Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

January 17, 2011 16:03 ET

Ginguro Commences Drilling at its Ontario Gold Properties

SUDBURY, ONTARIO--(Marketwire - Jan. 17, 2011) - Ginguro Exploration Inc. (TSX VENTURE:GEG) announced today that it has started its winter drill program at its Ontario paleoplacer gold properties. 

The three paleo placer gold properties consist of the Pardo property, the Four Corners property and the Grigg/Stobie property. Drilling has started at the Grigg property and will progress on to Four Corners and Pardo in the coming weeks.

The Grigg/Stobie property is a 68 square km 100-per-cent-owned property located approximately 55 km northeast of Sudbury. The Four Corners property is a 59 square km 100-per-cent-owned property located approximately 70 km northeast of Sudbury, Ont. The Pardo property is located approximately 65 kilometres northeast of Sudbury, Ontario, where the Company owns a 100-per-cent interest in 87.5 square kilometres of claims and has an option to earn up to 70 per cent in a further 33 square km of claims, pursuant to an agreement with Endurance Gold Corp.

Drilling at Grigg/Stobie and Turner has been designed to test reef style gold mineralization, similar to what has been discovered at Pardo.

The Pardo project is the most advanced and constitutes the first confirmed paleo placer gold deposit in Ontario. Extensive geological work and drilling in 2010 has demonstrated similar geologic processes at work in Pardo to those that created the world's largest gold deposits in the Witwatersrand basin of South Africa. Drilling at Pardo in 2010 identified a gold-bearing channelized conglomerate reef that is approximately 400 metres wide by 3,600 metres long. The reef remains open along the channel extension. Drilling at Pardo has been designed to identify higher grade extensions of gold mineralization identified to date.

The Company also announces that it has granted 250,000 options to purchase shares of the Company, at a price of $0.28 per share for a period of 3 years, to certain officers and consultants of the Company.

About Ginguro

Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its paleo-placer gold property, located in Pardo Township in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's 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 Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

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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