Discovery Gold Highlights Strengths of West African Gold Exploration and Mining Sector
DENVER, May 7, 2013 /PRNewswire/ -- Discovery Gold Corporation (OTCQB-DCGD)(the "Company"), an emerging U.S. based mineral exploration company, is pleased to provide this latest management commentary concerning the current growth prospects and relative socio-political stability of the West African gold exploration and mining sectors, particularly in Ghana.
"Ghana has a long history of economic gold production and a very well-established mining infrastructure. With the help of a stable political climate, a skilled English speaking workforce, and mining friendly laws that provide foreign companies with clear title to mining concessions, Ghana has grown into the second largest gold producer in Africa, behind only South Africa," noted Discovery Gold's President, Steve Flechner. "The positive exploration and mining situation in Ghana is in stark contrast to other gold mining jurisdictions around the world, like many countries in South America and Asia, where politically motivated groups have taken significant steps to block lawful, environmentally sound, and economically beneficial mining projects from reaching production."
The Edum Banso Gold Project is located within Ghana's prolific gold producing Ashanti Gold Belt region, in close proximity and with apparent similar geology to several recent discoveries and producing local gold mines, including the Father Brown and Adoikrom deposits currently being open pit mined by Golden Star Resources within just two miles of one of our high-priority targets. The Edum Banso Gold Project has a well-documented history of exploration, including extensive geophysical (aeromagnetic) interpretation, soil and stream sediment sampling (5,758 total samples), trenching (214 samples), auger drilling (252 holes), and numerous rock chip samples. To date, four distinct mineralized gold zones have been identified over an area approximately 8 km (5 miles) long and 600 m (650 yards) wide, including two southern zones sharing contact with the unique Mpohor Complex geologic structure, one of the largest known gold bearing synvolcanic mafic intrusives on the African continent.
Mr. Flechner concluded that, "As we have seen recently in news headlines, even the largest mining companies in the world are not immune to political risk and gold price volatility, like Barrick Gold's government shutdown of development at the Pascua Lama project in Chile. Similar types of socio-political problems are not likely anytime soon in Ghana, and as a result, Discovery Gold can fully focus its resources on moving the Edum Banso project exploration forward as quickly as funding will allow."
Ghana is the tenth largest gold producing country in the world and second largest in Africa, behind only South Africa. During 2012, Ghana produced over 89 tonnes of gold and was one of only two countries in the world's top ten that increased production (Ghana +11.25%, China +11.3%).
About Discovery Gold Corporation
Discovery Gold Corporation is an emerging U.S. based mineral exploration company. The Company's wholly-owned subsidiary, Discovery Gold Ghana Limited, currently holds a 95% interest in the option of the exclusive rights to explore the Edum Banso Gold Project within the historic and prolific gold producing Ashanti Gold Belt in Ghana.
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Forward-Looking Statements/Disclaimer: Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by the use of words such as "anticipate", "believe", "expect", "may", "will", "would", "should", "plan", "projected", "intend", and similar expressions. The Company bases these forward-looking statements on current expectations and projections about future events, based on information currently available. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company disclaims any obligation to update any of its forward-looking statements, except as may be required by law. The Company has no mineral resource or reserve estimate for the Edum Banso Gold Project at this time, has no assurance that it will discover significant mineral resources, and may not have sufficient funding to thoroughly explore, drill or develop its property.
SOURCE Discovery Gold Corporation