Asia Gold Corp.

Asia Gold Corp.

November 09, 2006 08:30 ET

Asia Gold Intersects 68 Metres Grading 3.2 g/t Gold at Tashlaka Hill, Bulgaria

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Asia Gold Corp. (TSX VENTURE:ASG) is pleased to announce a 68-metre intersection that averages 3.2 grams per tonne (g/t) gold in diamond drill hole R-245 at the Tashlaka Hill Project in southeastern Bulgaria. Hole R-245 was drilled in the Tashlaka Main Zone and included several higher-grade intervals that averaged 20.0 g/t gold over widths of up to 2.9 metres.

Asia Gold has earned a 51% interest in the Tashlaka Hill project and three other gold projects in Bulgaria pursuant to a joint venture agreement with Hereward Ventures Bulgaria (Hereward), a wholly owned subsidiary of Cambridge Mineral Resources plc (AIM:CMR-L). (See News Releases dated November 17, 2005 and September 6, 2006.)

Asia Gold drilled six diamond drill holes totalling 741 metres on the Tashlaka Main Zone in June and July 2006. Tashlaka Hill was explored by Niproruda, a Bulgarian State mining company, between 1981 and 1992 (86 drill holes) and by Hereward between 2001 and 2005 (42 drill holes). Asia Gold's six holes targeted a zone of higher-grade gold mineralization outlined by Hereward within a larger low-to-moderate-grade gold envelope that was identified by Niproruda. Asia Gold's six holes were designed to obtain new structural information to better evaluate the potential of the higher-grade Main Zone.

The newly received R-245 drill results are tabulated below:

Drill Hole No. From To Length (m) g/t Au g/t Ag
R-245 100.0 168.0 68.0 3.2 3.6
including 124.0 151.6 27.6 5.8 5.8
including 124.0 135.9 11.9 8.1 8.0
including 133.0 135.9 2.9 20.0 18.6
including 141.6 142.6 1.0 12.6 8.8
including 150.6 151.6 1.0 29.3 24.5

Hole R-245 was drilled across the targeted permeability 'plume' within the host conglomerates above and to the northeast of the basement zone targeted by the recently reported R-243/R-243a, R-244 and R-247 drill holes (see Asia Gold's News Release dated September 6, 2006). The permeability plume is an unevenly distributed zone of silicification and mineralization so that true widths are difficult to determine. The true width of the 68-metre drill intersection is estimated to be approximately 50 metres while the true widths of the 1-3-metre drill intersections may be as much as half the sampled lengths.

All drill data is being compiled and evaluated to provide additional targets for a new round of drilling that could begin in early 2007. Asia Gold's management believes that there is excellent potential to discover more zones equivalent or greater than the known Tashlaka Main prospect.

Sampling and Analytical Procedures

Half-core splits of the drill core from Tashlaka Hill were prepared and analyzed by ACME Analytical Laboratories in Vancouver, Canada, an ISO 9001 certified laboratory. The samples were crushed to 90% passing 2mm and a one-kilogram split was pulverized to 95% passing 75 microns. All preparation equipment was flushed by barren material after each sample was processed. Gold was initially determined by 50 gram fire assay fusion for total decomposition, followed by digestion of the silver dore bead and ICP-ES analysis (Group 3B). Gold between 1.0 and 5.0 g/t was also assayed using classical fire assay on a one assay-tonne sample (29.2 gram, Group 6), whereas gold more than 5.0 g/t was also assayed by gravimetric finish (Group 6, Gravimetric). The laboratory's internal QC meets industry accepted practice.

Asia Gold carries out an internal QA-QC program that is independent from ACME by inserting blind standards, blanks and (quarter core) duplicate samples into all batches of 20 samples for analysis. All sample bags were sealed with numbered security tags on site.

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

Ivanhoe Mines and BHP Billiton own approximately 45% and 10%, 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 mineral properties in Bulgaria, 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. - Investors
    Steven Feldman
    (604) 681-6799
    Asia Gold Corp. - Media
    Bob Williamson
    (604) 681-6799