Discovery Gold Reviews Strategic Geologic Location And Gold Market
DENVER, April 2, 2013 /PRNewswire/ -- Last week, Discovery Gold Corporation (OTCQB: DCGD) (the "Company") posted the CNI 43-101 compliant Assessment Report for its Edum Banso Gold Project in Ghana (prepared by independent geologists from CME & Co who are highly experienced in Ghana); the Company also announced the trenching and initial drilling work program recommended in the Assessment Report to explore priority gold targets identified within Edum Banso's 8 km long geophysical gold anomaly, highlighted by historic gold in soil sampling and quartz outcrops reported by Newmont Gold and Xtra Gold in 2004 and 2008 when gold prices were below $1,000 per oz.
Discovery Gold's President,
Steven Flechner, stated that, "As reflected in the Map reproduced in this PR, the Company's Edum Banso project is strategically located in the southern portion of the Ashanti Gold Belt in
Ghana, which is one of the most prolific gold producing geologic belts in the world. Our new Assessment Report reflects that Edum Banso's geology and mineralization are similar to other gold deposits in the Ashanti Belt, including
Golden Star's Father Brown gold mine producing on adjacent property to the southeast. In the opposite direction, to the southwest, beyond Castle Peak's gold projects, is the Nzema gold mine (acquired by Endeavor in 2011) reporting 2012 gold production of 100,000 oz. at cash costs of
$722/oz. from some 3 million oz. of proven, indicated, and inferred gold."
Mr. Flechner noted that, "Notwithstanding the recent softness in the gold price and ongoing difficulty in financing early stage gold exploration, I believe that gold prices will remain strong and that investor or joint venture financing will become available to highly prospective gold exploration projects like Edum Banso because of its strategic geologic location plus bullish gold market factors and expert opinions, including those referenced below."
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