Unigold Inc.
TSX VENTURE : UGD

Unigold Inc.

October 30, 2014 11:50 ET

Unigold Reports Positive Metallurgical Results

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - Unigold Inc. ("Unigold" or the "Company")(TSX VENTURE:UGD) is pleased to announce confirmatory and positive metallurgical test results from its Neita Project in the Dominican Republic.

The second metallurgical test results demonstrate and confirm that:

  • Gold recovery of 89% and copper recovery of 88% to a sulphide concentrate at 16% mass pull. The concentrate contains no levels of elements that would incur downstream processing penalties
  • 30% of the gold recovered in gravity circuit tests
  • Results are consistent with initial metallurgical test work reported in 2012
  • Multiple final processing solutions to produce either gold doré at site or to pursue in-country concentrate processing remain open to the Company.

"These positive and confirmatory metallurgical test results further demonstrate that gold and copper can be recovered simply to a clean concentrate by proven technologies. Our Candelones Project continues to offer real opportunity and is systematically being de-risked." noted Andrew Cheatle, President and Chief Executive Officer.

In the first quarter of 2014, a total of 225 new drill core samples weighing 1,012 kg (see press release UGD2013-21, October 24, 2013) were sent to SGS-Chile for this test work.

Unigold is now in the position to move ahead on additional advanced metallurgical studies to enhance head grade and to reduce mass-pull. Processing studies are advancing.

John A. Wells, M.A. Sc., an independent metallurgical consultant, was retained by Unigold to oversee the test work at SGS Chile and to confirm the conceptual level flow sheet together with an independent assessment of the gold, silver, copper and zinc recovery. Mr. Wells has extensive industry experience in minerals processing, particularly in the recovery of gold and copper. He has held senior positions in head office consulting, project development and operations with Goldfields Limited, AngloGold Ashanti and Barrick Gold Corporation. Mr. Wells is a Qualified Person for the metallurgical test work at Neita under the definitions established by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.

About Unigold Inc. - Discovering Gold in the Caribbean

Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, focused primarily on exploring and developing its gold assets in the Dominican Republic.

Dominican Republic

The Dominican Republic is host to world-class gold and base metal mines and deposits. The government supports development and exploration in the mining sector. In addition, the country has well established Mining Laws and Environmental Laws. Unigold's wholly owned flagship property, Neita is compliant with all mineral and environmental requirements and work is conducted to internationally accepted environmental and social standards. The Neita concession exploration license was renewed in 2012 and is currently in good standing.

For Further Information please visit www.unigoldinc.com.

Forward-looking Statements

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward- looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.

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.

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