VANCOUVER,
Nov. 27, 2012 /CNW/ - Guyana Frontier
Mining Corp. ("Guyana Frontier")
is pleased to announce that Mulgravian Ventures Corporation
("Mulgravian", a private Canadian exploration company) has begun a
diamond drilling program on the Five Star Gold Project ("Five
Star"), located in northwest Guyana, South
America. The initial drilling program at Five Star is
planned for a total of up to 10,000 metres over the next twelve
months, with the final drilling meterage total dependent upon
results.
Highlights of Five Star 2012 Exploration and 2013 Exploration
Plans
- Prospecting and geological mapping, trenching, soil auger
geochemical, and diamond drilling programs are underway;
- An airborne magnetic and radiometric survey is complete over
all areas of Five Star;
- Construction of an airstrip and improvements to Five Star road
access are planned; and
- 2013 program and budget presented by Mulgravian totals
approximately US$6.7 million.
A joint venture was formed in April 2012 on Five Star with Mulgravian as
operator holding a 51% interest and Guyana Frontier holding a 49%
interest (see Guyana Frontier news releases dated April 17 and July 11,
2012). Guyana Frontier previously elected not to contribute
to the 2012 Five Star program, and will be subject to standard
dilution of its 49% interest in Five Star according to the terms of
the joint venture agreement.
The technical work disclosed in this document
was supervised, reviewed and approved by Robert Lunceford, M.Sc., CPG, who is a Qualified
Person as defined in National Instrument 43-101 ("NI 43-101").
About Five Star
Five Star consists of 17 mining permits and 8
prospecting permits, which cover an area of approximately 25,065
acres (10,144 hectares) near the settlement of Matthew's Ridge,
Guyana. Guyana Frontier acquired
its 100% interest in Five Star from two separate underlying
vendors, Case Development Company Ltd. and Marcel Waaldijk (the "Underlying Vendors"), with
each of the Underlying Vendors currently maintaining a 3% net
smelter returns royalty ("NSR") on their respective permits. Each
NSR is subject to buy-down provisions. Mulgravian earned its 51%
working interest in Five Star from Guyana Frontier by incurring
minimum exploration expenditures and property acquisition costs of
US$2.0 million, and by purchasing
Guyana Frontier common shares and exercising Guyana Frontier common
share purchase warrants totalling CDN$630,000.
On May 10, 2011,
Guyana Frontier filed a technical report in respect of Five Star on
SEDAR compliant with the standards of NI 43-101, available at
www.sedar.com
About Guyana Frontier
Guyana Frontier is a TSXV-listed public mineral
exploration company focused on the exploration, discovery and
development of precious metals deposits in Guyana and Brazil, South
America. Guyana Frontier began acquiring interests in
Guyanese exploration properties in 2007, and now holds various
rights to obtain working interests in approximately 209,824 acres
(84,915 hectares) of prospective lands in Guyana.
Guyana Frontier's primary goal is to develop a
significant gold resource at the Marudi Mountain Gold Project, and
to explore its other projects with joint venture partners.
Neither the 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.
FORWARD LOOKING STATEMENTS
This release contains "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements that address activities, events or
developments that Guyana Frontier expects or anticipates will or
may occur in the future, including such things as planned
exploration activities at the Five Star property, the operation of
the joint venture between Guyana Frontier and Mulgravian, future
business strategy, competitive strengths, goals, expansion, growth
of Guyana Frontier's businesses,
operations, plans and with respect to exploration results, the
timing and success of exploration activities generally, permitting
time lines, government regulation of exploration and mining
operations, environmental risks, title disputes or claims,
limitations on insurance coverage, timing and possible outcome of
any pending litigation and timing and results of future resource
estimates or future economic studies.
Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or
"belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
Forward-looking statements are based on a
number of material factors and assumptions, including, the result
of drilling and exploration activities, that contracted parties
provide goods and/or services on the agreed timeframes, that
equipment necessary for exploration is available as scheduled and
does not incur unforeseen break downs, that no labour shortages or
delays are incurred, that plant and equipment function as
specified, that no unusual geological or technical problems occur,
and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other
factors which may cause the actual results, performance or
achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual
results of current exploration activities; changes in project
parameters as plans continue to be refined; the existence of
weather conditions suitable for exploration activities; future
prices of minerals; possible variations in grade or recovery rates;
failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; labour disputes and other
risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well
as those factors disclosed in Guyana Frontier's publicly filed documents.
Although Guyana Frontier has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Guyana Frontier Mining Corp.