TORONTO,
Oct. 31, 2012 /CNW/ - Guyana Precious
Metals Inc. (TSX-V:GPM) (the "Company" or "GPM")
Mr. John Patrick Sheridan reports
details of the commencement of the Peters Mine Property exploration
program. Company geologists and technicians are currently on
site and the exploration program is underway.
The program is based on re-interpretation of data from the
previous operator at the Mango Trend. Defined targets are being
investigated with a sequence of 6 mechanized trenches of various
lengths between 70m and 120m, and soil / rock sampling of the
trenches.
The trenching and sampling is being carried out concurrently
with surface mapping.
In anticipation of the exploration ramp up, a field camp has
been established at the Peters Mine Main Shaft Area to facilitate
ease of access to priority target areas.
The Peters Mine Property consists of 8,358 acres of highly
prospective ground. It is located approximately 80km west of the
town of Bartica, and approximately 140km southwest of Georgetown; the capital and largest city of
Guyana. The site is accessible by
an all-weather road from the town of Bartica.
Based on archival records, the Peters Mine produced 40,000
ounces of gold between 1905 and 1909 with head grades in excess of
one ounce. Historical production has not been verified and should
not be relied upon. The Main Shaft Area, the site of the former
operation, is part of a regional structural trend (The Mango Trend
) which is more than 8km in length.
About Guyana Precious Metals
Guyana Precious Metals is led by an experienced management team
with project generation and development experience in Guyana. The Company is presently expanding the
exploration and development of its Aremu and Peters Mine
Properties; two of the four significant past producing mines in
Guyana. The Company maintains an
interest in acquiring additional key exploration and development
properties in the country of Guyana.
www.gpmgold.com
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
Forward Looking Statements - Certain information set forth in
this news release may contain forward looking statements that
involve substantial known and unknown risks and uncertainties.
These forward looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of Guyana
Precious Metals Inc. including, but not limited to the impact of
general economic conditions, industry conditions, volatility of
commodity prices, risks associated with the uncertainty of resource
and reserve estimates, currency fluctuations, dependence upon
regulatory approvals, the availability of future financing and
exploration risk. Readers are cautioned that the assumptions used
in preparation of such information, although considered reasonable
at the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward looking
statements.
SOURCE Guyana Precious Metals Inc.