Adventure Gold Inc.

Adventure Gold Inc.

August 06, 2009 09:17 ET

Adventure Acquires Three Gold Properties on the Casa Berardi Gold Break

MONTREAL, QUEBEC--(Marketwire - Aug. 6, 2009) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company"), is pleased to announces the signing of an agreement (the "Agreement") with five independent prospectors (the "Vendors") for the acquisition of a 100% interest in the Bruneau Gold Property located 45 kilometres southeast of Matagami, Quebec. The Company has also acquired, by staking and map designation, 127 mining claims including one block adjacent to the Bruneau Property (Sinclair Claims Block) and two other large properties located 30 kilometres south of Matagami (Bell-Vezza Property) and 95 kilometres north of La Sarre, Quebec (Casagosic Property). All these properties, which include significant gold intersections or ready to drill targets, are located on the Casa Berardi - Cameron Tectonic Gold Zone, an underexplored major gold structure (see Adventure Gold website for the properties' locations). These properties, totalling 5,600 hectares and 20 kilometres of the gold structure, lie in strategic locations between the Casa Berardi Gold Mine owned by Aurizon Mines (proven and probable reserves of 956,000 ounces at 7.8 g/t Au, indicated and measured resources of 936,000 ounces at 5.9 g/t Au and inferred resources of 920,000 ounces at 6.6 g/t Au - Scott Wilson RPA, 43-101 Report, February 2009) and the Discovery Gold Deposit owned by North American Palladium (indicated and measured resources of 237,075 ounces at 6.3 g/t Au and inferred resources of 294,473 ounces at 5.9 g/t Au - Innovexplo, 43-101 Report, August 2008).

"We are very excited about these new acquisitions along the Casa Berardi - Cameron Gold Break" stated Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold. "We believe these properties have very strong potential for the discovery of new gold-rich orebodies on a proven gold structure in the mid-term. Exploration work, including diamond drilling, will be carried out on the properties within a year" added Mr. Riopel.

Sinclair-Bruneau property

This property, totalling 3,500 hectares and adjacent to the property which contains the Discovery Gold Deposit less than 3 kilometres to the south-east, consists of 62 mining titles acquired by map designation and 7 acquired from the Vendors. The property contains several deformation zones associated with the Casa Berardi-Cameron fault over a length of 8 km. Historical drilling work intersected gold bearing mineralization close to surface returning: 3.1 g/t Au on 4.6m and 2.4 g/t Au on 2.7m. Gold bearing mineralization observed corresponds to strongly pyritized and carbonatised zones located in contact with sheared andesite injected of quartz porphyry dykes. In addition, a network of gold anomalous quartz veins hosted in a sheared gabbro dyke, strongly altered in biotite and carbonates was followed for more than 1.5 km (MRNF - GM 56086). These typical alteration and mineralization zones in the Discovery gold system environment represent high priority drilling targets which could be tested by the winter of 2010.

Bell-Vezza property

The property Bell-Vezza, totalling 25 mining titles and covering a surface of 1,400 hectares is located 5 km of the Northway-Noyon and Vezza properties owned by American Bonanza and Agnico-Eagle which concluded a joint venture agreement in 2007. These properties contain respectively 866,000 ounces at 1.5 g/t Au and 389,000 ounces at 5.5 g/t Au (Sigeom MRNF - Historical data pre - 43-101). The property was explored very little and a historical drill hole intersected 1.7 g/t Au over 1.5m in semi-massive bands of pyrite injected of quartz-ankerite veins hosted in altered and very sheared sediments and andesites. The geological environment is very similar to the Vezza and Northway-Noyon deposits. Geophysical survey could be undertaken in 2010.

Casagosic property

The Casagosic property, totalling 40 claims covering a surface of 700 hectares, contains the Casa Berardi - Cameron Tectonic Gold Zone over a length of 5 kilometres and is adjacent to the Casa Berardi - Lake Shore Gold East Option property owned by Aurizon Mines. Lake Shore Gold announced an important discovery in October 2008 where a drill hole intersected 8.6 g/t Au over 10.4m including 13 g/t Au over 6.5 m. The property contains a geological environment similar to the Lake Shore Gold discovery being to the same geological contact between the Taibi Sediments and Turgeon Mafic Volcanic Rocks. Little historical work was carried out on this property, however, a historical drill hole intersected 87 metres of sericite, silica and carbonate schists. Reversed circulation boreholes located very close to the southern boundary of the property have identified an important gold bearing dispersion with values reaching up to 1.6 g/t Au in the basal till at the contact with the bedrock. The source of this gold bearing trail, located on our property, represents a top priority drill target.

Detail of the Agreement

Under the terms of the Agreement, the Company has agreed to acquire a 100% interest in the Bruneau property which consists of (7) seven mining titles by paying the Vendors $2,000, by issuing 100,000 treasury common shares, and 100,000 warrants at an exercise price of $0.25 for a period of three (3) years following their issuance. An area of interest is subject to a 2% NSR in favour of the Vendors, of which 1% can be bought back by the Company at any time by paying the Vendors $500,000. The shares issued by the Company pursuant to the Agreement shall be subject to a four-month hold period from their issuance date. This agreement is subject to the approval of the TSX Venture Exchange.

Jules Riopel P.Geo. Vice-President Exploration and Acquisitions, who acts as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release.


Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Quebec and Timmins, Ontario areas and is led by a determined management and technical teams with extensive exploration and mine production experience. The Company will be active in 2009 with $1,150,000 slated for exploration in the Val-d'Or and Timmins regions and will continue to aggressively seek new properties in compliance with the corporate strategy.

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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