VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2013) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") is pleased to report that a metallurgical core drilling program at the Rambo deposit ("Rambo") has returned high-grade gold mineralization within the deposit, and confirmed the geometry of a well-defined southwest plunging mineralized shoot.
"These results exceeded our expectations and include some of the best intersections drilled to date at the Rambo property," said Dwayne Melrose, President and CEO, True Gold. "The Rambo deposit is relatively high-grade, and its early inclusion in the Karma Project operating plan offers opportunity to accelerate payback in a manner not typically available to other bulk-tonnage, heap leach developments."
Under current plans, Rambo is expected to be the first producing deposit at the Karma Project. The Karma Project is undergoing a Definitive Feasibility Study ("DFS"), based on a 1.03 million ounce, in-pit indicated leachable resource averaging 0.94 g/t Au (34.2 million tonnes)1. The DFS and 2013 exploration plans for high priority targets at the Karma and Liguidi properties are fully funded.
The HQ-sized core drilling campaign at the Rambo deposit totaled 733 metres in nine holes. The holes were drilled as part of a comprehensive column leach sampling program to support the DFS and were designed to capture oxide, transition and sulphide material within the core of the deposit. The holes were drilled northerly on 25 metre spaced north-south sections, with dips ranging from -45 to -90 degrees, and a maximum depth of 130.0 metres.
Ian Cunningham-Dunlop, P. Eng., Senior Vice President Exploration, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the information contained in this release is accurate and approves of the written disclosure of same. True widths are estimated to be 65 to 90% of intersected widths. Samples were assayed by ALS Chemex in Ouagadougou, Burkina Faso, West Africa. Assays were by Fire Assay with AAS finish and repeats of all AAS assays over 1.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the preparation stage) were inserted on a regular basis every ten samples. Results were monitored on receipt of assays.
True Gold Mining Inc. is where gold comes to life. We are committed to growing a profitable gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. True Gold's top-tier management, technical, and operations teams have discovered, built, and operated mines around the globe - infusing True Gold with the depth and scope of a major, while retaining the energy, agility, and entrepreneurial spirit of a junior.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to mineral resources, the assumptions set forth in this news release and in the Company's news release of October 3, 2012 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of a Definitive Feasibility Study on the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
(1) See the Company's news release dated October 3, 2012 and independent NI 43-101 compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.