TORONTO, ONTARIO--(Marketwire - Dec. 22, 2011) - Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV) is pleased to provide an update on the progress of its drill programs and associated environmental permit applications at both its Guadalupe and Caramanta Projects.
Further to the Company's press release dated July 28, 2011, Solvista has now received permission from the local environmental authority (Corantioquia) to commence drilling activities at its Guadalupe Project and has signed the necessary access agreements with landowners to allow for commencement of drilling during the first week of January 2012. As discussed in the previous press release dated November 25, 2011, a first-pass drill program has been designed to test the geochemical and geophysical anomalies and also to improve the Company's understanding of the complex geology in an area of deep weathering and extremely limited outcrop. The Company expects to be in a position to publish initial assay results in February 2012.
Further to the Company's press release dated September 14, 2011, Solvista has now submitted the necessary water use and return permit applications to the local environmental authority (Corantioquia) to allow for commencement of an initial 4,000 metre, 26-drillhole program at its Caramanta Project. Over the past several months the Company has continued to explore the property and has identified at least two additional mineralized porphyry gold-copper systems, similar to the system described in the aforementioned press release. All three of these targets will be included in the upcoming drill program scheduled to commence in the second quarter of 2012, once all environmental permits have been awarded.
During the application process the Company became aware of a recently declared environmental designation that covers eight of the proposed 26 drillholes. Discussions between the Company and Corantioquia have confirmed that this designation simply requires the submission of an environmental management plan to allow for drilling activities. The Company has complied with this requirement and therefore the designation will not affect the Company's exploration plans for the Caramanta project.
The Company utilizes an industry-standard Quality Assurance/Quality Control program. Rock and stream sediment samples are prepared at a preparation facility in Medellín run by SGS Colombia. Samples are then shipped for analysis to the SGS certified assay laboratory in Lima, Perú. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver, British Columbia.
The results of the Company's exploration programs have been reviewed, verified and compiled by Solvista's President and Chief Executive Officer, EurGeol Miller O'Prey, P.Geo., a "qualified person" as defined under National Instrument 43-101.
About the Guadalupe and Caramanta Projects
The Guadalupe Project is located along the northern contact of the Antioquia Batholith, one of the historically most significant gold districts in Colombia, with production dating back to pre- Colonial times. It has also been the focus of intense exploration over the past five years with a number of exciting new discoveries including Gramalote (AnglogoldAshanti/B2Gold joint venture); an intrusion related gold deposit with a 43-101 compliant resource of 2.39mm oz Au at 1.00g/t Au. South of Guadalupe is Antioquia Gold's Cisneros project and to the west is Red Eagle Mining's Santa Rosa project, both of which are the subject on ongoing drill programs at this time.
The Caramanta Project is located at the center of the Middle Cauca Belt, one of the most prolific gold districts in Colombia, with production dating back to pre-Colonial times. It has also been the focus of intense exploration over the past five years with a number of exciting new discoveries including La Colosa (AnglogoldAshanti), a porphyry gold deposit with a JORC compliant resource of 12.9mm oz Au at 0.86g/t Au. Directly south of Caramanta is Gran Colombia Gold's Marmato project with 43-101 compliant resources of 9.8mm oz Au at 0.9g/t Au and to the north is Sunward's Titiribi deposit where a National Instrument 43-101 compliant resource of 8.3mm oz Au at 0.5g/t Au has recently been announced.
Solvista, a TSX-V listed company (TSX VENTURE:SVV) is an early-stage exploration company with two gold projects, Caramanta and Guadalupe, covering a total area of approximately 60,000 hectares in the Antioquia province of Colombia. Solvista is well funded and plans to complete aggressive drill programs at both projects during 2012. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's website (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Solvista's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Solvista's public documents filed on SEDAR. Although Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Solvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.