MONTREAL, QUEBEC--(Marketwire - Sept. 13, 2012) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce the signing of two agreements for the acquisition of a 100% interest in 51 claims (the "Property") totalling 21 km² adjacent to the Company's Val-d'Or East project. The Property, located 1 kilometre north-northeast of the recently discovered Beliveau West gold zones, is contiguous with the Pascalis-Colombiere property (see figures 1 and 2 on the Company's website at www.adventure-gold.com). The Property is also located 3 kilometres east of the Beaufor Mine owned by Richmont Mines, which has produced over 1M ounces of gold (source: Richmont Mines press release dated March 23, 2010). Prospecting work is already planned for this fall and a first drilling program should start as soon as drilling resumes on Pascalis-Colombiere.
The Property is located 26 kilometres east of Val-d'Or and is easily accessible by gravel roads. The newly acquired claims encompass several proven gold structures locally drill-tested at shallow depths which historically returned up to 8.8 g/t Au over 2.2 metres (hole VP-83-13 drilled 1.1 km north-northeast of the former Beliveau Mine - source: MRNF GM 40332). Geological compilation of historical work also outlined the presence of surface gold showings with grab samples up to 12 g/t Au (source: MRNF GM 40332). The Senneville deformation zone, which cross-cuts the Property over a strike length of 5 kilometres, also represents a large-scale exploration target where very little exploration work has been conducted in the past.
"With this acquisition, Adventure Gold secures a very strategic and prospective land position adjacent to the Company's flagship Pascalis-Colombiere property where we are currently discovering and defining new gold resources around the former Beliveau gold mine. The new property already contains exploration targets of interest - by using our expertise and skills in the area, we intend to better define and drill-test those targets in the near future," stated Marco Gagnon, President and CEO of Adventure Gold Inc.
For more information on the Property, please visit our website at www.adventure-gold.com and see figures 1 and 2 available at:
Under the terms of the first agreement, the Company has acquired a 100% interest in 43 claims from a subsidiary of Blue Note Mining Inc. by making cash payments totalling $75,000 in two instalments, issuing 500,000 AGE shares and granting a 2.0% Net Smelter Return (NSR) royalty on the claims. The Company shall have the right to purchase 1.0% of the NSR royalty at any time by paying $1,000,000. Under the terms of the second agreement, the Company has acquired a 100% interest in 8 additional claims from two independent prospectors by issuing 18,000 AGE shares and granting a 2.0% Net Smelter Return (NSR) royalty on the claims. The Company shall have the right to purchase 1.0% of the NSR royalty at any time by paying $1,000,000. The securities to be issued by the Company pursuant to the agreements will be subject to a four-month hold period from their date of issuance. These agreements are subject to regulatory approval.
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release.
Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Rouyn-Noranda, Detour, Casa-Berardi and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.
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The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
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.