Suparna Gold Corp.
TSX VENTURE : SUG

September 06, 2013 08:00 ET

Suparna Gold Corp. Updates Exploration Activities and Appoints New CFO

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2013) - Suparna Gold Corp. ("Suparna" or the "Company") (TSX VENTURE:SUG) is pleased to announce the commencement of a trenching program on its Sara Creek Property located in Suriname, South America. The objective of the trenching program is to better delineate future drill targets in three areas namely, Alimonie South, Tjillie Passie and Kalangoe. The trenching program is expected to start in Alimonie South, the priority target, in October 2013 with results due by the end of fiscal 2013.

The program builds on recent work by Suparna's geology team which includes:

  • extensive deep soil augering that shows gold in soil anomalies, as well as gold in channel and grab samples; and
  • interpretation of the airborne geophysical survey that shows the Alimonie South and Kalangoe areas located on the boundary of a granite-sediment terrain.

The Suparna geology team is currently undertaking a phase of surface work which includes locating near surface quartz veins within artisanal mining camps, grab sampling and preparing logistics for the October 2013 trenching program.

Michelle Gahagan, President of Suparna, stated, "We are pleased to announce the next phase of our on-going exploration program at our Sara Creek Property. For the remainder of the year, Suparna will be focused on further delineation of drill targets for the future drill campaigns in the priority areas of Alimonie South, Tjillie Passie and Kalangoe. We continue to be enthusiastic about the potential of our significant concession."

Earn-In with American Bonanza Gold Corp.

Suparna also announces that it has commenced a compilation of the known gold mineralization on the recently optioned mining claims and property comprising the Southwest Target located approximately 1 km away from the existing Copperstone gold mine in La Paz County, Arizona currently operated by American Bonanza Gold Corp. ("AmBon"). The Southwest Target had been tested by AmBon by 10 diamond drill holes between 2006 and 2008. The test results indicated that the Southwest Target is similar in geological character to the Copperstone Mine with multiple structurally controlled zones with hematite and magnetite (for details, please refer to information filed under AmBon's profile on SEDAR at www.sedar.com). This information, along with what has been learned from development of the Copperstone gold mine, points to the possibility that similar mineralization to the Copperstone deposit, could exist in the Southwest Target area.

Appointment of New CFO

The Company is also pleased to announce that, subject to the approval of the TSX Venture Exchange, Lesia Burianyk has been appointed to succeed John Parker as Chief Financial Officer of the Company, effective September 5, 2013. The Company would like to thank Mr. Parker for his services to the Company and wishes him the best in his future endeavours.

Lesia Burianyk is a Chartered Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University. Ms. Burianyk was previously employed as an audit manager at a leading Canadian accounting firm where she specialized in the mining industry. She has significant experience with financial reporting requirements and providing corporate services.

About Suparna Gold Corp.

Suparna is an exploration company with its Sara Creek Property located in the highly prospective Guiana Shield in Suriname, South America. The Sara Creek project has a large property position in the Guiana Shield covering 56,920 hectares, and is located approximately 150 air km to the south of Paramaribo, the capital city of Suriname.

Suparna has entered into an earn-in agreement with AmBon pursuant to which Suparna may acquire from AmBon up to a 60% interest in certain mining claims and property comprising the Southwest Target located approximately 1 km away from the existing Copperstone gold mine in La Paz County, Arizona currently operated by AmBon. The Copperstone Mine is a high-grade underground gold mine, 100%-owned by AmBon, and is located within the Walker Lane mineral belt where it intersects gold provinces in Southern California and Western Arizona. Significant upside exploration potential exists across the property based on previous exploration drilling carried out by AmBon. For further information, please refer to AmBon's profile on SEDAR at www.sedar.com and to the feasibility study at the following link: http://www.americanbonanza.com/s/Copperstone.asp?ReportID=555292&_Type=Copperstone&_Title=2010-Feasibility-Study-Highlights.

Mr. Nico Scholtz, Pr. Sci. Nat., and Mr. Garry Clark, P. Geo., are each a "qualified person" (as defined in National Instrument 43-101) and have reviewed and approved the technical content in this press release.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of the Company's proposed exploration activities. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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.

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