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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (5246)	5/14/2014 8:28:36 AM
From: Goose94	Read Replies (1) \| Respond to of 203863

Miranda Gold (MAD-V) May 13, '14 has acquired the Oribella project, in the Antioquia department of Colombia. This new project lies about 40 kilometres southwest of Medellin and was acquired through a purchase agreement with Antioquia Gold (AGD-V) The Oribella project comprises approximately 10,700 hectares including one exploration licence and one application on which the technical study is complete and the canon already paid. Oribella falls within the Western Cordillera close to the convergence of regional structures which reflect a suture zone between Cretaceous oceanic rocks and mixed oceanic-continental rocks to the east. Miranda was attracted to the area by mineralization controls inferred to be related to the suture zone and reported geologic features which suggested a large area of high-sulphidation epithermal gold-copper mineralization. The target concept at Oribella is analogous to the California Vetas district in the Santander department where both large, low-grade (Angostura) and very high-grade (La Bodega) deposits occur in the same system. High-sulphidation systems in the Andes, particularly in Colombia are commonly overprinted by low-sulphidation bonanza gold veins. The local geology consists of volcanic and volcano-clastic sequences, sedimentary rocks, and hypabyssal andesite and dacite intrusives that appear related to gold mineralization. Of particular interest is a large kilometre-scale area of alteration that includes strong silicification, brecciation, alunite and pyrophyllite, and clays associated with anomalous grades of gold and copper. This alteration is consistent with high-sulphidation style of gold mineralization. Anomalous rock samples are found in an area of poor exposure approximately two km by one km long, with gold values from 0.160 gram per ton Au to nine g/t Au. Copper values range from 30 parts per million (ppm) to over the detection limit of 10,000 ppm or 1.0 per cent Cu. Tellurium, barium and bismuth are commonly associated trace elements. During its reconnaissance, Miranda noted significant areas where vegetation appeared distressed and or limited to one predominant species suggesting high metal grades in soils. In some of these areas, road cuts showed alteration and intense fracturing filled with hematite. These areas are unsampled but may indicate extensions of alteration zones where metals in the soils have influenced vegetation. Agreement details Miranda acquired the Oribella project through an agreement with Antioquia Gold. Oribella is subject to a 0.5-per-cent royalty to Antioquia Gold that can be purchased for $1.5-million (U.S.) and a 2-per-cent royalty to Soratama Gold (a wholly owned subsidiary of Barrick Gold Corp). Miranda acquired the property, subject to the royalties, by agreeing to pay the licence canon due on May 14, 2014, of 110,803,026 Columbian pesos (approximately $58,000 (U.S.)) and to reimburse Antioquia Gold for the application payment of 101,136,976 Columbian pesos (approximately $53,000 (U.S.)) when it is registered with the ANM as a contract. If the application is converted to a licence on or before the anniversary of the agreement Miranda will pay Antioquia Gold an additional $30,000 (U.S.) payment on the anniversary date. No other obligations are required to keep the project in good standing and Miranda may drop or reduce the lands at any time. Data disclosed in this press release have been reviewed and verified by Miranda's executive vice-president Joseph Hebert, CPG, BSc, geology, and qualified person as defined by National Instrument 43-101.