Batero Gold Corp.
TSX VENTURE : BAT

Batero Gold Corp.

December 15, 2011 08:00 ET

Batero Gold Extends Mineralization Length at Dos Quebradas Porphyry to 950 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2011) - Batero Gold Corp. (TSX VENTURE:BAT) is pleased to report the latest drill results from its recently completed 55,755 metre 2011 diamond drill program on the company's 100-per-cent-owned Batero-Quinchia project in Risaralda, Colombia. A total of nine holes (4,118.59 metres) are being released. Today's results are from delineation and in-fill drilling at Dos Quebradas porphyry and delineation drill testing the western and south-central extents at El Centro.

The drill holes reported in this release have extended in a north-south strike length the gold and copper mineralization at Dos Quebradas to approximately 950 metres. Drill hole SB-021 is located on the northern boundary of the Company's concession and drill hole MZ-004 is located in the south and west zone at El Centro. (Please refer to figure 1 Plan Map and figure 2 Plan Map for Dos Quebradas drill hole locations.)

To view the map associated with this press release, "figure 1 Plan Map," please visit the following link: http://media3.marketwire.com/docs/Fig1planmapBAT1512.pdf.

To view the map associated with this press release, "figure 2 Plan Map," please visit the following link: http://media3.marketwire.com/docs/Fig2planmapBAT1512.pdf.

"We are encouraged by the continuity of the Dos Quebradas gold-copper system from the El Centro porphyry mineralization in the south through to our concession boundary in the north. The drill results show a large extension of intrusion related porphyry mineralization within the basalt host rocks continuing to the northern limits of our concession. Also, the new results indicate that mineralization is present near surface and at depth," stated Brandon Rook, President and CEO.

"We are also pleased with the results from the drill holes testing the western extent of the El Centro zone which intersected significant porphyry style mineralization in drill hole MZ-004 and higher grade epithermal mineralization discovered in drill hole MZ-005 (Manzanillo) which possibly may connect to the epithermal mineralization intersected to the south at La Cumbre."

Drill hole highlights include:

  • SB-021 intersecting from 227.00 metres below surface, 138.00 metres grading 0.70 g/t gold and 0.06% copper; including 96.00 metres grading 0.82 g/t gold and 0.08% copper.

  • SB-017 intersecting from 8.00 metres below surface, 265.00 metres grading 0.35 g/t gold and 0.08% copper.

  • MZ-004 intersecting from 39.00 metres below surface, 100.00 metres grading 0.56 g/t gold and 0.04% copper; including 58.00 metres grading 0.75 g/t gold and 0.04% copper.

(For results of all drill holes please refer to Table 1, and 2)

Five drill holes (SB-011, SB-012, SB-014, SB-015 and SB-017) located in the Dos Quebradas south-El Centro zone are significant as these holes were also mineralized lending more evidence that the mineralization is continuous between Dos Quebradas porphyry in the north and La Cumbre porphyry in the south.

Exploratory drilling continues to expand the expected zone of higher grade epithermal gold mineralization which is believed to be overprinting the porphyry mineralization. Drill hole MZ-005 was drilled to test the western extent of the El Centro zone and epithermal mineralization was discovered at depth intersecting 1.26 g/t gold over a two metre interval. Other drill holes located nearby MZ-005 that have also intersected epithermal mineralization include QAP-DDH-044 located approximately 300 metres west-southwest grading 1.75 g/t gold over a two metre interval and QAP-DDH-034 located approximately 180 metres south-southeast grading 3.73 g/t gold and 0.02% copper over 23.30 metres; including 11.42 g/t gold over 5.80 metres (N.R. July 27, 2011). The epithermal mineralization intersected near surface and at depth at La Cumbre and discovered at, or near surface at El Centro will continue to be delineated along the trend of the Amarilla Structural Corridor.

The Company has completed its 55,755 metre 2011 diamond drill program and anticipates receiving final drill results from the entire 2011 drill program during December, 2011. The Company will finalize its initial resource estimate by the end of the year, and will publish its first independent resource estimate report by Roscoe Postle Associates Inc. in January, 2012. The mineral resource estimate report will comprise approximately 60,000 metres of diamond drilling, being 55,755 metres from the Company's drill program and the remaining metres from historical drilling, and will also include the results from the Company's initial metallurgical test work prepared by G&T Metallurgical Services. For a full corporate update see news release November 30, 2011.

A new website (www.explorebatero.com) has recently been uploaded describing the Company's Corporate Social Responsibility (CSR) initiatives. This also includes six short documentary movies that explore Batero's sustainability commitments. To view the videos with non-compatible QuickTime devices follow this link (http://www.baterogold.com/corporate/social-and-environmental-videos).

Table 1 - Significant Intersections
Hole Target Area From
(m)
To
(m)
Interval
(m)*
Au
(g/t)
Cu
(%)
SB-011 Dos Quebradas -El Centro 52.00 66.00 14.00 0.26 0.06
and 164.00 181.00 17.00 0.29 0.11
and 210.00 216.00 6.00 0.24 0.08
SB-012 Dos Quebradas -El Centro 108.00 122.00 14.00 0.36 0.06
and 150.00 194.00 44.00 0.34 0.06
and 248.00 254.00 6.00 0.28 0.05
SB-014 Dos Quebradas -El Centro 90.00 108.00 18.00 0.26 0.05
and 218.00 244.00 26.00 0.31 0.09
and 270.00 324.00 54.00 0.23 0.08
SB-015 Dos Quebradas -El Centro 69.00 119.00 50.00 0.39 0.09
Including 81.00 95.00 14.00 0.57 0.11
SB-017 Dos Quebradas -El Centro 8.00 273.00 265.00 0.35 0.08
and 3570.00 417.00 60.00 0.30 0.09
SB-018 Dos Quebradas -El Centro 8.00 44.00 36.00 0.33 0.08
and 192.00 338.00 146.00 0.33 0.07
including 236.00 252.00 16.00 0.52 0.10
including 292.00 298.00 6.00 0.59 0.11
SB-021 Dos Quebradas 227.00 365.00 138.00 0.70 0.06
including 263.00 359.00 96.00 0.82 0.08
MZ-004 El Centro 39.00 139.00 100.00 0.56 0.04
including 45.00 103.00 58.00 0.75 0.04
MZ-005 El Centro 131.00 133.00 2.00 1.26 0.01
and 197.00 205.00 8.00 0.28 0.02
* Interval length represents down hole length and not true width with the exception of vertical holes
Table 2 - Intersections Table Historic Drill Results 2006
Hole
From
(m)
To
(m)
Interval
(m)*
Au
(g/t)
Cu
(%)
DQ-DDH-04 58.00 166.00 108.00 0.44 0.06
DQ-DDH-05 0.00 214.00 214.00 0.55 0.08
DQ-DDH-06 0.00 244.00 244.00 0.70 0.11
DQ-DDH-11 No Significant Results
DQ-DDH-17 122.00 402.00 280.00 0.51 0.09
Intersection reporting criteria: minimum 10 m interval and Au cut-off 0.2 g/t
Interval length represents down hole length and not true width with the exception of vertical holes

Technical Data:

SB-011 and SB-012 were drilled from the same platform in the Dos Quebradas-El Centro target area. The two drill holes intersected rocks of apparent basaltic composition with variable zones of faulting and related structurally controlled veining, producing anomalous gold values of varying thicknesses. SB-012 was drilled vertically and SB-011 was drilled in an eastern direction at a -60 degree dip.

SB-014 was drilled in a westerly direction with a -60 degree dip. The hole drilled through basalt and intersected gold mineralization in three different intersections down hole which are characterized by stockwork veining.

Drill hole SB-015 was collared approximately 140.00 metres southeast of SB-011 and SB-012 and drilled in an easterly direction at a -60 degree inclination. This hole drilled through rock with apparent basaltic composition and intersected a number of areas with anomalous gold mineralization. Of particular interest is an intersection between 81.00 to 95.00 metres that averaged 0.57 g/t gold. This intersection is composed of basalt rocks containing relatively abundant stockwork-like veining.

SB-017 was collared approximately 65.00 metres southwest of SB-015 and drilled inclined -60 degrees towards the west. The hole mostly intersected basalt with a small section of fine grained diorite porphyry. Mineralization was encountered in two distinct intervals in this hole; from 8.00 to 273.00 metres and 357.00 to 417.00 metres, averaging 0.35 and 0.30 g/t gold, respectively.

SB-018 was drilled east with a -60 degree inclination and intersected mostly basalt. Two intersection of interest were encountered; the first near the top of the hole from 8.00 metres to 44.00 metres depth, hosted in saprolite and magmatic breccia and intersected 36.00 metres grading 0.33 g/t gold; and the middle of the hole hosted basalt from 192.00 metres to 338.00 metres depth intersecting 146.00 metres grading 0.33 g/t gold. Stockwork veining is present in both intersections.

SB-021 was collared just south of the northern limits of the Company's concession targeting the Dos Quebradas mineralized area. This angle hole was drilled in a westward direction with a -60 degree inclination and intersected significant gold mineralization of 0.70 g/t from 227.00 metres to 365.00 metres downhole; including 58.00 metres of 0.82 g/t gold. The mineralized intersection was contained within mostly basaltic rocks with stockwork veining.

MZ-004 was drilled in the western El Centro target area and drilled to the northeast with a -60 degree inclination. Most of the hole drilled through basalt but the top portion of the hole intersected magmatic and intrusive breccia from approximately 50.00 metres to 144.00 metres. Gold mineralization was encountered from 39.00 metres to 139.00 metres which intersected 0.56 g/t gold. Minor anomalous intervals were intersected further down the hole in the basalts in small crosscutting veins.

MZ-005 was collared in the western region of the El Centro zone (Manzanillo) and drilled to the west at a -60 degree inclination. The top portion of the hole intersected magmatic breccia followed by basalt until the holes completion. A number of short anomalous intervals were intersected in this hole.

Table 3 - Drill Hole Specifications
Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)
SB-011 421235 586327 1668 90 -60 403.85
SB-012 421235 586327 1668 0 -90 352.04
SB-014 421282 586198 1701 270 -60 400.50
SB-015 421282 586198 1701 90 -60 361.18
SB-017 421263 586137 1738 270 -60 458.72
SB-018 421288 586019 1796 90 -60 502.92
SB-021 421415 586869 1508 270 -65 500.48
MZ-004 420893 585915 1823 20 -60 593.10
MZ-005 420893 585915 1823 270 -60 545.80
Table 4 - Drill Holes Specifications Dos Quebradas ( 2006 Historic )
Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)
DQ-DDH-04 421192 586676 1616 270 -45 170.55
DQ-DDH-05 421276 586641 1554 270 -45 261.6
DQ-DDH-06 421275 586643 1554 90 -50 250.75
DQ-DDH-11 421137 586420 1671 270 -50 259.3
DQ-DDH-17 421441 586663 1599 270 -80 492.7

To see all maps and figures please visit www.baterogold.com.

Sample preparation, assays and quality assurance/quality control

Core is collected and initially logged at Batero Gold's drilling camp at the project area. The core is then shipped securely in core boxes to Batero's core processing facility in Pereira, Colombia, where it is logged in detail, cut and sampled. All QC samples are introduced before shipment to ALS Chemex's sample preparation facilities in Bogota, or Medellin, Colombia. Prepared samples are then shipped to ALS's analytical facilities in Lima, Peru or La Serena, Chile for analyses. Gold is fire-assayed using a 50.0 gram aliquot sample and Atomic Absorption finish (AA). Multi-element analysis is achieved by Four Acid Digestion and an Induced Coupled Plasma (ICP) finish.

The Company's QA/QC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted in every assay batch, which is composed of 25 samples. Regular monitoring of these QC samples is a critical part of Batero Gold Corps QA/QC protocols.

Darren Anderson, P.Geo., is the Company's QA/QC consultant.

Kieran Downes, Ph.D., P.Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.

ON BEHALF OF THE BOARD OF BATERO GOLD CORP.

Brandon Rook, President & CEO, Batero Gold Corp.

About Batero Gold:

Batero Gold Corp. (TSX VENTURE:BAT) is a Vancouver-based precious and base metals exploration and development company focused in Colombia's emerging and prolific Mid-Cauca porphyry gold and copper belt. Batero is located within the Quinchia district and has 100% ownership in the Batero-Quinchia Project, comprising a 1407 hectare tenement. The Batero-Quinchia Project includes three known gold-copper porphyry centres. The Quinchia district and Batero's project is considered socially stable and mining friendly and is supported with a comprehensive infrastructure network. Batero has assembled a strong management and technical team in Colombia that has contributed to numerous significant discoveries throughout Colombia. Batero plans to leverage its strategic share structure with strong local and regional relationships, and long-term financial partners, to develop its prospective project into what the Company believes will be Colombia's next major mining venture.

FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing and scope of expected diamond drilling; the timing of the delivery of a resource estimate on the Batero-Quinchia project; potential existence and size of mineralization within the Batero-Quinchia project; timing of receipt of permits and regulatory approvals; the sufficiency of the Company's capital to finance the Company's operations; geological interpretations and potential mineral recovery processes.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada, Colombia or other countries in which the Company may carry on business in the future; the uncertainties involved in interpreting geological data; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks).

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Filing Statement dated as of June 22, 2010 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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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