September 29, 2008
Unigold Announces New Gold-Silver Mineralization Discovery- Extention of the Los Candelones Gold Deposit, Dominican Republic
TORONTO, ONTARIO--(Marketwire - Sept. 29, 2008) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE:UGD) is pleased to announce the discovery of a previously unknown gold zone which extends the eastern strike of the Los Candelones Gold Deposit by at least 350 metres.
A mineralized outcrop was discovered by Unigold geologists and two holes were drilled to test the vertical extent of the mineralization. Both holes intersected gold-silver mineralization in brecciated mafic volcaniclastic rocks with extensive pyrite +/- enargite mineralization and barite, illite alteration.
Hole DC123: Two mineralized zones were intercepted in this hole. The upper zone, starting at 12 metres down hole, assayed 0.83 grams per tonne ("g/t") gold, 108 g/t silver, and 0.5% Zinc over 8 metres. The lower zone, starting at 59 metres down hole, assayed 0.5 g/t gold, 14 g/t silver, and 0.11% Zinc over 7 metres.
Hole DC125: This hole was collared 50 metres southeast of hole DC123 and assayed 1.1 g/t gold, 12 g/t silver, and 0.8% Zinc over 9 metres.
The host breccias was followed on surface for an additional 500 metres east of hole DC125 where trench TR-CDext-08-01 assayed 1.2 g/ t gold over 13 metres (silver and base metal results are pending). Results for two additional trenches are pending. Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish.
Although gold grades are modest, Unigold believes this new discovery is significant due to the extent and continuity of the breccias ( greater than 500 metres), and due to the fact that host rocks (mafic vs. dacite) and mineralization (high silver/gold ratio) differ from the neighboring Los Candelones deposit. Daniel Danis, President and CEO of Unigold comments "this opens up a lot of new ground around Los Candelones that was previously considered marginal and highlights the importance of good field exploration".
Drilling will test the lateral and depth extent of the discovery as soon as permitting is completed which is expected in October, 2008.
The mineralized breccia has an east-west strike and dips steeply to the north. True widths are estimated to be 90% of reported widths.
The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the President and CEO of Unigold. Mr. Danis is a "qualified person" within the meaning of National Instrument 43-101.
About Unigold Inc.
Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km2 Neita Property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a very similar geological setting to the world class Pueblo Viejo gold project located 150 kilometres to the south- east. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
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