Granite Creek Options Darsalam Gold Concession in Mali, West Africa
The Concession is being acquired for 45,000,000 FCFA, which equates to approximately CDN$93,000 at today's exchange rate. Payments will be made over a 4 year period with the Company having no obligation to continue payments should the property not warrant further exploration. In addition to the cash payment, the Company agrees to issue 500,000 shares to the vendor over a three year period with the first issuance due upon TSX Venture approval of the transaction.
Limited drilling by previous operators on the Concession identified two mineralized zones, a northern and southern zone. The best reported result on the northern zone was 1.048 g/t over 8m, and the best results on the southern zone returned 1.088 g/t over 8m and 0.780 g/t over 10m. The Company's Malian geological team reports extensive artisanal mining on the Concession. Artisanal mining takes place in loose gravels and saprolite, a highly weathered and easily mined layer of rock. This basic hand mining is seen as an important indicator of potential economic mineralization in the Birimian as elevated gold levels in the saprolite can indicate an increased potential in the underlying rock.
With Malian Presidential elections scheduled for July 28, the Company believes that this is an excellent time to be acquiring gold concessions in Mali. This project, coupled with the Company's Koussikoto Ouest project, gives the Company an excellent base to develop its operations in the country. The Malian Geological team will be encouraged to continue to evaluate projects and will be initiating work a work program on the Concession as soon as possible.
Dr. Mathias Westphal P. Geo, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical information in this news release.
About Granite Creek Gold Ltd.
Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek's projects include its gold/copper/molybdenum Taseko Property, 225km north of Vancouver, on which it has an option to acquire a 70% interest, the 100% owned 654 ha Railway Property, a copper project in the highly prospective Stikine arch area of northwestern British Columbia, the 5611 ha Troitsa Property a copper/molybdenum/gold located in central British Columbia, on which it has a option to acquire a 100% interest and an option on the 35 sq km Koussikoto Ouest gold concession in Mali, West Africa.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to regulatory approvals, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements 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 the Company's plans or expectations include the Company's ability to obtain regulatory approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
Granite Creek Gold Ltd.
Timothy Johnson, President