Lero Gold Corporation
TSX VENTURE : LER

Lero Gold Corporation

January 17, 2008 13:42 ET

Lero Gold Corp. Reports Significant Intersections at its Taldybulak-Talas Cu-Au Porphyry Deposit, Kyrgyzstan

Lero intersects 402.8m @ 0.75g/t Au and 0.18% Cu including 120m @ 0.87g/t Au and 0.28% Cu and 32m @ 1.87g/t Au and 0.11% Cu at its Taldybulak-Talas Cu-Au Porphyry Deposit, Kyrgyzstan

LONDON, UNITED KINGDOM--(Marketwire - Jan. 17, 2008) - Lero Gold Corp. ("Lero", or the "Company") (TSX VENTURE:LER) is pleased to announce an update of ongoing work at the Taldybulak-Talas Cu-Au Porphyry project, north west Kyrgyzstan.

During Q2 2007, re-interpretation of historical and newly acquired geophysical and geochemical data resulted in the design of a 5,000m diamond drill programme initiated during the same quarter. The primary objective of the programme was to better delineate the known extent and geometry of the Cu-Au porphyry body at Taldybulak Central and also aiming to assess the additional tonnage potential through testing of peripheral targets along strike to the east and north west of the central high grade core.

The majority of the drill programme has now been completed with several regional anomalies still to be tested. As of December 30, 2007 the actual meterage drilled constituted 5,571m. The programme will be completed during January/February 2008 with the final outstanding results expected by the end of Q1 2008.

Significant intersections in the results received to date include:



------------------------------------------------------------------------
Hole-ID From (m) To (m) Length Au (g/t) Cu (%) Area
------------------------------------------------------------------------
Taldybulak
TBDD07-07 0.00 402.8 402.8 0.75 0.18 Central West
------------------------------------------------------------------------
(i)including
------------------------------------------------------------------------
TBDD07-07 33.3 153.6 120.3 0.87 0.28
------------------------------------------------------------------------
TBDD07-07 180.0 212.0 32.0 1.87 0.11
------------------------------------------------------------------------
TBDD07-07 212.0 316.0 104.0 0.48 0.07
------------------------------------------------------------------------
TBDD07-07 316.0 408.2 92.2 0.90 0.23
------------------------------------------------------------------------

------------------------------------------------------------------------
Taldybulak
TBDDO7-11 0.00 100.4 100.4 1.01 0.27 Central
------------------------------------------------------------------------

------------------------------------------------------------------------
Taldybulak
TBDD07-14 123.8 186.7 62.9 0.65 0.23 Central
------------------------------------------------------------------------
TBDD07-14 229.2 255.3 26.1 0.39 0.16
------------------------------------------------------------------------

------------------------------------------------------------------------
Taldybulak
TBDD07-05 0.00 242.7 242.7 0.64 0.12 Central
------------------------------------------------------------------------
(i)including
------------------------------------------------------------------------
TBDD07-05 3.0 43.2 40.2 0.51 0.30
------------------------------------------------------------------------
TBDD07-05 54.9 71.0 16.1 0.51 0.12
------------------------------------------------------------------------
TBDD07-05 79.0 139.3 60.3 1.23 0.07
------------------------------------------------------------------------
(i) Au Values un-cut


A continuous zone of significant Cu-Au mineralisation hosted in a quartz diorite-dacite porphyry with dimensions of 1,000m (Strike) by up to 350m (width) and 500m (depth) has now been delineated at Taldybulak Central. The higher grade intercepts in TBDD07-07 coincide with an extensive zone of previously unknown potassic-hematite altered porphyry, indicating the potential position of a higher grade core in the western part of Taldybulak Central. Mineralisation at Taldybulak Central is open at depth and along strike to the west. Lero has commenced geological modelling and resource evaluation studies on Taldybulak Central and expects to complete an inferred resource estimate before the end of Q1 2008.

Encouraging results were also returned from scout exploration drilling completed at a previously untested geophysical anomaly at Taldybulak East. Several targets were generated from geophysical anomalies and regional mapping, roughly 2km to the east of Taldybulak Central.

Significant intersections include:



--------------------------------------------------------------------------
Hole-ID From (m) To (m) Length Au (g/t) Cu (%) Area
--------------------------------------------------------------------------
TBDD07-12 136.9 199.3 62.4 0.51 0.06 Taldybulak East
--------------------------------------------------------------------------
TBDD07-13 99.0 232.0 133.0 0.24 0.06 Taldybulak East
--------------------------------------------------------------------------
(i)Au Values un-cut


Although the overall geological controls and morphology of the Taldybulak East mineralisation are yet to be fully understood, the extent of the porphyry system has now been significantly increased with known porphyry mineralisation now drilled and mapped along a total strike length in excess of 2.5km.

The Taldybulak-Talas Cu-Au Porphyry Project is located within the prolific Tien-Shan Gold Belt which is host to some of the world's largest copper-gold porphyries including a 93Moz porphyry cluster at Almalyk in Uzbekistan.

President and CEO of Lero, Nick Clarke commented:

"Results from the recently completed drill programme have confirmed the potential for a large open pitable Cu-Au porphyry target at Taldybulak Central. These results now give Lero a solid foundation from which to calculate a 43-101 compliant resource estimate for Taldybulak Central and to expand and advance exploration activities in 2008."

Notes to Editors:

1. Lero Gold Corporation (TSX VENTURE:LER) is a base and precious metal exploration company led by a senior management team with extensive expertise in mineral exploration and advanced project management. In July, 2006 Oriel Resources Plc completed its previously announced transfer and sale of its gold related assets into Lero Gold Corporation ('Lero') (formerly ELE Capital Corporation - 'ELE'). Lero resumed trading on TSX Venture Exchange (TSX-V) on Thursday July 27, 2006 under the trading symbol "LER". Lero Gold is currently seeking and evaluating advanced exploration stage gold and base metal projects in Kazakhstan, Kyrgyzstan and Russia. The Company is currently exploring advanced staged gold deposits in the Tien Shan gold belt in the Kyrgyz Republic and Kazakhstan.

2. All work carried out on site was reviewed by Matthew Boyes (Senior Geologist and a Qualified Person under National Instrument 43-101). Assays were conducted at the internationally certified Alex Stewart Assayers Lab in Kara-Balta, Kyrgyzstan. Lero Gold Corporation operates a stringent QA/QC policy that includes external certified standard samples and duplicates in each individual batch sent for analysis.

3. For avoidance of confusion;

a. The Taldybulak-Talas copper gold porphyry is a separate deposit from the Taldybulak Levoberezhny gold deposit previously owned by Central Asia Gold Limited, and

b. The Talas Copper Gold Limited Liability Company, the holder of the Lero owned Taldybulak licence, is a separate company from Talas Gold Mining Company which was the owner of the Jerooy Gold project.

4. In November 2006, Lero granted Gold Fields Exploration B.V. an option to enter into a joint venture agreement with the Company under which Gold Fields Exploration B.V. has the right to;

a. earn up to a 60% interest in exploration licences on the Kentash, Taldybulak and Korgontash tenements in the Talas Region by funding exploration expenditures of up to CAD$10 million, and

b. increase its interest in the project by a further 10% (to a total of 70%) by funding the expenditure of up to a further CAD$10 million on a feasibility study. Thereafter, Gold Fields Exploration B.V. and Lero will contribute to the project requirements on a pro-rata basis through to development, if appropriate.

5. Gold Fields Exploration B.V. is an indirect wholly owned subsidiary of Gold Fields Limited.

6. The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release.

Contact Information

  • Lero Gold Corporation
    Nick Clarke
    President & CEO
    +44 (0) 20 7514 0590
    or
    Lero Gold Corporation
    Darryl Yea
    Non-Executive Chairman
    (604) 699-2458
    or
    Lero Gold Corporation
    Gavin Dallas
    Marketing and PR
    +44 (0) 20 7514 0590
    +44 (0)20 7518 3998 (FAX)
    Email: info@lerogold.com
    Website: www.lerogold.com
    or
    Canaccord Adams Limited
    Robin Birchall / Ryan Gaffney
    +44 (0) 20 7050 6500
    or
    Bankside Consultants
    Michael Padley / Michael Spriggs
    +44 (0) 20 7367 8888
    or
    Vanguard Shareholder Solutions
    Keith Schaefer
    (604) 608-0824