Goldbelt Empires Ltd.
TSX VENTURE : GBE

December 17, 2015 18:47 ET

Goldbelt Empires Limited Announces: Airborne Survey Completed Over South Morila Concession Area

CALGARY, ALBERTA--(Marketwired - Dec. 17, 2015) - Goldbelt Empires Limited (TSX VENTURE:GBE) (the "Company" or "Goldbelt Empires") is pleased to announce that its previously announced airborne magnetic and radiometric survey over the Company's South Morila gold concession area in Mali, West Africa, has been completed.

OVERVIEW:

  • A 1,667 line km airborne magnetic and radiometric survey over 100% of the South Morila gold concession area has been completed.
  • Processing of the new magnetic and radiometric data is expected to take around three to four weeks to complete.
  • New Resolution Geophysics ("NRG") conducted the airborne survey on schedule allowing us to build upon existing data and move our project forward.

The survey was completed using a Pilatus PC-6 fixed wing aircraft operating out of Bamako International Airport. A line spacing of 100m was utilised with a nominal sensor height of 50m above ground surface, this has allowed for very high resolution data to be acquired.

The combination of the magnetic data, which will assist in a regional scale structural and geological interpretation, with the radiometric data, of which the potassium signature is particularly important, will enable the Company's technical team to narrow down areas of interest and focus subsequent exploration efforts.

Jonathan Challis, CEO of Goldbelt Empires, commented: "We are pleased to see completion on schedule of the airborne magnetic and radiometric surveys. The geophysics survey is a key milestones in the South Morila exploration program as we continue to unlock the value potential of our gold exploration project. Processing and interpretation of the data will commence immediately and we are looking forward to the final product."

Jonathan Challis (C.Eng & FIMMM), CEO of Goldbelt Empires, and Andrew Dacey (R.P.Geo & FIMMM), its technical advisor, are the Qualified Persons, as defined by National Instrument 43-101, who have approved the scientific and technical information in this news release.

About Goldbelt Empires

Goldbelt Empires is a gold explorer focused on the West African Goldbelt, and has recently listed its shares on the TSX Venture Exchange. Its flagship property is the South Morila gold concession in the Republic of Mali.

Additional Information on Goldbelt Empires Ltd.

For more information on the business and property of the Company, readers are referred to the Final Prospectus, available at the Company's SEDAR profile at www.SEDAR.com.

This press release contains forward-looking information. More particularly, this press release contains statements concerning the timing and completion of the processing of the new magnetic and radiometric data, and the benefits of such data to the Company. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct.

Forward looking information involves known and unknown risks, uncertainties, assumptions (including, but not limited to, assumptions on the performance and financial results of the properties of the Company and certain other risks detailed from time to time in the Company's public disclosure documents including, without limitation, those risks identified in the Final Prospectus which is available on the Company's SEDAR profile at www.sedar.com) and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the 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 press release.

Contact Information

  • Goldbelt Empires Limited
    Jonathan Challis
    Chief Executive Officer and Director
    United Kingdom
    Telephone: +44 (78) 4120-2386

    Goldbelt Empires Limited
    Victor Dusik
    Chief Financial Officer and Director
    Executive Corporate Secretary
    Canada
    Telephone: +1 (604) 818-4100