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Buccaneer Gold Announces Assay Results And Updates Its Exploration Program At The Muoso And Banso Concessions, Kibi Gold Project

TORONTO, Sept. 4, 2012 (GLOBE NEWSWIRE) -- BUCCANEER GOLD CORP. ( "Buccaneer" or the "Company") – (TSX-V:BGG) is pleased to announce further drill core assay results from its 2012 drill program at the Muoso and Banso Concessions, located within the Kibi Gold Belt, in the Eastern Region, Ghana, West Africa, which concessions are under option from Xtra-Gold Resources Corp. (TSX:XTG) and (OTCBB:XTGR).

A total of 5,123.2 meters ("m") were drilled in 30 holes from January 3 to May 21, 2012 on the Muoso and Banso Concessions. The 2012 drill program was designed to test the presence of gold mineralization indicated by anomalous samples in soil and trenches in several drill targets identified on the Muoso and Banso Concessions.

The project area is located in the Kibi-Winneba greenstone belt, in the Atewa Range, consisting of a thick sequences of steeply dipping metasediments, alternating with metavolcanic units of Proterozoic age (~2.2-2.3 Ga) belonging to the Birimian Supergroup, intruded by belt-type dioritic and granitic rocks.

Three zones were selected; namely Muoso East, Banso South and Banso North.

Muoso East: quartz stockwork systems hosted in diorite and hanging wall volcano-sedimentary units, typical of Kibi mineralization. The three drill targets tested in Muoso East encountered a similar type of mineralization over 1.8 km strike length.
   
Banso North: gold bearing shear zone in a quartz feldspar porphyry intrusion containing disseminated sulphide and sulphide bearing quartz veins. 
   
Banso South:  sedimentary hosted gold mineralization in sandstone, conglomerate and phyllite units, with minor quartz veining and pyrite stringers. 
    From To Interval g/t  
Hole # Including (m) (m) (m) Au Mineralized Zone
AN12-05   74.5 76 1.5 1.2 Muoso East Z1
    87 92 5 1.54  
  Including 89 90 1 3.19  
    153 154 1 2.88  
AN12-07   5.3 9.9 4.6 2.98 Muoso East Z1
    66.8 68.4 1.6 1.23  
AN12-08   18.4 20.9 2.5 6.27 Muoso East Z1
    30.4 31.4 1 3  
    41.6 43.1 1.5 1.53  
    67.1 68.1 1 1.01  
AN12-09   124.8 125.5 0.7 0.77 Muoso East Z1
    192.5 194.5 2 0.63  
AN12-10   53.1 55.1 2 1.05 Muoso East Z3
    64.5 67.1 2.6 1.89  
AN12-11   64.6 65.3 0.7 1 Muoso East Z3
    71.3 73 1.7 1.48  
    100.6 101.6 1 8.74  
AN12-12   116 117.5 1.5 3.65 Muoso East Z3
AN12-13   77.7 78.7 1 0.54 Muoso East Z3
    125.7 127.7 2 44.76  
    137.7 138.7 1 0.76  
AN12-15   48.3 60.3 12 1.7 Muoso East Z2
AK12-18   32.5 34.5 2 1.23 Banso North
    81.4 82.4 1 1.22  
    93.4 94.4 1 1.31  
    96.4 97.4 1 1.46  
    125.8 126.8 1 2.24  
    151.3 152.8 1.5 1.29  
AK12-19   30.5 31.5 1 1.6 Banso North
    63.5 64.5 1 1.69  
    85.5 90.9 5.4 3.12  
    93.5 94.5 1 1.19  
    143.5 144.5 1 1.11  
    158.5 159.5 1 5.94  
    184.5 185.5 1 3.33  
AK12-21   145 146 1 3.72 Banso North
    174 175 1 4.33  
    193 195 2 3.72  
    247 249 2 3.15  
AK12-22   2.8 4.1 1.3 1.14 Banso North
    70 71 1 1.46  
    84 85 1 1.52  
    From To Interval g/t  
 Hole #  Including (m) (m) (m) Au  Mineralized Zone
AK12-23   93 94 1 7.49 Banso North
    98 99 1 4.2  
    126 127 1 1.64  
    138 139 1 29.31  
    200 201 1 1.58  
    210 211 1 27.78  
    246 247 1 3.39  
AK12-24   128.7 130.2 1.5 0.58 Banso North
    165.2 166.2 1 1.47  
AB12-25   79.5 80.5 1 0.74 Banso South
AB12-27   4 5.2 1.2 1.26 Banso South
    32.2 35.2 3 0.96  
    57.7 58.7 1 1.24  
    72.7 73.7 1 5.26  
    90.7 91.7 1 1.11  
    92.7 93.7 1 2.18  
AB28-28   5 6.5 1.5 1.74 Banso South
    140 141 1 30.39  
    202 203 1 2.87  
Note  The main mineralized intersections are shown above, with a cutoff grade of 0.5 g/t Au, including a maximum of five (5) consecutive meters of internal dilution (less than 0.5 g/t gold). No upper cut-off grade was applied. All thicknesses are apparent thickness.

Assay results are still pending for four holes, two holes have no significant results, and two short holes, respectively lost and abandoned, are not to be assayed.

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