Mining in Colombia with Social and Environmental Committments

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News

December 03, 2008
Antioquia Gold Provides Operations Update on its Cisneros Project, Colombia

Antioquia Gold Inc. (TSX-V: AGD) is pleased to provide an operations update on its Cisneros Project in Colombia.

Exploration Activities Update

Cisneros Project


Work to Date

Exploration work completed by AGD to date includes 3 separate mapping and geochemistry programs between July 2007 and November 2008. Exploration work includes:
  • 843 rock samples which included 74 samples for QA/QC and four samples that underwent metallurgical testing. Rock samples consist of a combination of rock saw channel samples, chip samples, trench samples and outcrop & float grab samples, covering entire original Guayabito and La Manuela concessions and adjacent lands for interpretation purposes (Figure 2).
  • 378 soil samples (including 34 for QA/QC) for geochemical analysis covering entire original Guayabito and La Manuela concessions at 100m spacing (Figure 3).
  • Structural mapping and interpretation of the project area (Figure 4).
  • Alteration mapping of the project area
  • Preliminary stream sediment sampling for geochemistry and mapping of Grupo de Bullet JV concessions (analytical results pending)
Exploration Highlights

The following is a brief overview of some of the main achievements and results of exploration activities to date.
  • The regional structural setting has been studied and understood and the resultant exploration focus is mainly on mineralized shear zones that develop in two dominant orientations within the project area. Extensive mapping and sampling has identified approximately 40 of these shear zones that control the mineralization on the project area (original 259Ha)
  • Shear zones within the area range from about .5 to 15 meters in width, with individual mineralized zones within these shears ranging from 5 cm to 1 meter, in the form of high grade mineralized veins and disseminated mineralization
  • Mineralization within individual structures range from gold only to a combination of gold, silver, copper and molybdenum. Individual sample values range up to:
    • 86 g/t gold
    • >200 g/t silver
    • > 10% copper
    • .9% molybdenum
  • Mineralized shear zones occur extensively over the property and adjacent area, both regionally across the property and at various elevations throughout the property. Elevations range from approximately 1,200 to 1,800m with the best developed mineralized structures at the lowest elevations, supporting the mesothermal model of increased potential at depth.
  • Based on results to date, a speculative estimate of resource potential of 300,000 to 500,000 ounces has been made for the identified structures on the original 279 Ha area. In addition, there may be considerable upside from associated silver, copper and molybdenum in many of the structures. Note that the estimate is preliminary and based on currently available data and is not currently NI 43-101 compliant for resource estimates and classification. Furthermore Antioquia makes no claim as to the mineability or the commercial or economic potential of these resources. Further work in the form of detailed channel sampling and drilling is required in order to define NI 43-101 compliant inferred and measured resources for the project.
  • The extensive distribution and type of mineralization and alteration indicates potential proximity to a larger more pervasive system, in addition to the high grade vein potential already identified (i.e. potential stockwork or porphyry system).
  • The addition of over 5,000 Ha of adjacent land through the Grupo de Bullet JV gives AGD enormous upside potential for both an extension of the known vein systems and the potential to discover a stockwork or porphyry type deposit.
Geochemical Programs and Results

Assay results reported in this news release were completed by SGS Laboratories. Sample preparation was completed in the Medellin, Colombia facility of SGS and prepared samples were shipped to the SGS facility in Lima, Peru. The samples were assayed using induced coupled plasma (ICP) with a fire assay finish for high grade gold samples.

Two field programs were conducted in the 3rd and 4th quarter 2007, where a total of 510 rock samples were collected, including 74 for QA/QC work. The following results were recorded:

Table 1 - 2007 Rock Sample Geochemistry Results
Mineral From (g/t) To (g/t) Number of samples
Gold 10 86 19
Gold 1.2 10 79
Gold 0.1 1.2 96
Silver 10 264 45
Silver 1.0 10 113
       
Mineral From (%) To (%) Number of samples
Copper 1.0 17.7 20
Copper 0.1 1.0 58
Molybdenum .01 1.0 34
Molybdenum .001 .01 45

A third field program was conducted during 3rd and 4th quarter 2008, where a total of 333 rock samples and 378 soil samples were collected. Of the analysis reported to date the following results were recorded:

Table 2 - 2008 Rock Sample Geochemistry Results
Mineral From (g/t) To (g/t) Number of samples
Gold 1.2 21.9 24
Gold 0.1 1.2 30
Silver 6.7 282 24
Silver .19 6.7 101
       
Mineral From (%) To (%) Number of samples
Copper .55 27.2 26
Copper 0.01 .55 25
Molybdenum .008 0.2 16
Molybdenum .002 .008 39

Table 3 - 2008 Soil Sample Geochemistry Results
Mineral From (g/t) To (g/t) Number of samples
Gold .026 2.41 50
Gold .01 .026 89
Silver .26 1.5 79
Copper 100 1240 48
Molybdenum 1.82 83 92

Planned Exploration Program

Based upon the results of the exploration activities to date, management has decided that future exploration activities are planned to be split between detailed evaluation of known near surface mineralized structures to further delineate known structures and more regional exploration to better define the geology of the observed mineralized systems.

Specifics include:
  • Q1 2009 - Field exploration program. Three areas with prospective mineralized structures have been defined for the program on the original Cisneros concessions (279 Hectares).
    • 3000m drilling program
    • Ground geophysical (magnetometer) program
    • Surface trenching and channel sampling program
  • Work on defining NI 43-101 compliant resources for specific structures and areas within the project. This will involve an independent QP, using existing information and information from the proposed drilling and sampling program.
  • Design a small scale mining operation targeting one or more mineralized structures that indicate sufficient grade over width and overall resource to warrant this development. It's prime purpose would be to provide better structure and deposition information, gain experience in the viability of large scale underground mining of the area, and metallurgical bulk samples. Furthermore it would generate cash flow to aid in the continued funding of the overall exploration program.
The Cisneros Project is located 70 kilometers northeast of the city of Medellin in the Department of Antioquia, Colombia. It consists of 6 contiguous mineral dispositions covering 279 Ha plus 5,243 Hectares controlled under a LOI with Grupo de Bullet (Figure 1). The property is located geologically on a large granodiorite intrusive called the Antioquia Batholith, The geologic model has been defined as a structurally controlled mesothermal lode/vein type system. This system appears to be laterally continuous, and dominated by gold with various secondary precious metals and sulphides, specifically silver, copper and molybdenum. The Cisneros property has been the primary focus of AGD's exploration activities to date consisting of surface soil and rock geochemistry, structural and alteration mapping, as well as mapping and geochemistry of historic artisanal mine workings in the area. There are at least 20 historic artisanal mines in the area where locals extracted high grade vein gold for over 100 years.

This press release has been prepared under the supervision of Brad Van Den Bussche, P. Geol., Vice President of Exploration for Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101.

About Antioquia Gold Inc. ("AGD")

AGD is a Calgary based mineral exploration company focused on searching out precious metals and other mineral opportunities in Colombia. AGD's principal asset is its Cisneros Project located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia. AGD's exploration and acquisition activity to date has been focused on geological reconnaissance (mapping and sampling) and evaluation of artisanal mining activities in the area.
AGD is currently evaluating additional opportunities to expand its portfolio of mineral exploration properties in Colombia. AGD is a publicly listed company on the TSX
Venture Exchange under the trading symbol AGD and has a total of 26,151,210 common shares issued and outstanding. All of the mineral properties AGD owns are considered in the exploration stage of development.

This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGD to be materially different from actual future results and achievements expressed or implied by such forward looking statements. . Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of AGD and its management. Readers are cautioned not to place undue reliance on these forwardlooking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks set forth below.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.


For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact

Rick Thibault, President
Antioquia Gold Inc.
(484) 319-7807
Email:

Brad Van Den Bussche, VP Exploration
Antioquia Gold Inc.
(403) 606-2728
Email:


Figure 1 - Cisneros Project Concessions

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Figure 2 - Rock Sample Locations

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Figure 3 - Soil Sample Location

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Figure 4 - Cisneros Project ‐ Structural Mapping and Interpretation

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