AM Gold Announces Airborne Geophysical Survey at Pinaya and Minas Lucho Properties and Changes to the Board of Directors
24 Março 2011 - 9:30AM
Marketwired
AM Gold Inc. (TSX VENTURE: AMG)(FRANKFURT: AMX) ("AM Gold" or the
"Company") is pleased to announce that it has entered into an
agreement with Geotech Ltd. of Aurora, Ontario to conduct a
combined Z-tipper Electromagnetic (ZTEM) and Cesium-magnetometer
survey of its Pinaya and Minas Lucho properties located in Southern
Peru.
The ZTEM survey is an airborne passive geophysical system with
reported superior exploration depth (up to kilometers in depth)
measuring resistivity and conductivity contrast features of the
sub-surface. Using naturally occurring electromagnetic fields of
the Earth, the ZTEM system measures the electrical response of the
imaged area to greater depths using lower frequency channels and
has the ability to penetrate conductive cover often associated with
mineralized systems, which frequently limited geophysical
investigations of the past. The combined magnetic/ZTEM system has
been successfully used in mapping porphyry and skarn deposits
worldwide and has garnered attention of the exploration community
with the ability to demonstrate in greater detail the subsurface
geology and mineralization in 3-dimensional representations.
The survey at AM Gold's 100% owned Pinaya property will appraise
the entire 19,200 hectare land position testing new exploration
targets across the property while expanding and validating the
results of ground-based geophysical surveys previously conducted
only in close proximity to the resource zone. The survey of the
entire 2,400 hectare Minas Lucho property will follow-up on earlier
geological, geochemical and remote sensing studies that have
identified several prospective areas for Au/Cu mineralization
similar to Pinaya occurrences.
Changes to the Board of Directors
AM Gold further announces that the Board of Directors has
accepted the resignation of Michael Scholz as both a Director of
the Company and as non-executive Chairman of the Board of
Directors. AM Gold has elected not to fill the vacancy on the Board
of Directors, nor the position of non-Executive Chairman at this
time.
The Board would like to thank Mr. Scholz for his many years of
service to the Company.
About AM Gold Inc.
AM Gold Inc. is a publicly held resource company based in
Vancouver, Canada. The Company is listed on the TSX Venture
Exchange under the symbol "AMG" and is quoted on the Frankfurt
Exchange under the symbol "AMX". The Company is focused on creating
shareholder value through the development of the Company's flagship
gold and gold-copper projects in the Yukon and Peru while building
a portfolio of quality pipeline projects in North and South
America. The Company's Red Mountain gold property is located in
central Yukon Territory approximately 55 kilometres northwest of
the community of Mayo in the Tintina Gold Belt. AM Gold holds an
80% interest in Red Mountain with an option to acquire 100%
ownership of the 52 contiguous claims that constitute the property
and cover approximately 1,168 hectares. AM Gold's Pinaya
gold-copper project is located approximately 775 kilometres
southeast of the city of Lima, Peru in the Tintaya Gold Belt. The
Company maintains 100% ownership of 35 mining concessions covering
the 19,200 hectare Pinaya land position. AM Gold's corporate
offices are located Suite 305 - 369 Terminal Avenue, Vancouver,
British Columbia, V6A 4C4 (phone: 604-646-0067).
On behalf of the Board:
John Fiorino, CEO
AM GOLD INC.
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.
Contacts: AM Gold Inc. Murray Caruth 1-604-646-0067
1-604-692-0117 (FAX) mcaruth@amgold.ca www.amgold.ca
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