Montreal, QB / ACCESSWIRE / May 15, 2014 / Algold Resources Limited. (ALG: TSXV - the "Corporation" www.algold.com) announced the start of Phase 1 RC drilling program in Mauritania, which will be funded from current cash on hand, as updated below.
The cumulative results of the Airborne Magnetometer Survey, IP surveys, gold soil geochemical analysis and geological mapping, have generated optimal Drill Targets over prospective areas on both the Kneivissat and Legouessi Properties, located in Mauritania. The Phase 1 RC Drilling Program started on May 10, 2014 and already more than 500 metres (in 6 holes) have been drilled on the KC Prospect (see press release dated April 29, 2014) over the large combined magnetometer, IP chargeability and gold in soil anomaly. Drilling is advancing at as planned and the first phase 5,000 meter program is expected to be completed by mid-June 2014, with the first results expected in early July 2014. The Phase 2 drilling program will focus on the best results from Phase 1, likely in Q3 2014.
In May 2014, the Corporation received $926,000 in anticipated other receivables. The Corporation currently has approximately $1.2 million in cash available to fund exploration and general activities.
The Corporation also granted 40,000 options at 0.20$ per option to its Chief Financial Officer on April 28, 2014. These options expire in 10 years.
Quality Assurance / Quality Control (QA/QC)
Analytical work for soil geochemical samples and rock chips samples is being carried out at the independent ALS "Abilab" Laboratories Ltd. in Bamako, Mali. Samples are stored at Algold field camp and put into sealed bags until delivered by a geologist to ALS preparation laboratory in Nouakchott, Mauritania. Samples are sieved and prepared for shipping to Bamako. In Bamako, samples are crushed and pulverised to 200 mesh (80 micron) and a 30 gram split is analysed by fire assay with an AA finish. Blanks and duplicates are being used to monitor laboratory performance during the analysis. Analytical work for the drilling program conducted by Caracal was carried out at ALS Irish laboratory, under the supervision of a senior geologist.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Andre Ciesielski, DSc., PGeo, Algold Resources Ltd. Lead Consulting Geologist and Qualified Person.
Algold Resources Ltd is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Algold is the operator on both the Kneivissat and Legouessi Properties. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal (Electrum Group Companies). Algold can earn up to a 90% interest in the Legouessi exploration permit (see October 10, 2013 press release for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75%, by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate, such statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
For further information, please contact:
Algold Resources Limited.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA CA
President & CEO Executive Vice Chairman
(514) 889 5089 (514) 237 7757
SOURCE: Algold Resources Limited