Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

September 28, 2009 06:00 ET

Ginguro Confirms Paleo-Placer Gold in Initial Pardo Exploration Program

SUDBURY, ONTARIO--(Marketwire - Sept. 28, 2009) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company") is pleased to provide an update of activities from its ongoing exploration program at its Pardo property.

Ginguro recently completed 17 drill holes totaling 742 metres. The goal of this initial drill program was to test the extensions of the gold bearing quartz pebble conglomerates already exposed on the property, as well as to test for areas where the host rocks may be thicker, indicating channels, which could be a locus for gold concentration.

Ginguro's Pardo Property is a 113 sq. km paleo-placer gold property centered around Pardo Township, approximately 65 km north east of Sudbury, Ontario. The Company owns a 100% interest in 80 sq. km of claims. In addition, pursuant to an agreement with Endurance Gold Corporation, Ginguro has an option to earn up to a 70% interest in a further 33 sq. km of claims.

The wide ranging drill program encountered the gold bearing conglomerate in 14 of 17 holes drilled. Not only was the drilling successful in confirming extensions to the mineralized basal conglomerate, but significant thickening of the host rocks were encountered to both the east and south. Most notably, a large nugget of gold was recovered from a gravelly conglomerate bed in hole PD 09-09 at a depth of 41.5 metres, as can be seen in Figure 1 of this press release.

To view Figure 1: Visible gold intersected in PD-09-09, please visit the following link: http://media3.marketwire.com/docs/geg_0928_2009_fig1.pdf

This nugget, which confirms a coarse free gold placer component to the mineralized conglomerate, was preserved in core for the further study. Ginguro believes that this is the first recovery of such a large placer gold nugget from Precambrian conglomerates in Ontario.

Of the 14 drill holes that intersected the basal conglomerate, 12 intersected gold enriched intervals (greater than 0.1 g/t gold). Mineralized thicknesses vary from 1 meter to 12.54 metres. Hole PD-09-05, one of the westernmost holes drilled to date, intersected 1 g/t gold over 3.13 metres. The extent of gold enrichment suggests a broad system of mineralization over a large area (greater than 6 km2), and is open in all directions. The basal conglomerate is often characterized by a greater degree of visible alteration as reaction rims in rock clasts, with the presence of well-rounded quartz-pebbles, and greater accumulations of detrital pyrite.

"The confirmation that the mineralized quartz pebble conglomerate at Pardo is more extensive than previously recognized, coupled with the fact that we are starting to identify flow channels, is a major step forward for Ginguro." stated Company President and CEO, Richard Murphy. "The geological evidence observed to date strongly supports a paleo-placer gold deposit that has been modified by hydrothermal fluids. We are one step closer to identifying the first large-scale Precambrian paleo-placer gold deposit in North America."

The Company is currently conducting a program of reconnaissance, mapping, and prospecting. The prospective rocks are proving to be very extensive, meaning that the gold bearing conglomerate "reefs" have large tonnage potential. This work is in its early stages and will continue until winter weather sets in. To date, an area of approximately 20 km2 has been prospected. Initial grab sampling in this program has yielded very encouraging results with several samples exceeding 1 g/t gold. Approximately 150 samples remain to be analyzed and new samples are being collected daily. The Company will report on the results of the ongoing program as they become available.

Under the terms of the option agreement with Endurance Gold Corporation, Ginguro can earn an initial 50% interest in the Endurance-optioned claims by incurring $1 million of expenditures and making payments aggregating $200,000 during the first three years of the term of the option. This 50% interest can be increased to 70% by Ginguro paying an additional $250,000 and incurring an additional $1,000,000 prior to the end of the fifth year of the term of the option.

About Ginguro

Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of the Pardo paleo-placer gold property, located 65 km north east of Sudbury, Ontario. 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 Richard Murphy, P. Geo., President and CEO of Ginguro Exploration Inc.

Core lengths reported in this release represent true thicknesses. The Company has implemented a quality control program to ensure best practice in sampling and analysis. Samples are cut in half, with one-half is submitted for assay and the remaining sample retained for reference. Assayed samples are transported in security sealed bags for preparation at ALS Chemex Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Samples are analyzed by industry standard 30 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard, analytical blank, and field duplicate sample in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.

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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