May 5, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Batero Gold Corp. (TSX VENTURE:BAT) announces that the company has recently completed its Phase 1, 16,000 metre drill program and is now well underway with its Phase 2 drill program that will comprise an additional 24,000 metres of drilling at its Batero-Quinchia Project in Risaralda Department, Republic of Colombia. To date the company has press released eleven diamond drill holes (DDH) totaling 5,481.90 metres. Thirty two drill holes have now been completed at the Project. The company anticipates to press release the next batch of drill results in the coming week dependent upon receiving the final drill hole result from the laboratory. The results to be reported will comprise further definition and clarity of the La Cumbre porphyry Target. The company has also received limited results from three exploration drill target areas at the Project and currently have more than 6,000 metres of drill core prepped and/or delivered and waiting in queue at the laboratory. The company is evaluating secondary assaying alternatives as the wait times have increased significantly in recent months due to the aggressive expansion in Colombia's exploration drilling industry.
Currently there are six drills turning at the Project with an additional two drills to arrive on site in the coming week. The company's ongoing drill plan is four drills at La Cumbre porphyry to continue to delineate the target which continues to be open to the north-northwest and south-southeast and also to drill a 1,000 metre hole that commenced April 28, 2011 to test the depth extent of the Target. Additionally, the drill program has graduated at La Cumbre with the recent start-up of a systematic in-fill drill program. These drill programs at La Cumbre will generate a NI-43-101 compliant resource estimate during the second half of 2011.
The fifth drill at the Project continues turning approximately one kilometer to the northeast of La Cumbre targeting high priority geochemical and coincident geophysical anomalies and the sixth drill has recently been mobilized to a priority new target area south of Dos Quebradas and north of La Lenguita. At this priority target area a geological surface contact has been identified. This contact differentiates similar rock of the previously drilled Dos Quebradas porphyry and to the south of the contact strongly metamorphosed hornfel rocks. Initially, the company plans to drill the contact zone with the drill plan to systematically drill north from the contact zone towards the known mineralized porphyry body at Dos Quebradas. The final goal of this drill program is to consolidate the target's potential copper and gold ounces simultaneously with La Cumbre's potential copper and gold ounces into the same NI-43-101 resource estimate anticipated to be published during the second half of 2011.
ON BEHALF OF THE BOARD OF BATERO GOLD CORP.
Brandon Rook, President & CEO, Batero Gold Corp.
About Batero Gold:
Batero Gold Corp. (TSX VENTURE:BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold porphyry target centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia whom have contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its share structure with strategic local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words expects, plans, anticipates, believes, intends, estimates, projects, potential and similar expressions, or that events or conditions will, would, may, could or should occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
"Neither 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."
Batero Gold Corp.
President & CEO