VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in a Malian gold concession (the Koussikoto Ouest Concession), through its wholly owned subsidiary Granite Creek Gold (Mali) Sarl. The concession will be acquired by making payments of 50 million FCFA (approximately $100,000 CDN) over a 5 year period. The option agreement allows for a due diligence review of the property that will include a limited geochemical survey and geological mapping to confirm the potential for gold mineralization. The concession will be subject to a 1% Net Smelter Royalty.
The Koussikoto Ouest concession, covering 35 square kilometres, is located in the western part of Mali near the border with Senegal. It lies within the prolific Birimian formation, prospective for bulk tonnage and bonanza grade gold mineralization. The concession is in the same geological formation as several multi-million ounce mines such as Loulo (Rangold), Tabakoto (Avion Gold), Sadiola (Anglogold Ashanti) and Yatela (Anglogold Ashanti).
Granite Creek Gold also wishes to announce that it has retained Mamadou Keita, a Malian geologist, as a consultant to the Company. Mr. Kieta will be responsible for reviewing gold concessions for acquisition by the Company.
Mr. Keita received his Ingenieur Degré (Geology) from the National School of Ingenieurs (Mali) in 1969 and his M.Sc. (Minera) from the Mining Institute of Petersburg (Russia) in 1978. From 1978 to 1983, he was a Chief Geologist for the Bureau de Recherches Geologiques et Minieres, an agency of the French Government, heading a regional survey for gold and diamonds in Western Mali. It was during this survey that the initial discovery of the Loulo gold deposit was made. From 1985 to 1991, Mr. Keita was the Chief Geologist of the Kenieba Region for the Direction Nationale de la Geologie et des Mines of the Malian Ministere des Mines. From 1998 to 2011 he acted as director and VP of exploration for Great Quest Metals Ltd. Mr. Keita oversaw the acquisition and assisted in the development of the Great Quest's gold concessions including the Kenieba concession, where a NI 43-101 compliant inferred resource of 324,000 ounces of gold (Carl Verley (P. Geo) was delineated by Great Quest Metals (January 8, 2008 Great Quest Metals press release) before the project was sold to Avion Gold Corporation.
About Granite Creek Gold
Granite Creek Gold is a Vancouver BC based exploration company with an advanced staged British Columbia project, the 2781 ha copper-gold-molybdenum "Taseko" Property. The Company has an option to acquire a 70% interest in the property which hosts a non- NI 43-101 compliant historical resource. The project lies within 25km south of Taseko Mines' advanced stage copper-gold Prosperity project.
Although the Koussikoto Ouest is the Company's first West African project the Company intends to continue to evaluate Malian projects and is relying on director Willis Osborne and consultant Mamadou Kieta for their vast experience working in the country especially in the highly prospective Birimian.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the expected listing of shares, Exchange approvals, the use of proceeds, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain Exchange approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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 release.