Goldbelt Empires Limited
TSX VENTURE : GBE

November 25, 2015 17:25 ET

Goldbelt Empires Limited Announces Airborne Survey Over South Morila Concession Area

CALGARY, ALBERTA--(Marketwired - Nov. 25, 2015) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Goldbelt Empires Limited (TSX VENTURE:GBE) (the "Company" or "Goldbelt Empires") announced today it has commissioned an airborne survey over its flagship property, the South Morila gold concession in Mali, West Africa. New Resolution Geophysics ("NRG") will conduct the airborne magnetic and radiometric survey using NRG's proprietary systems.

The survey is scheduled to commence in late November and will take approximately 1 week to complete with final results expected by the end of 2015.

About the South Morila Concession

The South Morila project consists of a 151.1km2 licence covering prospective Birimian terrain in southern Mali.

The licence is between 10 and 25 km south of Randgold Resources' Morila gold mine. Randgold Resources has publically disclosed that its Morila gold mine, which commenced operations in October 2000, has produced over six million ounces of gold. The Qualified Persons have not been able to verify this information and such information is not necessarily indicative of the mineralization on respect of Goldbelt Empires' South Morila license.

Based on the recommendation of its technical advisors, Goldbelt Empires decided to use NRG's airborne system as a cost effective and expedited way to acquire the data at a level of quality and control not immediately achievable with a ground based survey. Geophysical data will be acquired using a flight line spacing of 100m and a sensor height of ~50m in order to optimize detailed and accurate data collection.

Jonathan Challis, CEO of Goldbelt Empires, commented: "We are excited about commencing an airborne geophysics survey over our South Morila licence as this new data will assist greatly in the geological interpretation and subsequent exploration planning. Preliminary results are anticipated to be available by the end of 2015 on completion of the survey and the interpretation of the data collected."

Jonathan Challis, 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, completion and parameters of the airborne survey. 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.

This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

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
    +44 (78) 4120-2386

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