Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE Amex: BRD; TSX: BRD) is pleased to announce that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays from the 147 Zone.
The following table includes highlights from the drill holes reported today from the 147 Zone (all uncut, average gold grades over core length widths):
“The ongoing drill program on the 147 Zone continues to deliver impressive results that expand and further confirm the continuity of this high grade gold zone,” said Howard Bird, Brigus VP Exploration. “The near surface intercepts in drill holes GF12-412 and 415 are located within the conceptual open-pit design. Brigus recently commenced work to complete a preliminary economic assessment on both the 147 and Contact zones. The results of this study will be released in the third quarter along with an updated resource statement.”
The initial resource estimate for the 147 and Contact zones, as released in December 2011, added more than 50 percent to the gold resource at the Black Fox Complex.
The 147 and Contact zones provide Brigus with near term production growth opportunities due to their close proximity to the existing Black Fox Mine infrastructure.
To date, the Company has systematically explored 25 percent of the property and significant upside potential remains on the rest of the property. The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario. The core area of the 147 Zone extends for approximately 250 m in a north-south direction dipping at approximately 80 degrees to the east. Gold mineralization primarily occurs within multiple quartz carbonate brecciated zones within bleached units of variolitic mafic volcanics and other parallel footwall zones.
Details of the most recent 147 Zone drill holes and the 147 Zone drill-hole location map is on the Company’s website at www.brigusgold.com.
Surface drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Gold’s quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River-Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has granted Cangold Limited the option to acquire a 75% interest in the Company’s Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the Company's ability to successfully expand the Black Fox Complex gold resource, add to Black Fox resources, advance new discoveries to production, convert resource estimates into near-term production, release of an updated mineral resource estimate in 2012 and the Black Fox underground mine exploration drilling program and continue to obtain positive down dip continuity of significant gold mineralization are forward-looking statements and estimates that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus Gold’s most recent Annual Information Form and Management Discussion and Analysis filed under the company’s name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov and elsewhere in Brigus Gold’s documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.