Asia Gold Corp.

Asia Gold Corp.

October 31, 2005 16:45 ET

Asia Gold Extends and Upgrades Porphyry Copper-Gold Mineralization, Khongor, Gobi Region, Mongolia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2005) - Asia Gold Corp. (TSX VENTURE:ASG) is pleased to report that new surface exploration results from the Khongor porphyry copper-gold project in southern Mongolia confirm a 600-metre southeast extension of outcropping copper mineralization. The total strike length of the mineralized zone is now 1,700 metres and it remains open to the southeast. A 126-metre continuous rock-chip sample line across the outcropping mineralization in the recently discovered southeast extension includes 54 metres with a grade of 0.72% copper and 0.13 grams per tonne (g/t) gold.

The new mineralization discovered at Khongor is located on the Tsakhir license optioned by Asia Gold from Solomon Resources and Gallant Minerals. For further information see the company's News Releases dated August 19 and October 18, 2005. Asia Gold has the right to earn up to a 70% interest in the Tsakhir license.

Rock-chip Results

The extension of the Khongor mineralization is exposed in the East Creek about 600 metres southeast of previously sampled mineralization in Central Creek. Forty two continuous rock chip samples, each 3.0 metres in length, were collected from a 126-metre sample line across the outcropping copper oxide mineralization in the East Creek. Assay results from this sample line are reported below;

Line No. From To Length (m) % copper g/t gold
1 0 126 126.0 0.42 0.07
includes 39.0 93.0 54.0 0.72 0.13

Outcropping copper oxide mineralization in the East Creek is associated with a series of feldspar porphyry dykes. The rock-chip sample line crosses and is perpendicular to the trend of these dykes. East Creek mineralization is open to the east and continues to the south within sporadic outcrops that could not be continuously sampled. (See Asia Gold's website for a plan showing the location of the East Creek sample line.)

Asia Gold continues to explore the Khongor porphyry copper-gold system. Current work includes geological mapping, a detailed ground magnetometer survey and rock-chip sampling of all outcropping mineralization and rock alteration. The results of the magnetometer survey will be integrated with rock-chip geochemistry and geology to define drill targets. A diamond drilling program is planned to begin in early December.

David Owens, President of Asia Gold, comments, "these new exploration results have upgraded both the size and grade potential of the Khongor porphyry copper-gold system. Exploration work and expenditures will now be increased commensurate with the significance of this porphyry copper-gold discovery."

All rock-chip samples were prepared and analyzed by SGS Mongolia LLC of Ulaan Baatar, Mongolia. Base metals are measured using a three acid digest and AAS analysis and gold is measured using a 30g charge fire assay and AAS analysis. Results are reported by SGS in ppm copper and ppb gold and are converted to equivalent grades in % copper and g/t gold by Asia Gold.

Asia Gold conducts a QA-QC program that is independent from the analytical laboratory by inserting blind standards, blanks and duplicate samples into all batches of samples for analysis. SGS Mongolia operates an ISO accredited laboratory and is an international subsidiary of SGS SA.

Qualified Persons

David Owens, President, and Richard Gosse, Vice President Exploration of Asia Gold, both qualified persons as defined by National Instrument 43-101, supervised the preparation of the information in this release.

Ivanhoe Mines and BHP Billiton own approximately 47% and 7% respectively of the issued and outstanding shares of Asia Gold.

Forward-Looking Statements: Statements in this release that are forward-looking statements, including the planned exploration of the company's Mongolian properties, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy or this release.

Contact Information

  • Asia Gold Corp.
    Bill Trenaman
    (604) 681-6799
    Asia Gold Corp.
    Bob Williamson
    (604) 681-6799