Solvista Gold Corporation
TSX VENTURE : SVV

Solvista Gold Corporation

June 01, 2011 09:04 ET

Solvista Gold Provides an Exploration Update on Its Caramanta and Guadalupe Projects

TORONTO, ONTARIO--(Marketwire - June 1, 2011) -Solvista Gold Corporation ("Solvista" or the "Company") (TSX VENTURE:SVV) is pleased to provide an update on its "Phase I Exploration Program" at its Caramanta and Guadalupe projects near Medellin, Department of Antioquia, Colombia.

The Caramanta and Guadalupe projects are large, early-stage but highly prospective exploration projects located approximately 100 km South and North of Medellin, Colombia, respectively. The Company is planning a $2 million two-phase exploration program on both projects consisting of ground based geophysics and geochemical sampling to define targets. The Company expects these programs to be completed in the second half of 2011, followed by the immediate commencement of drilling of the targets defined.

Following the acquisition of the two projects, Solvista contracted MPX Geophysics Ltd., of Markham, Ontario to complete an airborne magnetic and radiometric survey over more than 220 km² of its core properties at both Caramanta and Guadalupe. Upon completion of the survey, the Company contracted Paterson, Grant and Watson Ltd., of Toronto to complete an initial geological analysis of the data received.

The geophysical survey completed over the core area of the Guadalupe project was the first systematic survey of its type in the area and as a result has significantly increased the Company's understanding of the geology within the project area.

Based on the results of this initial geophysical work and on preliminary, reconnaissance style field work, a number of exciting targets are emerging in both Caramanta and Guadalupe.

The primary target for the Caramanta project is a bulk tonnage, porphyry type, gold copper system. At Solvista's Ajiaco target (see Figure 1) anomalous rock chip samples (up to 0.5 g/t Au, 24 g Ag and 0.13% Cu) have been found over an area measuring approximately 5 km x 4 km where the geophysical signature suggests magnetite destruction. A ridge and spur sampling program is currently underway to further define this target.

A second area, defined by the airborne magnetic and radiometric survey is Barro Blanco (see Figure 1). This target area is also coincident with altered and mineralized volcanic tuffs.

Stream sediment samples are being collected over the entire property to define potential anomalous drainage basins which will then be further evaluated. Complimentary rock chip sampling as part of this programme has returned up to 8.6 g/t Au and 3.7% Cu over 1.2 metres.

The Guadalupe area hosts a number of very prospective targets. At the San Gregorio / La Divisa target (see Figure 2), structurally controlled, multiple, sub-parallel, mineralized, quartz veins have been identified over an 80 metre wide in outcrop. Assay results are incomplete at present, but have returned up to 8.19 g/t Au over 1.3m. The geophysical signature suggests this zone could be related to the mineralization seen at Cascajeros to the west, although field evidence suggests at least one structural break. The geological model being developed for this area is based on the Intrusion Related Gold Model as discussed in the Scott Wilson Roscoe Postle Associates Inc. Technical Report available on the Company's SEDAR profile at www.sedar.com.

The El Tesoro area to the north contains widespread silicified and mineralized outcrop and float within roof pendants comprised of the San Pablo Formation further supporting the geological model and coinciding well with the strong magnetic anomaly at the northern limits of this sector. Work will include grid soil geochemistry and continued geologic mapping and rock chip sampling.

In the east central part of the property, base metal rich mineralization has been identified at the El Silencio zone (see Figure 2). Here an artisanal underground mine has been developed along a gold-zinc rich structure on the southern edge of a strong magnetic anomaly. Results to-date have returned up to 6% Zn and 1 g/t Au.

Finally, at the San Basilio area (see Figure 2) a large number of old workings have been identified. The geophysical response is well defined and results received to-date include up to 6.2 g/t Au and 54 g/t Ag. In addition, an area to the south-east, shows disseminated gold, silver and antimony anomalies in intrusive rocks.

As the reconnaissance style exploration continues, there is a god likelihood that additional targets may emerge from within this geologically diverse, large, 50,000 hectare area.

Geological teams are on the ground at both the Caramanta and Guadalupe. Each team includes experienced Colombian geologists who are supervised by Solvista's newly appointed Exploration Manager, Wilder Garcia Hero, a Qualified Person as defined by National Instrument NI 43-101.

Exploration at both Caramanta and Guadalupe is on track to define drill targets by the third quarter of 2011.

Technical Information

The results of the Company's exploration programs have been reviewed, verified and compiled by Chief Operating Officer, EurGeol Miller O'Prey P.Geo., a qualified person as defined by National Instrument

NI 43-101. Mr. O'Prey is not independent of the Company as he is a senior officer and employee and holds incentive stock options. The Company utilizes an industry-standard QA/QC program. Rock and stream sediment samples are prepared at a preparation facility in Medellin run by SGS Colombia. Samples are then shipped for analysis to the SGS certified assay laboratory in Lima, Peru. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Laboratories in Vancouver. Soil samples are prepared at a preparation facility in Medellin run by ACME Laboratories before being shipped to Vancouver for analysis.

About Solvista

Solvista is an early-stage exploration company with two gold projects covering approximately 75,000 hectares in the Department of Antioquia Colombia. Solvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellin. For further details on Solvista, its management team and its projects, please refer to Solvista's web site (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Solvista's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Solvista's public documents filed on SEDAR. Although Solvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Solvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the first figure associated with this release, please visit the following link: http://media3.marketwire.com/docs/svv0601fig1.pdf.

To view the second figure associated with this release, please visit the following link: http://media3.marketwire.com/docs/svv0601fig2.pdf.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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