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Brigadier Gold to Acquire 80% Interest in Second Mozambican JV, and Raise $600,000 in a Private Placement
By: Marketwired .
Jan. 29, 2013 01:01 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- Brigadier Gold Limited (TSX VENTURE:BRG) (FRANKFURT:B7LN) has entered into a binding agreement with MMOC Minerais de Mozambique, Lda., of Maputo, Mozambique, to acquire an 80% interest in a joint venture to exploit additional resource properties located in the Tsiquire-Gorongosa area of Mozambique.
This agreement covers exploration licence 4365C. This particular licence is adjacent to the southwest of exploration licence 3474, the subject of a Letter of Intent to Acquire signed in October of 2012 between Brigadier Gold Limited and Anan Mining Lda and Jacoma Minerais Lda. Both of these properties are located in the Tsiquire-Gorongosa area of Mozambique. Arrangements are being made to produce a National Instrument 43-101 report on the 4365C property and on the 3474 property if and when a formal option agreement is obtained.
Under the agreement, Brigadier will issue 3,000,000 common shares and pay an initial $25,000 upon exchange approval of the transaction. Thereafter Brigadier will pay a further $475,000 over the next 48 months and expend $2 million on the properties over that period as well.
Brigadier is also announcing a private placement to finance this project and add to working capital. The placement will be up to $600,000 by issuing Units at $0.05 per Unit, where each unit consist of one common share and one half of a 24 month warrant exercisable at $0.10 per share.
Brigadier is negotiating to revise the Letter Of Intent regarding exploration licence 3474 announced last October to obtain more favourable terms as the December 20, 2012 date for an definitive agreement has passed. Negotiations are progressing favourably and Brigadier Gold Limited hopes to announce a definitive agreement on this valuable property in the very near future.
The Tsiquire-Gorongosa area of Mozambique is located near the town of Gorongosa, in Sofala province.
Gold mineralization has been discovered and is being exploited by artisanal miners on the Tsiquire property (exploration licence 3474) over an area with a 2.7-kilometre east-west and one-kilometre north-south extent. In total, 41 samples were collected (from the Tsiquire property) in October, 2012, in addition to the samples collected in June, 2012, during the initial property visit. The highest gold values were 170.8 grams per tonne, 86.5 g/t, 80.6 g/t, 69.3 g/t and 58.4 g/t gold. (see news release dated November 6/2012). The above samples were collected at the large, widely separated artisanal workings on the property. The sampled area comprised 1.2 square kilometres within the 25.6-square-kilometre Tsiquire property.
Six hand-dug open pits, up to 20 metres in depth and over several hectares in total area, have been excavated within the five artisanal areas. These pits, located as a result of the discovery of high gold values in soils and vein-quartz float, have been developed in areas amenable to easy extraction and are not necessarily indicative of better gold grades. At the largest of these pits, an extensive stockworks zone may have contributed to the positive relief, which aided both in the discovery and subsequent exploitation of the gold veins. Quartz float at Tsiquire is also found well away from the current diggings over an area of several square kilometres, with the full areal extent of the float yet to be defined. Quartz veining and stockworks ranging in thickness from millimetres to centimetres are readily apparent within the open pits. As well, the diggings are separated by drainages containing placer workings upstream from the pit areas, indicating as yet undefined mineralization.
An independent geologist will now carry out a more detailed examination of the property. Artisanal workings are also reported in the area, but the location and extent of these workings have yet to be determined.
Denis Hayes, President of Brigadier commented "The acquisition of this licence paves the way for Brigadier Gold to establish an even larger footprint in the a very favourable gold mining district in Mozambique. This new acquisition is very similar to licence 3474 with several artisanal mining sites located on the property. We look forward to the successful exploration and development of this and other properties in the area."
The Mozambican government is firmly committed to encouraging foreign investment in developing Mozambique's mining industry. To this end, a new mining and exploration policy has been implemented with the revision of the mining law and regulations. The new act and regulations have streamlined the licensing procedure, and introduced reasonable minimum constraints on prospecting and mining activities, which have provided security of tenure and created a more favourable investment and exploration environment.
Qualified person and quality assurance/quality control
Thomas H. Carpenter, BSc, PGeo, of Discovery Consultants and a qualified person as defined by NI 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Carpenter is not independent of Brigadier by virtue of being a holder of incentive stock options. Samples collected by Mr. Carpenter during a June, 2012, site visit were sealed and shipped via bonded courier to the facilities of Acme Analytical in Vancouver, B.C., for analyses. Acme's quality control system complies with International Standard ISO 9001:2000 requirements. Analytical accuracy and precision are monitored by the analyses of reagent blanks, reference materials and replicate samples. Quality control is further assured by the use of international and in-house standards.
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 news release.
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