News Release!!Angus Mining Delivers Initial Drill Results from the Ondundu Gold Project in Namibia
TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Angus Mining (Namibia) Inc. ("Angus Mining" or the "Company") (TSX VENTURE:ANA - News) is pleased to provide an update from its Phase One drilling program, and assay results from eight diamond drill holes in the Main Zone ("OMZ") of the Ondundu Gold Project in Namibia.
Angus Mining is currently completing the final five diamond drill holes of the Phase One Exploration Program, which is designed to test the extent and scale of the mineralized zone at OMZ. The program covers 2.7km of strike length, with widths of up to 400m, and an average depth of 250m. Once completed, the Company will have drilled a total of 60 diamond holes, with individual section spacing of approximately 100m. Figure 1 details the OMZ zone and progress of the Phase One drill program.
Following the full receipt of assays, the Company intends to work towards the delivery a 43-101 compliant resource calculation, defining a large scale, bulk-mineable gold deposit at OMZ.
The Company has engaged a second assay laboratory based in South Africa, with sample preparation facilities in Namibia, from which it has begun to receive results. With over 50 diamond drill holes remaining to be assayed completely, the Company expects the rate and consistency of delivery to continue to improve. Given the commitments of the Namibian Exclusive Prospecting License (the "EPL"), the Company was required to expeditiously complete the first phase of the drill program.
Angus Mining expects to fulfill the requirements of the first portion of its earn-in agreement with Forsys Metals Corp. ("Forsys"), and to exercise the related (50.1%) acquisition option by June, 2011. The second portion of the agreement requires an additional C$ 6M in exploration expenditures, and the delivery of a bankable feasibility study, for an additional 24.9% interest. The Company, in partnership with Forsys, is also in the process of renewing the Ondundu EPL, which was granted by the Ministry of Mines and Energy of the Republic of Namibia until May 30, 2011.
Highlights from the eight diamond drill holes received include 1.99g/t over 29m, 1.66g/t over 29m, 2.03g/t over 7m, 0.83g/t over 27m, and 7.94g/t over 1m. Results are summarized in table 1.
Angus Mining's CEO, Fraser Buchan, comments: "The results from the Main Zone at Ondundu continue to support and confirm the potential for a large, bulk mineable gold resource. The higher-grade results close to surface in drill hole ADD009 are particularly encouraging"
Mr. Buchan further offered; "Peter Olander (COO) and his team have executed the Phase One drill program ahead of schedule and on budget, and with the processing of drill core now occurring at two independent labs, the Company looks forward to providing results to the market over the coming months at an accelerated rate."