Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

April 06, 2010 10:21 ET

Ginguro Acquires Second Paleo-Placer Gold Property

SUDBURY, ONTARIO--(Marketwire - April 6, 2010) - Ginguro Exploration Inc. (TSX VENTURE:GEG) is pleased to announce that it has acquired a second paleo-placer gold exploration property by staking 52.5 sq. kilometres of contiguous mineral rights. This new acquisition has been named the Four Corners Property and is located approximately 70 km northeast of Sudbury, Ontario and is situated 35 km north of the Company's Pardo paleo-placer gold property, Sudbury District, Ontario. Target rocks are gold and uranium bearing conglomerates of the Huronian Supergroup.

The catalyst to this acquisition was the Company's technical advisers recommending an increase in the size of the Company's paleo-placer holdings, noting that paleo-placer deposits are physically extensive. As a result of this recommendation, the Company undertook a comprehensive review of the Southern Cobalt Embayment and subsequently identified and acquired the Four Corners Property.

Previous exploration of the Four Corners property was for uranium, not gold. As such, the Company believes that considerable exploration potential exists at the property, given the similarities in geological settings to the Company's Pardo paleo-placer gold property.

Low grade uranium mineralization is widespread at the Four Corners and may be an indicator of gold mineralization. High percentages of pyrite (up to 50%) are reported by Card et al. (1973) from drilling of the basal conglomerates. Gold in paleo-placer deposits is typically associated with pyrite-bearing conglomerates. As with the Company's Pardo property, the rocks appear to dip shallowly, suggesting that, in areas where conglomerates are buried, they are not deep. 

Historic reports note outcrops of uranium bearing "microconglomerate," described as quartz pebble conglomerate with small pebbles, averaging 1 cm in diameter. This suggests a high degree of re-working, which can upgrade the gold content of the conglomerate. Assays up to 0.67 g/t gold from sedimentary rocks on the property have been reported by Long (1986). However, overall, very few samples have been taken and tested for gold.

The Company's experience at Pardo has shown that proper sampling is critical to determining the presence of a gold-bearing paleo-placer. In that regard, Ginguro will be drawing on the expertise of its South African-trained exploration team to guide the exploration methodology in a manner that has been proven effective for confirming the presence of paleo-placer gold in the Witwatersrand basin.

The exploration of Four Corners Property will commence in early May.

About Ginguro

Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its paleo-placer gold property, located in Pardo Township in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

The Qualified Person responsible for the technical content of this news release is Eric Yang, P.Geo., Geologist of Ginguro Exploration Inc. Mr. Yang has verified all of the technical data contained in this release. There has been insufficient exploration to define a mineral resource on any of the properties of the Company to date and it is uncertain if further exploration will result in any such properties being delineated as mineral resources. 

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither 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.

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