VANCOUVER, B.C., Jan. 13, 2013 (GLOBE NEWSWIRE) -- Eagle Mountain Gold Corp. ("Eagle Mountain" or the "Company") (TSX-V:Z) (Frankfurt:E9X) (OTCQX:SDMTD) is pleased to report on its progress in the second half of 2012, both in the advancement of its Eagle Mountain gold project in central Guyana and on the corporate front. The year was highlighted by the completion of an updated independent National Instrument 43-101 technical report and mineral resource estimate ("Technical Report") for the company's Eagle Mountain gold project ("Project") located in Guyana, South America, as reported in the Company's news release dated November 21, 2012, which has now been filed on SEDAR ( www.sedar.com). The resource estimate has been completed in accordance with Canadian Securities Administration National Instrument 43-101 ("NI 43-101") and CIM Standards on Mineral Resources and Mineral Reserves by A.C.A. Howe International Limited of Toronto, Ontario, Canada ("ACA Howe") using the Company's 2011/2012 diamond drilling results, the historical diamond drilling results from IAMGOLD, as well as other current and historical geological data that met QA/QC requirements. It represents an increase of approximately 34% from the November 2010 resource outline and at 0.5 grams per tonne (g/t) Au cut-off includes:
- Indicated resource of 3,921,000 tonnes, hosted by saprolite (oxide) and "fresh" (non-oxidized) rock, averaging 1.49 g/t gold for 188,000 ounces.
- Inferred resource of 20,635,000 tonnes, hosted by saprolite (oxide) and "fresh" (non-oxidized) rock, averaging 1.19 g/t gold for 792,000 ounces.
- Continued diamond drilling on the Eagle Mountain resource estimate area to (a) expand Inferred mineral resources along strike and (b) further upgrade Inferred resources to Measured and Indicated resources.
- Work to develop a preliminary mineral processing flow-sheet to be used in future preliminary economic analyses. In support of this goal, conduct gravity, cyanide and flotation test work on representative samples, additional to historical IAMGOLD metallurgical work.
- Environmental Impact and Social Assessment studies necessary for a Mining License application should be considered. Eagle Mountain should confirm that weather data it has collected to date is sufficient for the application and flora and fauna studies should be initiated.
- Conduct a Preliminary Economic Assessment ("PEA" or Scoping Study) on the Eagle Mountain mineral resource. Subject to successful PEA results, further feasibility studies work should be scheduled.
- Further geological exploration work is warranted over the Mowasi properties, especially to follow up on identified stream geochemistry targets in the Northern portion of the properties.
CONTACT: Ioannis (Yannis) Tsitos President, CEO and Director Eagle Mountain Gold Corp. Toll Free (North America): 1 (866) 437-9552 Outside North America: +1 (416) 489-0092 firstname.lastname@example.org