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CSG: TSX-V
VANCOUVER, July 30, 2014 /CNW/ - Cosigo Resources
Ltd. (TSX-V: CSG) We are continuing to pursue asset financing
options on our 10,000ha Machado Project in Colombia. As mentioned in an earlier letter,
we believe we have the ability to explore and drill in all areas of
the Project.
In Brazil, we are working with
a well-respected merchant bank to arrange exploration funding and
in addition, we are helping them develop government contacts in a
Brazilian state for infrastructure projects in that state.
Native Communities have invited Cosigo to explore their
166,000ha territory which contains more than 400km of ridge geology
similar to Machado. We now hold exclusive rights to explore and
develop mining opportunities in this territory.
The La Vera ridge in Brazil
hosts abundant historic workings and has never had modern
exploration work. Cosigo's initial random grab samples returned
2.27 to 304g/t gold in several "reefs" of varying thickness.
Channel sampling has traced gold mineralization in orthoquartzite
for over 750m along strike with gold values up to 17.3g/t. Splits
from a 200kg "mini-bulk sample" contained on average 3.5g/t gold
with about 45% of the gold being coarse. (ie. >100um)
Mineralization remains open-ended and rivals the Machado Project in
size.
At Castanho, a 900m by 150m area is being worked by local
miners. The majority of the exposed metasedimentary strata are
gold-bearing with Cosigo's rock sampling returning gold values up
to 298g/t. Additional gold recovery operations by natives occur
along strike of this open-ended zone of gold mineralization. An
interesting note for the town of Castanho is that its currency is
gold.
Our current private placement of up to 5,000,000 units at
$0.05 per unit is scheduled to close
in August. Each unit consists of one share and one warrant. The
warrant plus $0.10 will entitle the
holder to purchase one additional share for a period of two years.
We welcome investors to contact me for the required subscription
forms and instructions.
One of our long term shareholders has agreed to match all other
investors' commitments up to 25% as an indication of his confidence
in the Cosigo venture.
I wish to thank all investors who have committed to investing in
the current private placement and have returned their subscription
forms and sent their money to our trust account.
We hope to be able to announce more details about our financing
prospects this month.
Sincerely,
Dennis W Milburn
President and CEO
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company with mineral interests
in properties in Brazil,
Colombia and Canada. Cosigo has assembled a strong team,
well experienced in the exploration and mining-finance industries.
The Company's main focus is in the Taraira Gold Belt, which
straddles the border between northwestern Brazil and southeastern Colombia. In Brazil, geological mapping has identified more
than 250 km2 of prospective geology and sampling has
identified gold-bearing strata over long strike-lengths in several
locations. Cosigo's ongoing work in the Taraira Gold Belt is the
first modern exploration program in an area known to have hosted
more than 100 historic gold mining operations.
On behalf of the Board of Directors
Cosigo Resources Ltd.
/s/ "Dennis
Milburn"
President & CEO
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 of this news release.
SOURCE Cosigo Resources Ltd.