinguro Exploration, "We will continue to drill the Pardo projectsystematically over the coming months. Given the broad distribution ofgold mineralization that the Company has confirmed to date at Pardo, welook forward to proving the true extent of gold mineralization acrossthe property."
A total of 80 holes are planned for the currentphase of drilling. Most holes in the current phase are short, being lessthan 40 m in depth. In addition to hole PD-10-01, the Company has nowcompleted a further 11 holes, which are currently being logged andsampled. The next phase of drilling will include infill drillingdesigned to establish continuity and grade of the gold mineralization.The company will report ongoing results as they become available.
Finalresults have now been received from metallurgical testing of Pardo goldmineralization conducted at SGS laboratories in Lakefield, Ontario.Ginguro delivered five separate 500 pound samples to SGS Lakefield,representing gold mineralization typically encountered in the hostconglomerates at Pardo.
Direct head grades of the five samplesaveraged 2.0 g/T gold. After processing the samples with gravityseparation and Carbon in Leach ("CIL") tests, a more statistically validgold content was determined. Individual sample results are as follows:
Sample Location Direct Head Grade Calculated Gold Content
Trench 2 Pit A 3.4 g/T Au 3.5 g/T Au
Trench 2 Pit B 5.2 g/T Au 4.6 g/T Au
Northern Showing Pit 0.6 g/T Au 0.6 g/T Au
Tea Lake Pit 0.2 g/T Au 0.4 g/T Au
Line 34 Pit 0.3 g/T Au 0.6 g/T Au
Average 2.0 g/T Au 2.0 g/T Au
Asnoted from the table above, the average direct head grade, as well ascalculated gold content, of the 5 samples was 2.0 g/T. The overall goldrecovery using standard Gravity Separation and CIL testing ranged from90.1% to 99.1% across all 5 samples, with the majority of test samplestaken from the basal reefs achieving overall gold recoveries exceeding98%. The Bond Ball Mill Work Index ("BWI") for samples tested indicates amoderate work index for the reef material.
Ginguro's Pardoproperty is a paleo-placer gold property centred around Pardo Township,located approximately 65 km north-east of Sudbury, Ontario. The Companyowns a 100% interest in 84 sq. km of claims and has an option to earn upto 70% in a further 33 sq. km of claims, pursuant to an agreement withEndurance Gold Corporation.
About Ginguro
GinguroExploration Inc. is a mineral exploration company focused on theadvancement of its paleo-placer gold property, located in Pardo Townshipin northern Ontario and of its El Alto IOCG property located north-westof Santiago, Chile. To learn more about Ginguro Exploration Inc.,please visit: www.ginguro.com.
The Qualified Person responsiblefor the geological technical content of this news release is Eric Yang,P.Geo., Geologist of Ginguro Exploration Inc.
The QualifiedPerson responsible for the metallurgical technical content of this newsrelease is Todd Kanhai, M.A.Sc., P.Eng, Mineral Processing Engineer withWardrop Engineering, A Tetra Tech Company who is overseeing themetallurgical program on behalf of the Company.
Statements inthis release that are forward-looking statements are subject to variousrisks and uncertainties concerning the specific factors disclosed underthe heading "Risk Factors" in the Company's filings with Canadiansecurities regulators. Such information contained herein representsmanagement's best judgment as of the date hereof based on informationcurrently available. The Company does not assume any obligation toupdate any forward-looking statements, save and except as may berequired by applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ginguro Exploration Inc.
Richard Murphy
President and CEO
(705) 222-8800
info@ginguro.com
www.ginguro.com