August 18, 2009 eResearch Issues Initiating Report on Antioquia Gold Inc.
TORONTO, ONTARIO--(Marketwire - Aug. 18, 2009) - Antioquia Gold Inc. is a mineral exploration company focused on exploring for precious metals and other minerals in Colombia, with its primary venture being its Cisneros gold project, which is located 70 kilometers northeast of Medellin, the principal city in the Department of Antioquia.
Antioquia has spent approximately $1.7 million to date on exploration of the Cisneros Gold Property and is ready to start an initial 3,000-metre drill program by the end of August 2009. Preliminary drilling results probably will be announced in October. The drill program is a first step towards generating NI 43-101 compliant resource estimates on the Cisneros Gold Property.
Antioquia is in the process of acquiring IGTER Ltda., a Colombian mining consulting firm. A Letter of Intent has been signed between IGTER and a multi-national gold mining company whereby IGTER will acquire a large portfolio of gold properties consisting of over one million hectares. This provides huge potential for Antioquia.
Selling at $0.22 per share, we have a 12-month Target Price of $0.65, with upside potential to $2.10. We recommend Antioquia Gold Inc. as a Speculative Buy for risk-tolerant investors.
This Press Release was prepared by eResearch and was not vetted by Antioquia Gold Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Antioquia Gold Inc.
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Antioquia Gold Inc. paid eResearch a fee to conduct research on the Company, on an Annual Continuous Coverage basis.