Adventure Gold Inc.

Adventure Gold Inc.

May 04, 2011 08:30 ET

Adventure Gold Announces that Agnico-Eagle has Started a 4,000 Metres Drilling Program on Dubuisson Property

MONTREAL, QUEBEC--(Marketwire - May 4, 2011) -Adventure Gold (TSX VENTURE:AGE) ("AGE"), is pleased to report that Agnico-Eagle Mines Limited (TSX:AEM) ("AEM") has started a 4,000 metres surface diamond drilling program on the Dubuisson property (the "Property") located in the western part of the Val d'Or mining camp, Quebec. The Property is contiguous to the Goldex Mine property (Reserves of 1.6 M Ounces at 1.8 g/t of gold; December 2010, AEM) and also straddles a 5-km segment of the prolific Cadillac-Larder Lake Gold break.

The ongoing drilling work will test the Quebec Explorers Deposit over 600 metres strike length and up to 350 metres deep. Thirteen (13) drill holes, totaling approximately 4,000 metres, should be drilled during this program. A geological and location map (Figure 1) and a surface map including a longitudinal section (Figure 2) of the proposed drilling can be found on AGE's website at Eight holes (8) holes totaling approximately 1,850 metres will test the gold system continuity (proposed drill holes A, B, C, D, E, F, G and H). Five (5) other drill holes (M, O, P, Q and R) totaling approximately 2,200 metres will explore the West down plunge of the deposit between 100 to 300 metres deep. The exploration program on the Property will be managed by AEM.

The Dubuisson Property

The Dubuisson property, covering 870 hectares, is located at 8 km West of Val d'Or, Quebec. The Property encompasses the Quebec Explorers Gold Deposit (historical resources non-compliant with NI 43-101, totaling 261,000 t at 6.6 g/t Au; source: MRNF GM 55414). This estimate has never been reviewed by AGE or AEM technical teams. The Quebec Explorers gold system exceeds 20 metres in thickness and can be traced for more than 800 metres along the strike length. The best reported historical drill intersections includes: 19.9 g/t Au over 5.9 m, 8.2 g/t Au over 11.1 m, 6.7 g/t Au over 12.1 m, 4.6 g/t Au over 17.1 m and 11.0 g/t Au over 6.7 m (MRNF SIGEOM database). Drill intersections are reported as core length and their true thickness remains to be determined. The gold mineralization is associated with feldspar porphyry and diorite dykes cross cutting deformed ultramafic rocks.

Dubuisson Option Agreement

On July, 22, 2010, Adventure Gold Inc. announced the closing of a significant partnership with Agnico-Eagle Mines Ltd. through the signing of a selling and an option agreement (the "Agreement") on the AGE's 100% owned Dubuisson property. Under the terms of the Agreement, AEM acquired 51% of AGE's right, title and interest in the Property by making, on signature, a cash payment of $100,000 and issuing 15,000 shares of AEM to AGE.

Also under the terms of the Agreement, AEM may acquire an additional interest of up to 14% of AGE's right, title and interest in the Property by spending up to $4M in exploration work on the Property over a period of five (5) years from the effective date of the Agreement with a minimum of $600,000 of work to be completed or paid in cash to AGE before the end of the first two (2) years.

As part of the Agreement and following the exercise of the second option, AEM may acquire an additional interest, which brings AEM up to 70% and AGE to 30% interest in the Property by completing a Bankable Feasibility Study. AEM will act as the operator for all exploration carried out on the Property during the option period.

Mr. Jules Riopel, Vice-President Exploration and Acquisitions of Adventure Gold, is acting as qualified person (as defined by NI 43-101) and has reviewed and approved the scientific and technical information in 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, Rouyn-Noranda and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore advanced stage gold properties. The Company holds more than $3.5M in cash and securities and will continue to aggressively seek new properties in compliance with its corporate strategy.

The forgoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.

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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