January 18, 2016 Antioquia Announces Cisneros Project Update January 18, 2016 - Calgary, Alberta: Antioquia Gold Inc. ("Antioquia" or the "Company") (TSXV: "AGD") is pleased to provide an update on progress at its Cisneros Project in Colombia as of January 14, 2016. The following is a summary of key milestones that have been achieved at the Guaico deposit:
Explosives magazine construction has been completed; it is now in service, several rock blasts having been carried out;
Main tunnel development (cross section 4m wide by 4.5m high) is complete through the overburden and saprolite zones, reaching the hard rock contact zone at a depth of ~24m. Ramp development through hard rock is ongoing, total depth of the tunnel is now more than 33m at an average grade of -13%. The contractor, Consorcio Guaico, is on schedule to intersect the first ore veins before the end of February;
Concrete wall stabilization measures are complete, including wall anchors and drainage systems;
Electrical poles have been installed for the 13.2 kv electrical substation which is under construction and scheduled to be in service in early March;
Associated infrastructure construction is ongoing including water treatment plant, platforms for the office/dry complex, access road upgrades and temporary ore stockpile with waste rock from the tunnel development being utilized;
The combined workforce of Antioquia and contractors on site currently totals 72 employees, of these 30 are from the local area.
Further information including photos of construction activities can be found on the Company's website www.antioquiagoldinc.com.
In addition to the Guaico activities, Antioquia is finalizing exploration plans for Guayabito Sur, the property adjacent to Guayabito recently acquired from Gramalote Colombia Limited. These plans include both diamond drilling and an exploration tunnel.
Mr. Jim Decker, P. Eng., Vice President Investor Relations and Director of Antioquia Gold Inc. and a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: capital expenditures, operating costs, and the anticipated project schedule. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia Gold to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia Gold will operate in the future, including the price of gold, anticipated costs and Antioquia Gold's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia Gold's most recently filed annual and interim MD&A and other disclosure documents available under the Company's profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.