Aranka Gold Inc.
TSX VENTURE : ARK

Aranka Gold Inc.

January 15, 2008 12:40 ET

Aranka Gold Announces Property Acquisition

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2008) - Aranka Gold Inc. (TSX VENTURE:ARK) announces it has entered into three option agreements to acquire mineral exploration and development rights to a total of (approximately) 77,893 acres in three separate land packages. The properties lie east and south-east of the Company's 275,000 acre land package presently the subject of an aggressive exploration program being jointly operated by the Company and Guyana Goldfields Inc. (TSX:GUY)

Fish Creek/Pomeroon Head Property (60,759 acres)

The Property covers a large area of very favourable geology immediately east of the Aranka land package described previously. The Property covers areas of significant historical gold workings. A newly completed road provides excellent access to the area and Company geotechnical personnel have completed an initial reconnaissance of the southern part of the land package. The Company may earn a 100% interest in the Property by paying $390,000 USD over a four year period. The vendors shall retain a 2% net smelter royalty (N.S.R.) and the Company maintains the right to purchase the N.S.R. for $2,000,000 USD.

Oko Group of Properties (8,000 acres)

This area has been a significant producer of gold in Guyana since exploration began in the 1880s. Gold production from the area continues to this day from both alluvial sources as well as from crushing in situ high grade gold in quartz veins exposed at surface. The Property has not been subject to systematic exploration or developments.

The Company may earn a 100% interest in the Property by making annual payments totalling $285,000 USD over a four year period. The vendor shall retain a 2% N.S.R. and the Company has the right to purchase the N.S.R. for $2,000,000 USD.

Aremu Mine Property (9,134 acres)

The Aremu mine is a former underground gold producer. In 1910 one of several known mineralized zones was developed by the sinking of a 170 foot vertical shaft as well as 1200 feet of underground development work. The mine produced 6,488 ounces of gold from 14,632 tons of ore for a recovered grade of .44 oz/ton Au. Gold recovery was by amalgamation. High transport costs and low throughput forced the mine closure after one year in 1911.

In 1948, The Anaconda Mining (Guiana) Company carried out limited diamond drilling and tunnelling in the immediate vicinity of the Aremu Mine. A review of historical drilling results indicates that both high grade vein-type gold as well as disseminated gold in host rocks is evident of the Property.

Drilling, tunnelling and airborne geophysics suggest the mineralized zone in the Aremu camp has a strike length of 16,000 feet and a width of approximately 2,000 feet. Mineralization is likely genetically related to the Aremu Granite to the north of the historical workings. The Company plans an aggressive drilling program in the Aremu/Oko district.

The Company may earn a 100% interest in the Property by paying the vendors $575,000 USD over a four year period as well as issuing the vendors, on signing 50,000 common shares of Aranka Gold Inc. The vendors shall maintain a 2% N.S.R. and the Company has the right to purchase the royalty for $2,000,000 USD

The acquisitions announced in this release are with arms-length third parties and are subject to the approval of the TSX Venture Exchange.

About Aranka Gold

Aranka Gold Inc. (TSX VENTURE:ARK) is a junior exploration Company focusing on early stage gold exploration in the Guiana Shield. The company also holds significant silver assets, including the former Langis Silver mine in the Cobalt camp, Ontario, Canada.

Additional information is available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Aranka Gold Inc.
    John Patrick Sheridan
    President and Chief Executive Officer
    (416) 628-5936
    (416) 628-5935 (FAX)
    Email: psheridan@guygold.com