October 15, 2009 Antioquia Acquires IGTER and Secures Large Land Position in Colombia
October 15, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD is pleased to announce that it's wholly owned subsidiary Antioquia Gold Ltd. has entered into an agreement to acquire Ingeniería y Gestión del Territorio S.A. ("IGTER") of Medellin, Colombia. IGTER is being acquired from its shareholders for cash payments totally US$ 300,000 and subject to TSX Venture Exchange approval the issuances of two million common shares in two tranches.
The acquisition of IGTER fulfills both short term and long term goals of AGD. In the short term, it cements AGD's presence in Colombia and supplies a dedicated team of core Colombian professionals. In the longer term, the acquisition also provides a large inventory of exploration targets throughout Colombia so AGD can expand over time.
IGTER has acquired over the past several years an inventory of over a dozen mineral properties with great potential which are held outright or held under joint venture agreements. Furthermore, through an agreement that IGTER has with a multinational mining company, IGTER will assume title and responsibility to evaluate several hundred thousand hectares of exploration lands in Colombia. Throughout the negotiations of the agreement between IGTER and the Multinational, AGD was consulted and agreed to the terms of the agreement. The multi-national will have the right to reacquire a 60% interest in lands that have discovery thresholds by paying their share of exploration costs to date plus discovery fees and their share of future exploration and development costs. This agreement has the potential to supply several hundred thousand hectares of exploration lands for review and acquisition by AGD. Work has already begun on doing due diligence and preliminary field work on several of the properties. AGD sees these mining concessions, found throughout Colombia, as part of its future and demonstrates that AGD is not a single mining project focused company.
IGTER will be reorganized into two divisions, the first will be to administer the mining concessions and relationships with government and industry leaders in Colombia and the second division will continue as a consulting firm that supplies services and support to the mining, oil and gas, and civil works industries in Colombia.
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.
Caution regarding forward looking information
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 forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forwardlooking statements while considering the risks involved.
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