Azteca Updates Drilling at Two Mile Project and New Director Elected at AGM
December 22 2008 - 10:42AM
Marketwired
Matthew Russell, President of Azteca Gold Corp. (the "Company")
(TSX VENTURE: AZG) announces that diamond drill hole DDH-005B, on
the Company's 50%-owned Two Mile Project, was successfully
wedged-off of the parent hole DDH-005A at approximately 3960 FT and
is now at a depth of 4446 FT. The separation of the two drill holes
as measured in plan-view is increasing as planned with the purpose
of developing a mineral resource. The target total depth ("TD") of
hole DDH-005B is 9500 FT with the purpose of investigating further
the extent of down dip mineralization in which hole DDH-005A was
terminated at a TD of 8784 FT.
Approximately 1 mile West of hole DDH-005A and DDH-005B,
vertical hole DDH-006 has been progressed to a depth of 1284 FT
with HQ-size core. The core hole will be HQ-size down to at least
4,000 FT to facilitate a potential future wedge-off drilling point
that could be used to develop a mineral resource. Below the
wedge-off point, the core hole will be narrowed down to NQ-oversize
to reduce the drilling friction and increase the depth capability
of the high-strength NRQ drill rods. Target TD has not been decided
at this time. The purpose of Hole DDH-006 is to further investigate
a geophysical anomaly along strike of the Two Mile Fault.
Timing of Assays
It is expected that first preliminary assays on the
mineralization of hole DDH-005A will be ready for release by late
December 2008 to early January 2009. Assaying and subsequent assay
releases will be ongoing for holes DDH-005A, DDH-005B, and DDH-006
during 2009.
New Director Elected
At the Company's annual general meeting held in Calgary, Alberta
December 16, 2008, Jan Alston of Calgary Alberta was, subject to
regulatory approval, elected to the board of directors. Jan brings
to the board expertise in securities law and has been active in the
Canadian junior venture market for minerals as well as oil and gas
in the capacity of executive management and directorships for over
20 years. The Company granted, on December 16, 2008, 5 year
incentive options to the independent members of the board
consisting of 300,000 options exercisable at $0.50 per share and
600,000 options exercisable at $0.25 per share.
The information contained in this news release has been reviewed
and approved by Matthew Russell, President and CEO and the
Company's Qualified Person as defined in National Instrument
43-101.
WARNING: the Company relies upon litigation protection for
"forward looking" statements. The information in this release may
contain forward-looking information under applicable securities
laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results
to vary material include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of
mineral deposits, currency fluctuations, unanticipated operational
or technical difficulties, changes in laws or regulations, the
risks of obtaining necessary licenses and permits, changes in
general economic conditions or conditions in the financial markets
and the inability to raise additional financing. Readers are
cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise
or update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
Shares issued: 134,441,996
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Azteca Gold Corp. Jon Slizza VP of Finance Cell: (509)
981-2020 Email: info@azteca-au.com
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