Awakening Gold Project Reverts to Nevada Exploration Inc.
January 6, 2012
Nevada Exploration Inc. (“NGE”) (TSX.V:NGE) reports that AuRico Gold Inc. (“AuRico”) (TSX:AUQ) has received the final drill results from AuRico’s 2011 drilling program and that AuRico has elected to terminate the Exploration and Option to Enter Joint Venture Agreement (“Agreement”) for the Awakening Gold Project. As a result, AuRico retains no interest in the project.
AuRico’s 2011 drilling program at Awakening included seven core holes averaging 310 metres deep (1,020 feet) and totalling 2,194 metres (7,198 feet). AuRico has indicated to NGE that the drilling results were not encouraging enough to warrant AuRico’s continuation of the Agreement.
NGE is awaiting the final results from AuRico; but the results received to date include intervals of weak to moderate oxidation, evidence of high angle structures, and anomalous gold and silver values, including isolated samples with values up to 0.5 g/t gold and 30.5 g/t silver. NGE will provide a more comprehensive news release upon receiving and analysing the final results from AuRico.
Nevada Exploration Inc.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in “blind deposit” exploration technology to identify, acquire, and advance new exploration properties in Nevada’s highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged.
Using its industry leading exploration technology, NGE has assembled a portfolio of nine new gold projects, and with over 20,000 hectares (75 sq mi), is evolving as a major player in this world class jurisdiction. NGE’s business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
For further information please contact:
Vice President Corporate Development
Nevada Exploration Inc.
Tel: (775) 359-7740
Wade A. Hodges, President & CEO, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.