DELTA, BC -- April 5, 2017 -- InvestorsHub NewsWire -- Desert
Gold Ventures Inc. (DAU.V) (QXR2.F) (OTC PINK: DAUGF) ("Desert
Gold" or "the Company") Further to the press release dated March
30, 2017, the Company is pleased to announce that it has closed its
private placement. The Company has issued 2,860,800 units at a
price of CAD$0.25 per unit, raising gross proceeds of CAD$715,200.
Securities issued resulting from this private placement will be
subject to a statutory hold period. This private placement is
subject to approval by the TSX Venture Exchange.
Highlights
-
The Company successfully closes non-brokered private placement
of 2,860,800 securing total proceeds of CAD$715,200
-
Sodinaf International SA becomes financial and strategic partner
in Western Africa
-
Mr. Salif Keita is appointed to the position of Vice President
of Operations, West Africa
-
Desert Gold outlines USD $1.5 million exploration program for
its gold exploration portfolio in Western Mali
Sodinaf International SA ("Sodinaf") subscribed for 2,760,800
units representing the majority of the placement. Sodinaf is a West
African gold mining company that owns a 55% interest in the
Kodieran Mine in Southern Mali as well as a substantial gold
exploration portfolio in Western Mali and Ivory Coast. The Kodieran
gold mine is situated approximately 300 kilometers southeast of
Bamako, the capital of Mali. The mine and associated mining lease
is operated by Wassoul Or SA a private joint-venture company where
Sodinaf is the majority shareholder at 55%. The Kodieran mining
license and regional land package is situated on the West African
Birimian greenstone belt; one of the most prolific belts in Western
Africa where approximately 52 million ounces of gold resources have
been discovered to date. The Kodieran mine is an open pit mining
operation using a gravity plant that operates at a capacity of
11,000 tons per day. For more information visit http://www.wassoulor.com.
Desert Gold and Sodinaf will form a strategic partnership to
develop Desert Gold's exploration licenses in Western Mali. The two
companies will combine operational and financial resources to
undertake exploration programs this year at all three of the
Company's properties in Western Mali.
To this aim, the Company is pleased to announce the appointment
of Mr. Salif Keita to the position of Vice President of Operations
for West Africa. Mr. Keita is a senior geologist with over 14 years
of experience in exploration and mining production. The majority of
Mr. Keita's regional experience is in the Birimian Green Stone Belt
in West Africa where he held senior positions with Anglo Gold
Ashanti, Gold Fields and Great Quest Metals. Mr. Keita holds a
B.Sc. Geology (Honors) from the National School of Engineering,
Bamako, Mali. Mr. Keita will work with Desert Gold's technical
directors to oversee the Company's exploration efforts in Western
Mali.
2017 Exploration Plans
Exploration will begin at the Company's highly prospective
Farabantourou prospect where an indicated and inferred resource of
69,600 oz Au exists known as Barani East (969,000 tons at 2.25 g/t
oz Au with a 0.5 g/t cutoff grade)1. Farabantourou is located on the
Senegal-Mali Fault Zone ("SMFZ") 40km south of the AngloGold
Ashanti Sadiola/Yatela Mine and 50km north of Randgold's Loulou
Mine. Both these mines are on the SMFZ. In addition to the Barani
East deposit, Farabantourou hosts 6 other mineralized zones that
are largely underexplored and which combine to form nearly 5 km of
strike. Phase 1 of the exploration program will consist of a
core-drilling program to reduce drill spacing on the current
resource, as well as step out to drill new targets along strike to
the south and west known as Kousilli and Dambamba. In addition to
this, the Company will undertake to drill several deep holes at
Barani East to depths up to depths of 400 meters. Phase 1 plans for
a total of 6,000 meters of core drilling with work scheduled to
begin immediately.
Desert Gold also plans to begin exploration this year at Segala
West, the Company's other highly prospective project in Western
Mali. The Segala West permit is surrounded by several mines, which
include Randgold's Loulo-Gounkoto mine complex to the West.
Adjacent to the East of Segala West are Endeavour Mining's Tabakoto
and Segala mines. Endeavour's Kofi and Kefola prospects also lie to
the north and south respectively where Desert Gold has allowed
Endeavour to construct a road through its property where Endeavour
is currently trucking ore from its Kofi prospect to its Tabakoto
site. Within the Segala West permit exists a large soil geochemical
anomaly covering an area of 24 km2 within which 3 significant
artisanal mines are active. The surface expression of the
neighboring mine, Tabakoto (Endeavour Mining), which hosts ~3
million oz Au is less than 1 km2 (18.5 Mt at 3.5 g/t for 1.8
million oz Au measured and indicated, 9 Mt at 3.6 g/t for 1 million
oz Au inferred and 6.4 Mt at 3.5 g/t for 0.7 million oz au proven
and probable). The mineralization hosted on the Company's property
is not necessarily indicative of the mineralization hosted on
Loulo-Gounkoto and Tabakoto deposits. However, the extent and
persistence of the soil geochemical gold anomaly is the surface
expression of significant mineralization below ground. Combined
with the extensive artisanal mining presence on site, Desert Gold
will undertake an extensive exploration program this year that will
include structural mapping of all three of the artisanal pits,
extensive deep trenching in the Southern area of the permit known
as the Baroya area and finally a core drilling program consisting
of a minimum of 5,000 meters of core drilling.
Finally the Company will undertake to complete surface
exploration at its Djimbala permit this year located in the
Yanfolila Gold belt in Southern Mali. The Company's Djimbala permit
is surrounded by Hummingbird Resources' Yanfolila Gold Project. The
Company will complete a soil geochemistry program over the permit
and conduct grab sampling at the numerous artisanal sites on
Djimbala. The company will also begin an auger drill program after
it has completed its soil geochemistry and sampling programs with
the aim of establishing targets for a follow up core drilling
program.
The Company is budgeting USD $1.5 million for the programs
outlined above.
Desert Gold's President Jared Scharf commented, "We have been
working diligently for some time now to identify an ideal partner
for Desert Gold. In Sodinaf we have found a strategic partner with
financial resources and a proven track record to explore, develop,
construct and operate a large gold mine in the region in which our
permits are situated. Today Sodinaf has made a significant
investment into Desert Gold. We bring an excellent management team
and exploration portfolio to the table and Sodinaf brings the
financial and operational capabilities to help us develop this
portfolio. This synergy is very exciting. We are also very happy
with Mr. Keita's appointment as his experience working at some of
the largest mines in Western Mali will be crucial in the
development and execution of the programs we are planning this
year. It is a gratifying day for the company and its shareholders.
I look forward to providing more detailed information as it becomes
available."
ON BEHALF OF THE BOARD
"Jared Scharf"
Jared Scharf
President & Director
+1 (858) 247-8195
For further information please visit www.SEDAR.com under the company's
profile.
This news release contains forward-looking statements
respecting the Company's ability to successfully complete the
Offering. These forward-looking statements entail various risks and
uncertainties that could cause actual results to differ materially
from those reflected in these forward-looking statements. Such
statements are based on current expectations, are subject to a
number of uncertainties and risks, and actual results may differ
materially from those contained in such statements, including the
inability of the Company to successfully complete the Offering.
These uncertainties and risks include, but are not limited to, the
strength of the capital markets, the price of gold; operational,
funding, and liquidity risks; the degree to which mineral resource
estimates are reflective of actual mineral resources; and the
degree to which factors which would make a mineral deposit
commercially viable are present; the risks and hazards associated
with mining operations. Risks and uncertainties about the Company's
business are more fully discussed in the company's disclosure
materials filed with the securities regulatory authorities in
Canada and available at www.sedar.com and readers are
urged to read these materials. The Company assumes no obligation to
update any forward-looking statement or to update the reasons why
actual results could differ from such statements unless required by
law.
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. This news
release does not constitute an offer to sell or a solicitation of
an offer to buy the securities described herein
in the United States. The
securities described herein have not been and will not be
registered under the united states securities act of 1933, as
amended, and may not be offered or sold in the united
states or to the account or benefit of
a U.S. person absent an exemption from
the registration requirements of such act.
(1) Technical Report on the Farabantourou Gold
Mining Permit, Kékiéba District, Western Mali, Author: U.
Engelmann, November 26, 2015
SOURCE: Desert Gold Ventures Inc.
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