Angus Mining Namibia Inc. ("Angus Mining" or the "Company") (TSX
VENTURE: ANA) is pleased to provide an update of its current
exploration program, operations, and corporate activities.
The Company commenced the first phase of its diamond drill
program at the Ondundu gold project in west central Namibia in
September of 2010. This drill program is designed to delineate a
large, low-grade bulk mineable gold resource in the main
mineralized zone (the "OMZ" Zone). OMZ has a strike length of
approximately 3.5 km, with an average width of 400 meters and is
being drilled to an average depth of 240 meters. The Company is
also generating targets at a second zone (the "OD6" zone) to the
north, which is contiguous to OMZ, and has demonstrated gold and
copper mineralization occurrences. A map of the Ondundu gold
project is available at www.angusmining.com/projects.php.
To date, the Company has completed 32 diamond drill holes for a
total of 8,604 meters. There are 5 operating diamond drill rigs and
1 operating reverse circulation rig on site. A total of CAD $2.8
million has been expended on project exploration to date.
The Company has experienced unavoidable delays in receiving
assay results due to two factors; first, a shortage of qualified
assay capacity resulting from a sharp increase in mining activity
in South and West Africa over the past several quarters, and
second, a labour dispute and strike at its contracted geochemical
analysis and assay company, located in Johannesburg, South Africa.
These two factors have resulted in the Company receiving only 3
diamond drill hole results to date. While this has proven
frustrating, the drill program continues to move forward on
schedule, and the Company is actively working towards improving
assay turn around times.
A highlight came from hole 007 which returned 0.23 g/t over 232
meters and included 0.74 g/t over 24 meters. Additionally there are
over 3,000 channel samples compiled from trenches which included:
0.92 g/t over 170 meters, 0.84 g/t over 201 meters, 0.45 over 226
meters, 1.49 g/t over 44 meters, 2.22 g/t over 21 meters and 1.21
g/t over 24 meters.
Angus Mining President Fraser Buchan commented; "We are very
pleased with the progress being made at the Ondundu project,
particularly in terms of executing on our phase 1 drill program.
While we continue to face challenges in receiving assay's, we have
29 completed diamond drill core prepped and available for assay,
and look forward to providing a steady flow of results to the
marketplace over the coming months while we work towards defining a
significant gold resource at Ondundu."
2011 Ondundu Drilling Program and Assaying
To complete the current phase of the exploration program at OMZ,
the Company plans to drill a total of 65 diamond drill holes for a
total of 20,000 meters. The Company expects to have phase one of
the exploration program completed by May, 2011, after which the
Company will focus on generating a preliminary resource
calculation, and an updated 43-101 technical report.
The Company plans to initiate a diamond drill program at OD6 in
the second half of 2011, with an initial target of 2,000
meters.
The Company expects to expand its current workforce of 29
full-time employees in both Canada and Namibia, including 8
professional Geologists, as drilling expands to the OD6 zone in H2
2011.
To date the Company has sent a total of 2,428 one meter samples
to the Johannesburg laboratory. The Company has an additional 6,176
meters of core available for assay, and is actively exploring
alternative options for obtaining assays both in South Africa and
Namibia. It expects to be able to report on these results in Q2
2011.
The Company currently has sufficient cash to complete the first
phase of the drill program. The Company also has over 28M share
purchase warrants outstanding, which strike at $0.35 until
September 24th, 2011, after which they strike at $0.50 until
expiry.
About Angus Mining (Namibia) Inc.
Angus Mining (Namibia) Inc. is a Canadian based precious metals
exploration company focused on developing the Ondundu Gold Project
in west central Namibia via a joint venture agreement with Forsys
Metals Corp. The Company's goal is to deliver superior shareholder
returns by identifying, acquiring and developing high quality
assets in a safe and socially responsible manner. Angus Mining is
also committed to creating economic and social benefit in the
Namibian community.
Dr. Roger Laine is the qualified person under National
Instrument 43-101 who has supervised the preparation of and
verified the technical information presented in this press release.
For a summary of the geology, nature of the mineralization and
other technical information with respect to the Ondundu Gold
Project, please refer to the Technical Report on the Ondundu Gold
Project-EPL3195, Namibia, filed September 17, 2010 at
www.sedar.com.
Forward-Looking Statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements can
generally be identified by the use of forward-looking terminology
such as "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "continue", "plans" or similar
terminology. Forward-looking statements are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions that, while believed by management to be reasonable,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Certain of the
statements made herein by the Company are forward-looking and
subject to various risks and uncertainties, both known and unknown,
many of which are beyond the ability of the Company to control or
predict. Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking
statements. Forward-looking information is subject to known and
unknown risks and uncertainties that may cause the Company's actual
results, performance or achievements may be materially different
from those expressed or implied by such forward-looking
information, and are developed based on assumptions about such
risks, uncertainties and other factors set out here in, including
but not limited to the inherent risks involved in the exploration
and development of mineral properties, the uncertainties involved
in interpreting drill results and other exploration data, the
potential for delays in exploration or development activities, the
geology, grade and continuity of mineral deposits, the possibility
that future exploration, development or mining results will not be
consistent with the Company's expectations, accidents, equipment
breakdowns, title matters, labour disputes or other unanticipated
difficulties with or interruptions in operations, fluctuating metal
prices, unanticipated costs and expenses, uncertainties relating to
the availability and costs of financing needed in the future,
regulatory restrictions, including environmental regulatory
restrictions and liability, competition, loss of key employees,
risks inherent to conducting business activities in the developing
world and other related risks and uncertainties. The Company
undertakes no obligation to update forward-looking information
except as required by applicable law. Such forward-looking
information represents management's best judgment based on
information currently available. No forward-looking statement can
be guaranteed and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information.
NEITHER 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.
Contacts: Angus Mining (Namibia) Inc. Fraser Buchan President
and CEO (416) 640-1933 fbuchan@83yonge.com
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