Desert Gold Ventures Inc. (“Desert Gold” or “the Company”) (TSX.V:DAU) September 16, 2015 is pleased to provide the following update regarding its operations in Rwanda.
- On July 20, 2015 Desert Gold’s management, showing it’s long term commitment to it’s operations in Rwanda, met with the Ministry of Mines in Kigali, Rwanda to discuss the development of its Byumba permit going forward.
- The Company is seeking to convert the Byumba exploration permit into an exploitation license by the end of 2015.
- As part of the process to convert the Byumba permit into an exploitation license, on August 30, 2015, the Company submitted a formal development proposal to the Rwandan Ministry of Mines for the exploitation of the Byumba gold deposit; an inferred resource of 5.5 million tonnes at a grade of 1.48g/t Au for a resource of 265,000 ounces1 .
The Byumba Project is located in the Gicumbi district in the Northern Province of the Republic of Rwanda. The exploration permit was issued on 13 November 2007 and covers some 90,119 ha1 . It is located in the northern half of the Great Lakes sub-province of Africa, one of the world’s principal Precambrian orogenic-metallogenic provinces. Like Banro’s gold operations in the Democratic Republic of Rwanda, the Byumba gold deposit lies within the Kibaran Metallogenic Province. Banro’s deposits form the north-northeast – south-southwest striking Twangiza - Namoya Gold Belt. Deposits in this belt include Twangiza/Kamituga with a 6.9Moz Au resource, Lugushwa with a 2.7Moz Au resource and Namoya with a 1.7Moz Au resource2 . The Byumba Deposit lies 200km north east of Twangiza along the same trend and like Twangiza, Au mineralization is associated with a fold structure.
ON BEHALF OF THE BOARD
Chief Executive Officer
604 357 4764
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 news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the united states. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a u.s. person absent an exemption from the registration requirements of such act.
This news release contains forward-looking statements respecting the Company's ability to successfully obtain an exploitation license for its Byumba permit. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete and obtain the necessary permits to develop its operations. These uncertainties and risks include, but are not limited to, the strength of the capital markets, permitting risk, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
1 Technical report titled “Independent Technical Report on Gold Exploration and Mineral Resources” dated August 30, 2011 prepared by qualified persons Mark Mckinney BSc (Hons) Geology, Pr.Sci.Nat and Janine Fleming BSc (Hons) Geology, Pr.Sci.Nat, MGSSA.
2 Banro Corporation resource estimates taken from company website at www.banro.com.