Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

October 22, 2009 08:00 ET

Ginguro Reports Results from El Alto Site Visit

SUDBURY, ONTARIO--(Marketwire - Oct. 22, 2009) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company") is pleased to provide results from a recent field visit to its Chilean Iron Oxide-Copper-Gold ("IOCG") property, known as El Alto.

Company management recently visited the El Alto property to assess it merits, as part of a comprehensive evaluation of the company's exploration portfolio. The Company's focus remains on its Pardo paleo-placer gold property, located in northern Ontario.

The results of this field visit included not only the confirmation of favorable geology, but also the identification of widespread IOCG-type alteration (potassic to epidote-magnetite) and new zones of mineralization. Assays from these newly sampled areas, which were over a total area of approximately 1 square kilometer, yielded 1.3% copper, 31.2% iron and 0.2 g/T gold. Two samples from an area of newly identified massive magnetite mineralization yielded iron grades of 57 % and 58%, respectively.

Limited reconnaissance mapping and sampling was also carried out on the El Alto property by Ginguro Exploration in 2007 and in 2008. Previously unreleased highlights from grab and chip samples, which were widely distributed over an area of approximately 2.5 kilometres (with a number of higher assay results occurring in proximity to historic workings), are shown for each program in Table 1 and 2 respectively:



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Table 1 - Sample highlights from
2007 El Alto reconnaissance
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Sample Type Length Cu Au Ag
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% g/T g/T
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162003 Grab n/a 3.7 0.1 4.4
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162005 Chip 1.4m 1.4 0.1 11.1
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162008 Chip 0.7m 1.7 0.0 3.9
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162009 Chip 4.5m 0.9 0.2 2.7
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162010 Chip 0.4m 0.9 0.1 1.5
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162011 Chip 3.0m 3.2 1.2 26.7
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162012 Chip 3.0m 2.4 1.2 14.0
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162014 Grab n/a 2.9 1.0 23.9
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162015 Grab n/a 1.4 2.3 34.8
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162016 Grab n/a 2.4 4.0 70.3
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162017 Grab n/a 3.6 0.0 2.3
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162018 Grab n/a 11.6 2.1 59.3
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162019 Grab n/a 1.9 1.7 25.4
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Table 2 - Sample highlights from
2008 El Alto reconnaissance
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Sample Type Length Cu Au Ag Fe
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% g/T g/T %
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H422009 Grab n/a 4.8 1.6 16.7 18.6
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H422039 Grab n/a 4.6 1.3 14.9 10.6
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H422071 Grab n/a 3.3 7.7 13.9 7.2
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H422084 Grab n/a 1.0 1.5 4.6 4.7
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H422118 Grab n/a 2.3 2.5 3.7 5.2
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greater
than
H422122 Grab n/a 0.3 3.4 100 47.6
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H422124 Grab n/a 0.4 1.7 54.8 45.4
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greater greater
than than
H422125 Grab n/a 0.8 3.4 100 50
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H422126 Grab n/a 0.9 1.7 60.9 50.0
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H422129 Grab n/a 4.5 1.6 16.1 18.7
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H422134 Chip 0.6m 2.6 1.2 12.5 19.8
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H422136 Chip 2.0m 1.3 1.7 30.7 28.2
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H422137 Chip 2.0m 1.9 2.6 36.9 30.9
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H422138 Chip 2.0m 1.1 1.4 23.0 26.5
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H422139 Chip 2.0m 2.1 1.2 21.2 31.6
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H422155 Chip 2.0m 2.5 1.6 13.6 25.8
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H422158 Grab n/a 1.5 3.5 78.7 29.0
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H422159 Grab n/a 2.9 2.4 84.9 23.4
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H422160 Grab n/a 4.2 2.5 39.4 32.2
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H422167 Chip 2.0m 1.0 1.2 35.5 32.2
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H422168 Chip 1.0m 1.2 1.2 36.5 30.1
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The El Alto property is located approximately 100 kilometres north-northwest of Santiago, Chile. Local infrastructure for mining is excellent. The property is comprised of 800 hectares of fully vested mining concessions that have been optioned by the Company and an additional 3,000 hectares of exploration concessions that are owned 100% by the Company's Chilean subsidiary, Minera Ginguro Chile Limitada. The property extends up to 8 km along a north-south axis, and 9 km east-west.

EL Alto is located within the Mesozoic Iron Belt of northern Chile, within the Central Chile Basin. The area is recognized for the presence of IOCG-type deposits and hosts several world class copper deposits including: Candelaria (470 Mt @ 0.95 % Cu & 0.22 g/t Au), Mantos Blancos (400 Mt @ 1% Cu), Manto Verde (250 Mt @ 0.75% Cu), and El Soldado (200 Mt @ 1.5% Cu) (based on third party public disclosure).

El Alto is characterized by widespread polymetallic mineralization occurring both within proximal skarn environments, as well as replacement of surrounding host rocks by iron oxides. Two high-grade Au-Ag-Cu vein skarn (breccia) systems along the southwestern flank of the El Alto dioritic body have been recognized in the field. The Cerro La Mina and Camp Adit zones are characterized by late (retrograde) amphibole-magnetite breccia networks emplaced within a skarnified intrusion breccia.

The property is underlain by lower Cretaceous volcaniclastic sequence interpreted as a back arc environment. The property is centred on an intrusion of diorite, known as the San Felipe Pluton. This diorite has an extensive contact aureole of skarnified volcaniclastic rocks. Intrusion breccia is noted along the western flank, which consists of dioritic matrix with volcaniclastic fragments. The diorite intrusion contains large pyroxene phenocrysts (1-2 cm), indicating both a rapid ascent to a high crustal level and that the diorite would have retained a large amount of the thermal energy required to form an extensive IOCG-style system. In addition, the diorite intrusion contains a significant amount of disseminated magnetite and chalcopyrite, meaning that it was a 'pregnant' intrusion, loaded with the appropriate metals required to form an iron oxide-copper-(gold) type deposit. Strong IOCG-style alteration is found around many parts of the intrusion.

Minimal operations have been carried out at El Alto property since the 1950s. A small mining operation took place in the 1950s around the Cerro La Mina Zone. Several workings and adits were mined within mineralized skarn (breccia) systems. No geophysical work, drilling, or modern mineral exploration have been undertaken on the property.

The strong IOCG-style alteration, coupled with iron-copper-gold mineralization in an untested property, positions the El Alto property as highly prospective for a large IOCG-type deposit. In order to advance the property, detailed geological mapping/sampling and the first geophysical surveying ever done on the property will be required. It is anticipated that this work would result in the identification of first priority drill targets. The Company is currently reviewing options for advancing the El Alto Property.

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.

The Company has implemented a quality control program to ensure best practice in sampling and analysis. Assayed samples are transported in security sealed bags for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.

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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