Prodigy Gold Incorporated: Today's Discovery, Tomorrow's Future
04 Janeiro 2011 - 1:35PM
Marketwired
Prodigy Gold Inc. (TSX VENTURE: PDG) is excited to unveil its new
name, logo and business outlook for the future. Born from the
unification of Kodiak Exploration and Golden Goose Resources,
Prodigy Gold has a bright future that exemplifies all the word
"Prodigy" means: A young outstanding company with tremendous
abilities and the potential to become a leader in the gold mining
industry.
Prodigy Gold's advanced stage Magino Mine project, with Measured
and Indicated gold resources of 453,190 ounces and Inferred gold
resources of 1,178,120 ounces(i), is the company's lead project.
Prodigy is currently evaluating the Magino Mine project as an
open-pit mining opportunity with the potential for deeper, higher
grade gold production: A new 43-101 compliant resource estimate
emphasizing the open pit mining potential of Magino is underway.
This new resource estimate will be the basis for a Preliminary
Economic Analysis (PEA) establishing the economic parameters of an
open pit mining operation leading to a full bankable feasibility
study expected in the first quarter of 2011. Bringing the Magino
Mine project through the feasibility process along the pathway to
production has the potential to add substantial value to Prodigy
Gold shareholders.
Prodigy's Beardmore-Geraldton gold exploration projects,
including Hercules, Milestone and West Geraldton, provide exposure
to the upside of the exploration process: low cost ounces added
through district scale exploration. During 2011, Prodigy plans to
continue aggressive exploration of the district with an emphasis on
Milestone, a low grade gold system with considerable volume
potential. We will also drill test multiple additional targets,
seeking new areas to add gold resources.
Prodigy has strengthened its technical team in anticipation of
the company transitioning from pure explorer to emerging gold
producer. Strong Board leadership coupled with seasoned management
will enable the company to advance its projects with an emphasis on
sound business planning executed by an experienced exploration and
mine development team.
Today's Discovery, Tomorrow's Future: Magino, Milestone,
Hercules and more; multiple projects in the exploration and
development pipeline with near term gold production potential and
an aggressive approach to acquisition opportunities. These are the
building blocks of the new Prodigy Gold: An outstanding young
company with a strong bright future at a time of unprecedented gold
prices.
Prodigy Gold is proud to launch a new web site that captures the
vision and exciting outlook for the company while providing
important news and information about our projects and people:
www.prodigygold.com. Over the next several weeks we will be phasing
in the new web site and plan to have the transition completed by
the end of the month. All existing contact information for the
company will remain intact during the transition, new e-mail
addresses will simply have an "@prodigygold.com" extension.
(i)M &I: 2,092,000 mt grading 6.74 gpt gold. Inf: 5,829,000
mt grading 6.29 gpt. Cut-off grade of 3.0 gpt (Technical Report and
Mineral Resource Estimate for the Magino Mine, prepared by
InnovExplo, 28 May, 2009)
The geological information for the Magino project has been
reviewed and approved by Quentin J. Browne, Kodiak's Magino Project
Manager, who is a qualified person under the definitions
established by National Instrument 43-101. Kodiak QA/QC procedures
are as follows: Kodiak channel samples are 5 cm wide cut
perpendicular to the strike of the vein and/or shear zone from
mapped alteration in the footwall continuously through the vein
and/or shear zone and into mapped alteration in the hanging wall.
Channels are cut with a motorized circular saw to a depth of 10 cm
and removed with a hammer. Channel sample spacing is nominally
every 20m along strike, dependent on outcrop size and geometry.
Sample intervals are selected according to geologic contacts and
visible mineralization, placed into a sample bag, and shipped to
the assay lab for quantitative analysis of select elements. Kodiak
drill cores are split down the center with a typical table feed
circular rock saw or are split with a hydraulic slitting device.
Sample intervals are selected according to geologic contacts,
visible mineralization, and alteration, placed into sample bags and
shipped to the assay lab where they are quantitatively analyzed for
select elements. Drill cores are boxed, covered, and sealed at the
drill rig and moved to the Kodiak logging and sample preparation
facilities by Kodiak personnel. Kodiak angle core holes are
directed perpendicular to the mapped dip of the vein therefore
reported drill hole intercepts approximate true thickness of the
vein. All Kodiak samples are currently being assayed by Chemex ALS,
2090 Riverside Dr., Timmins, ON P4R 0A2. Blank and standard samples
are routinely submitted with all sample batches sent to the lab for
assay. Samples are routinely sent to other labs for additional
checks.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This release may contain forward-looking statements or
statements that relate to programs that involve a number of risks
and uncertainties. Actual events or results could differ materially
from the Company's expectations and projections.
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.
Contacts: Prodigy Gold Incorporated Brian J. Maher President and
Chief Executive Officer 1-604-688-9006 1-604-688-9029 (FAX)
ir@prodigygold.com www.prodigygold.com
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