Ginguro Exploration Inc.

Ginguro Exploration Inc.

September 08, 2010 08:27 ET

Ginguro Provides Update on Pardo Drilling

SUDBURY, ONTARIO--(Marketwire - Sept. 8, 2010) - Ginguro Exploration Inc. (TSX VENTURE:GEG) is pleased to provide an update on its ongoing diamond drilling and exploration program at its Pardo paleo-placer gold project located 65 km northeast of Sudbury, Ontario.

To date, the Company has drilled 86 holes totaling 3,416 metres at Pardo. Assay results have been received for 27 holes as of this date and are reported herein.

The ongoing drill program, in conjunction with four months of geological mapping, has resulted in the identification of a gold-enriched, channelized reef that the Company has termed the BC reef. The channelized nature of the BC reef is similar to some of the channelized conglomerate deposits found in South Africa such as the Black Reef paleo-placer gold deposits mined in parts of the Witwatersrand Goldfields in South Africa.

The BC reef at Pardo has been defined from the present drilling over an area 700 metres in length elongated northeast to southwest, with a width of 500 metres. The thickness of the BC reef ranges from 1 to 5 meters where intersected to date. It is likely that the channel may extend to the south and this will be tested with future drilling. The BC reef has been intersected in 15 holes to date, with assays received for only 7 holes.

Results of holes that have intersected BC reef are detailed in the table below.

Table: Assay of core samples
Hole ID From (m) To (m) Interval (m) Au (g/t)
PD-10-42 9.97 11.99 2.02 0.9
-including 10.82 11.99 1.17 1.3
PD-10-43 7.46 7.68 0.22 1.78
  9.61 9.77 0.16 1.0
PD-10-46 8.97 14.00 5.03 0.9
-including 12.29 14.00 1.71 2.0
-and 12.29 13.09 0.80 4.2
PD-10-47 12.09 13.00 0.91 1.0
PD-10-48 9.43 13.44 4.01 0.6
PD-10-52 0.00 1.36 1.36 0.8
PD-10-53 11.25 11.70 1.36 0.7

Notes: 1. Holes 40, 41, 45, 49, 50, 51, and 54 were drilled outside of the BC reef and intersected lesser, erratic gold mineralization.

2. Intervals reported are core lengths; true widths of mineralization are not known.

The Company is currently awaiting assay results on samples from 59 drillholes. The Company continues to drill, with two rigs on the property, and expects to drill an additional 37 holes at a minimum, bringing total drilling on the current phase to at least 4,500 metres.

In addition to the currently targeted BC reef, two large prospective areas located to the east and southeast remain to be tested by diamond drilling. This area will be drilled this month as part of the ongoing program. The next phase of drilling, which will be undertaken this fall, will focus on definition drilling of areas of enriched gold mineralization identified in the current phase. A map showing the area of current and planned drilling can be viewed on the Company's web site at:

Holes 1 through 10 and holes 20 through 22 were drilled in the more distal southern area, ranging from 3 to 5 km south of the currently defined BC reef. Hole 1 intersected 2.3 g/T Au over 1.0 m (see press release dated July 21, 2010) and the others intersected sub economic gold values. Current and future work is focused on the northern areas, specifically the BC reef.

Ginguro's Pardo property is a paleo-placer gold property centred around Pardo Township, located approximately 65 km north-east of Sudbury, Ontario. The Company owns a 100% interest in 84 sq. km of claims and has an option to earn up to 70% in a further 33 sq. km of claims, pursuant to an agreement with Endurance Gold Corporation.

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:

The Qualified Person responsible for the geological technical content of this news release is Eric Yang, P.Geo., Geologist of Ginguro Exploration Inc.

The Company has implemented a quality control program to ensure best practice in sampling and analysis. Samples are cut in half, with one-half is submitted for assay and the remaining sample retained for reference. Assayed samples are transported in security sealed bags for preparation at ALS Chemex Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard, analytical blank, and field duplicate sample in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.

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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