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.

The samples were analyzed by Fire Assay at Intertek Laboratory, in Tarkwa, Western Ghana.  Buccaneer Gold has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of drill core.

This first phase of exploration drilling demonstrated the presence of multi-style mineralization in the Banso and Muoso Concessions, including the structurally controlled lode gold deposit, typical for the Kibi Gold Belt.

Exploration Program Update

Soil Geochemistry

Gold soil geochemical surveys were undertaken on selected areas.

A total of 2,746 soil samples have been taken to date (1,866 samples from the Muoso Concession and 880 samples from the Banso Concession).

The spacing between samples was 25 m, along the sampling lines.  The interval between lines was 100 m on the Muoso Concession. The interval between lines in the Banso Concession was 200 m, in order to cover larger zones. A total of 46 km of lines were cut and marked on the soil sampling grids.


Trenches were dug at four different areas in Muoso East and Banso South, to confirm soil anomalies and the orientation of the veins before drilling was commenced. Chip samples were taken at the wall bottom of the trench.  Sample length was 2 m, or adjusted to the thickness of specific veins. A total of 330 m of trenches were made and 169 samples were taken.

Current Exploration Program

Buccaneer's current exploration program consists of compilation and interpretation of available data and ongoing field work, including geological mapping, soil geochemistry, trenching and ground magnetic survey. This program is designed to define the next drilling program that will include follow-up drilling on the known mineralization and testing of new selected exploration drill targets.

Qualified Person

Guy Della Valle, Ph.D., P.Geo (Temp.), Vice President, Exploration for Buccaneer Gold Corp. is acting as the Qualified Person in compliance with National Instrument 43-101 ("NI 43-101") with respect to this announcement. He has prepared and/or supervised the preparation of the technical data mentioned in this news release and confirms compliance with NI 43-101. Dr. Della Valle is a member in good standing of the Association of Professional Geoscientists of Ontario (APGO).

About Buccaneer

Buccaneer Gold Corp. is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties highly prospective for gold. Additional information about the Company is available on SEDAR at www.sedar.com or on the Company's website at www.buccaneergold.com.

Cautionary Statement

This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.

CONTACT: For further information, please contact         Paul Zyla, President and Chief Executive Officer         416 366-4227         info@buccaneergold.com

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