TORONTO, ONTARIO--(Marketwire - Aug. 1, 2012) - Lago Dourado Minerals Ltd. (TSX VENTURE:LDM), (the "Company") announced that it has given notice to terminate its option agreement to earn a 70% interest in the Jauru Property located in Mato Grosso, Brazil. Under the agreement the Company was required to make option payments totaling US$800,000 and undertake minimum expenditures of US$2.7 million for the two years ending August 2013.
"Although we were encouraged by the initial drill results at Jauru, terminating the option agreement will provide greater capital flexibility to advance our 100%-owned flagship Juruena project. This is particularly important given the identification at Juruena of a major new porphyry target from the recently completed IP survey," commented Forbes Gemmell, CEO.
About the Company:
Lago Dourado Minerals Ltd. is a Canadian mineral exploration company focused on advancing its 100%-owned Juruena gold project in the state of Mato Grosso, Brazil. Extensive gold mineralization has been identified over 15 square kilometres of the property, and at least 450,000 oz of gold has been mined from surface workings. The Company has conducted systematic exploration programs over portions of the property and priority target areas will be drill tested with a Phase 2 drill campaign that is expected to be ongoing through 2012.
For further information about the company, please visit www.lagodourado.com or www.sedar.com.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although Lago Dourado believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Lago Dourado's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Lago Dourado does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
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