Completion of bulk sample exploration program recovers an average gold grade of 33.4 grams per bank cubic meter at the Wingdam Gold Project - Correction
CALGARY, May 4, 2012 /CNW/ - With respect to the exploration results announced May 3, 2012, respecting the Wingdam Property (the "Property"), CVG Mining Ltd. (the "Company") makes the correction that the refined-equivalent gold grade across this width amounted to 33.4 g/m3 or 0.438 oz/tonne. The grade across a central portion of the paleochannel totalling 14.8 m (3.8 to 18.6 m) averaged 49.45 g/m3 or 0.652 oz/tonne. Abundant elongated gold flakes up to 5 mm long were visible on bedrock across a 5.5-meter distance (6.5 to 12.0 m). Seven consecutive discrete samples (0.036 to 0.054 m3) collected along this distance returned gold grades ranging from 71.35 to 185.62 g/m3 (0.936 to 2.436 oz/tonne).
The Property is situated within the Cariboo Gold Fields; a world-class producer of placer gold that includes a history of mining that began during the 1861 gold rush. The Property is located 45 km east from the City of Quesnel along Provincial Highway 26. The Property lies within the Lightning Creek valley and is located immediately downstream from both the former Sanderson and Melvin mines.
The Company is presently in the process of finalizing a National Instrument 43-101 technical report on the Property. Discussions are also being held with engineering firms for the completion of a pre-feasibility study to ascertain the appropriate mining method.
The technical information in this news release has been reviewed and approved by Chief Geologist Stephen Kocsis, BSc, P.Geo; a qualified person as defined in National Instrument 43-101.
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