Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

August 14, 2008 09:00 ET

Ginguro Increases Its El Alto Project Land Position in Chile, And Establishes Chilean Subsidiary.

SUDBURY, ONTARIO--(Marketwire - Aug. 14, 2008) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company"), reports that it has staked an additional 3,000 hectares, of which it holds a 100% interest, around its El Alto Iron-Oxide Copper Gold ("IOCG") property in Chile, South America. The land package extends up to 8 kms north-south and 9 kms east-west (3,800 Hectares) encompassing several historic workings and showings.

The Company is also pleased to announce the establishment of its wholly owned Chilean subsidiary company, "Minera Ginguro Chile Limitada", headquartered in Santiago, Chile. Management finalized the new subsidiary on a recent trip to Chile, thus the Company is now positioned to expand its exploration activities in Chile.

The El Alto project lies at the southern end of the Chilean Mesozoic Iron Belt, one of the most prospective IOCG provinces in the world. The Iron Belt spans over 1,200 km along the Coastal Cordillera of Chile, from just north of Santiago in the south, to the city of Antofagasta in the north. This belt hosts several world class copper deposits including, based on publicly available information, Candelaria (470 Mt @ 0.95 % Cu, 0.22 g/t Au, & 3.1 g/t Ag), Mantos Blancos (400 Mt @ 1% Cu), Manto Verde (350 Mt @ 0.75% Cu), and El Soldado (200 Mt @ 1.5% Cu).

The Main Workings area was the focus of limited mining activity during the 1930s, as evidenced by numerous extensive workings. Since this early mining activity the property has experienced limited exploration and, to the best of the Company's knowledge, no diamond drilling or modern geophysical surveys have been conducted.

Results of the Company's due diligence sampling confirm the polymetallic nature of the El Alto breccia body (see February 28, 2008, news release). Highlights include a length weighted average grade chip sample of 1.68% Cu and 0.59 g/t Au over 14.6 metres, including 2.81% Cu and 1.21 g/t Au over 6 metres, and composite chip samples and grab samples from individual breccia seams ranging from 1.39% - 11.55% Cu, 0.96 g/t - 4.0 g/t Au, and 23.9 ppm - 70.3 ppm Ag.

El Alto breccia-style IOCG mineralization exhibits excellent potential to form a moderate sized, relatively high grade, Cu - Au - Ag - Co deposit. Based on the widespread occurrence of iron oxide-rich polymetallic mineralization, its favorable structural setting, and the permeable nature of the coarse volcaniclastic rock package, the El Alto property also exhibits the potential for hosting a large composite type IOCG deposit (i.e., Candelaria-type deposit).

Exploration activities are planned for October 2008 and will include Induced Polarization (IP) and Magnetometer ground geophysical surveys. The geophysical data, in association with detailed geological and structural mapping and additional lithogeochemical sampling will lead into a diamond drill program.

Ginguro Vice President, Exploration, Yves Clement, P.Geo., is the Qualified Person, under National Instrument 43-101 for the El Alto Project and has prepared or supervised the preparation of the technical data included in this news release.

About Ginguro

Ginguro is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and South America. The Company holds interests in three properties in Ontario, and one property in Chile. Ginguro's focus is on the acquisition of quality properties that lend themselves to the development of highly prospective regional exploration plays. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.

Forward-looking Statements

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ginguro Exploration Inc.
    Michael J. Byron, Ph.D., P.Geo.,
    President and CEO
    (705) 560-2382
    Email: info@ginguro.com
    or
    Ginguro Exploration Inc.
    Yves Clement, P.Geo.
    Vice President, Exploration
    (705) 560-2382
    Email: info@ginguro.com