Ginguro Exploration Inc.
TSX VENTURE : GEG

Ginguro Exploration Inc.

April 24, 2008 09:00 ET

Ginguro to Initiate Drill Program at Minnitaki

SUDBURY, ONTARIO--(Marketwire - April 24, 2008) - Ginguro Exploration Inc. (TSX VENTURE:GEG) ("Ginguro" or the "Company"), announced today that on April 29, 2008, a 3,000 metre drill program will commence on its Minnitaki Gold Project, located approximately 12 km south of the town of Sioux Lookout, Ontario. Drill targets were developed and advanced based on work programs and results as reported in the Company's January 28, 2008 news release, and are summarized below.

As previously reported, Ginguro has identified 12 gold occurrences on the property in association with splays off of the east-northeast trending Ruby Island Deformation Zone. Sampling highlights include length weighted channel sample assay results of 5.73 grams per tonne (g/t Au) gold over 2.9 metres (including 10.45 g/t Au over 1.4 metres), and 8.97 g/t Au over 1.65 metres, and grab samples up to 117.73 g/t Au. Mineralization remains open in all directions and has been traced for approximately 3.2 km, over an approximate width of 1.8 km, along this regional deformation zone.

Gold mineralization on the property has been identified in two geological settings: the first being shear zones up to 25 metres wide, hosting quartz veins that range from small stringers to veins reaching 20 cm in width and up to tens of metres in strike length; and the second being extensive areas of tensional style quartz veining. Quartz veins commonly exhibit alteration selvages composed of iron carbonate, albite, and pyrite. Grab samples taken of the selvages returned gold grades ranging from detection limit (0.005 g/t Au) to 117.73 g/t Au.

This initial drill program will test the Point Showing, the Central Zone, four areas east of the Central Zone, and the New Showing, all of which are described in the Company's January 28, 2008 news release. The Point Showing is located at the west end of Neepawa Island within a shear zone cutting strongly altered mafic volcanic rocks. Previously reported channel sample assays returned values up to 4.9 g/t Au over 2.7 metres, including 0.5 metres of 9.84 g/t Au. The Central Zone, an exposed shear zone located 275 metres along strike to the east of the Point Showing, returned weighted channel sample assay results of 5.73 g/t Au over 2.9 metres, including 10.45 g/t Au over 1.4 metres; 6.95 g/t Au over 0.7 metres; 2.9 g/t Au over 1.2 metres; and 1.51 g/t Au over 4.08 metres. Four areas 500 metres east of the Central Zone, host tensional style quartz veining, with associated widespread hydrothermal alteration. Weighted channel sample highlights include: 5.83 g/t Au over 3.65 metres; 2.97 g/t Au over 4.35 metres; 5.45 g/t Au over 1.03 metres; 2.74 g/t Au over 2.4 metres; 5.87 g/t Au over 1.22 metres; 8.5 g/t Au over 0.7 metres; and 24.1 g/t Au gold over 0.25 metres. The "New Showing", located 650 metres further to the east, consists of quartz veining associated with a quartz porphyry dyke, emplaced within a shear zone. Sampling highlights include a 0.9 metre linear chip sample taken from quartz veining that assayed 4.63 g/t Au, and a 4.0 metre composite channel sample taken across the quartz porphyry dyke that returned a weighted assay of 1.55 g/t Au.

For additional information on the Minnitaki Project, see the 43-101 technical report filed June 15, 2007 and available on SEDAR.

Quality Control

Ginguro has implemented a quality control program to ensure best practices in sampling and analysis. A field sample duplicate, blank, and analytical standard, is submitted within every 20 sample batch. Assays have been completed using a standard fire assay with a 30-gram aliquot. Samples are transported in security sealed bags for preparation at ALS Chemex Prep Lab located in Thunder Bay, Ontario, and the pulps shipped to ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 and ISO 17025 registered laboratory. Ginguro's Vice President, Exploration, Yves Clement, P.Geo, is the Qualified Person, according to National Instrument 43-101, for the Minnitaki Project and has prepared or supervised the presentation of the technical data mentioned 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
    Website: www.ginguro.com.