SUDBURY, ONTARIO--(Marketwired - April 28, 2014) - Ginguro Exploration Inc. (TSX VENTURE:GEG) (the "Company") and the Government of Latvia today announced that, effective April 25th, 2014, they have jointly concluded a non-binding Letter of Intent ("LOI") in respect of potential mineral exploration of the Kurzeme Complex in Latvia. The LOI is the first formal step of cooperation taken by the parties.
Ginguro has been expressing interest in exploration of Latvian subterranean depth since 2011. For two years, the Company has been collaborating with local Latvian scientists and initial research results indicate both the potential and need for further exploration.
As noted in the LOI, there has effectively been no mineral exploration of the nature proposed by Ginguro conducted in Latvia to date. The participants of the LOI are eager to seize the opportunity of cooperation for the potential of mineral exploration and, if warranted, future development of prospective mineralized lands within Latvia's borders. Latvia will gain from Ginguro's practical international experience and will obtain substantial data in respect of potential mineral resources in the Kurzeme complex to be explored for, in collaboration with Ginguro.
Latvia is underlain by the Fennoscandian Shield, considered Europe's richest ore reserve domain. This geological structure has seen an enormous increase in mining activities in other jurisdictions during the last few years. Exploration companies have invested record sums in the search for base metals and precious metals.
It is not widely known, however, that the Kurzeme Complex is the largest layered mafic intrusion of the Fennoscandian shield. It has the geology that is required for hosting deposits of Copper, Nickel and Platinum Group metals. This territory covers 9,300 sq. km. and is perhaps the largest unexplored layered mafic intrusion in the world. Its location in Latvia, on one of Europe's most important transportation corridors, makes it an ideal area for modern mineral exploration and for sustainable zero footprint mining in Europe's future.
Metal ore and metal is currently not extracted in Latvia. However, as a result of this initiative between Ginguro and Latvia, the opportunity to develop mining as a new industry in Latvia is emerging, along with the opportunity to enhance existing complimentary industries in Latvia, such as transportation, construction and logistics.
It is the Latvian government's objective to ensure respect for economic interests of Latvia and its peoples and to ensure the existence of environmental protection regulations in the mining sector. For this purpose, a certain regulatory framework is necessary. Latvian government has created a working group and started extensive work on putting in place mining legislation and defining Latvian interests.
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in Pardo Township in northern Ontario. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.
The Qualified Person responsible for the geological technical content of this news release is Richard Murphy, P.Geo, President and CEO of Ginguro Exploration Inc.
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 Corporation'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 Corporation 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.