Savary Gold Corp.

November 01, 2012 06:30 ET

Savary Outlines Exploration Plan for South Hounde, Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2012) - SAVARY GOLD CORP. ("Savary" or the "Company") (TSX VENTURE:SCA) is pleased to announce the details of its proposed $1.4 million exploration program for its Houndé South property, located in southwestern Burkina Faso. The exploration program will include up to 3,000 metres of reverse circulation (RC) drilling, as well as geologic mapping of the property.

"We are excited to begin our exploration program at Houndé South," stated Charles Mostert, Savary Gold's President and CEO. "The coincident geophysical and geochemical anomalies, along with the encouraging results from the very limited early drilling, are strong indications of the property's potential. This, coupled with the property's location within the Houndé greenstone belt, which hosts Semafo's Mana gold mine as well as a number of other advanced gold exploration projects, is what led us to pursue this acquisition and we are looking forward to advancing this project as quickly as possible."

Coincident Induced Polarization (IP) geophysical and soil geochemistry anomalies, as well as historical drilling data and local prospector workings have identified two primary targets along the Ouango-Fini Shear Zone: the Kueredougou Zone and the Diosso South Zone. Proposed exploration activities for the Kueredougou Zone include approximately 2,000 metres of RC drilling, with 15 to 20 drill holes ranging in depth from 100 to 150 metres. A total of approximately 1,000 metres of RC drilling is planned for the Diosso South Zone, which will include 10 holes, each drilled to a depth of up to 100 metres. These 3,000 metres of drilling will be aimed at building a robust geologic model, as well as acquiring sufficient data to complete an inferred mineral resource estimate.

The Houndé South property consists of two exploration licences, Diosso and Mandiasso, totaling 375 square kilometres and two exploration licence applications, Kelesso and Fakoro, totaling 125 square kilometres.

Robin Black, M.Sc., P. Geo., a consulting geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Savary Gold

Savary Gold is a Canadian company with a tight capital structure that is focussed on exploring the South Houndé Gold Property in Burkina Faso. The property is in the Birimian Greenstone Belt, which hosts a number of operating gold mines (including Semafo's Mana mine) and additional gold deposits that are presently subject to extensive exploration efforts (including Avion's North Houndé Project and Sarama's South Houndé Project, which is adjacent to Savary Gold's property).


On behalf of the Board

Charles Mostert, Chief Executive Officer

Cautionary Note Regarding Forward-Looking Information

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements or information relate to, among other things, the Company's exploration plan, the completion of a geological model and inferred resource estimate, and the exploration potential of the Company's properties. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with exploration; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and other risks and uncertainties, including those described in the Company's most recent Management Discussion & Analysis report filed with the Canadian Securities Administrators and available at Forward- looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither 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.

Contact Information

  • Savary Gold Corp.
    Konstantine Tsakumis
    Investor Relations
    604-681-8030 x232
    604-681-8039 (FAX)