Masuparia Gold Corporation

Masuparia Gold Corporation

December 02, 2013 11:38 ET

Masuparia Prepares to Sell Gold to Finance Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - Masuparia Gold Corporation (TSX VENTURE:MAS) ("Masuparia" or the "Company") is pleased to report the milling of the Greywacke North bulk sample, acquired by Masuparia and its 50% joint-venture partner, Golden Band Resources Inc., has resulted in a total of 2,242.5 troy oz of gold being poured as dore, leaving 290.9 troy oz in gold inventory in the mill circuits. As previously reported, (see news release dated October 30, 2013), the sample was processed through the Jolu mill as one continuous batch over 29 days during the month of September. Masuparia's 50% share, estimated at 1,121.25 troy oz. gold, is available for sale to the account of Masuparia. A further 145.45 troy oz. remaining in the mill circuit is to be credited to future sales.

In addition, 1,361 tonnes of the bulk sample remain in the stockpile at the mill and will be processed in conjunction with other ores. Based on the average gold grade and recoveries obtained from the bulk sample of 6.87 g/t and recovery of 94.3%, an additional 141.5 troy oz. will report to the account of Masuparia bringing the total credit to 1,408 troy oz. of gold.

The Company's share of the gold is being held at the refinery awaiting Masuparia's instructions for sale or delivery.

Current gold prices around $1,250 will yield revenues in the order of $1,760,250 to Masuparia.

The Masuparia - Golden Band Joint Venture has expended $403,000 on a baseline environmental study for the Greywacke North Deposit. An additional expenditure of $211,000 is required to complete the project. This is a critical component to the Permit applications that also require the preparation of a Preliminary Economic Assessment.

The JV has also funded capitalized expenditures for access trail improvements and bridge purchases as well as exploration of the Greywacke north deposit.

Drill permits are in hand to continue drilling the Greywacke North and Lyon's deposit which is expected to commence by the end of January. Sufficient funds are anticipated to be available from revenue generated from the bulk sample gold sales. The drilling and engineering studies will remain the highest priority for the Joint Venture.

On Behalf of the Board of Directors of

Masuparia Gold Corporation

Ron Netolitzky, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Masuparia Gold Corporation
    Tony Perri
    Investor Relations
    604-669-2543 (FAX)

    Wani Capital
    Raju Wani