VANCOUVER, June 3 /PRNewswire-FirstCall/ - Radius Gold Inc. (TSX-V: RDU) is pleased to announce that it has added to its large land position covering the headwaters and drainage areas of the prolific Sixty Mile gold camp of the Yukon Territory by way of an option to acquire a 100% interest in 52 claims. To exercise the option, which is subject to Exchange approval, Radius must pay a total of $190,000 cash and issue a total of $200,000 worth of shares over three years. The Company has also acquired by staking an additional 30 claims in the Sixty Mile area across the border in Alaska, increasing Radius's land holdings in the region to 12,000 hectares.
On June 1st 2010, Radius announced that it had successfully closed a $2.52M flow-through financing for its northern Canadian projects, with the bulk of the cash raised earmarked for the Sixty Mile program. Field work has now started, and a field camp has been established.
A high-resolution airborne magnetic and radiometric survey is about to commence covering Radius's full land holdings in the area. Kennecott completed a 640-line-kilometre helicopter magnetic and radiometric survey as part of its Yukon-Alaska intrusion-related bulk-tonnage gold program in the 1990s. The new survey will improve on the resolution of the historic data and, with additional geochemical sampling, will help define drill targets.
Auger drilling has started in the Sixty Mile river valley. A series of 10 auger hole profiles, with 25m spaced holes, is planned to test the bedrock beneath the placer workings in the Sixty Mile River bed. The drilling will investigate historical gold results from very limited hardrock drilling conducted on one of the Sixty Mile claims by a previous operator.
About the Sixty Mile Project
Radius successfully consolidated approximately 12,000 hectares in the Sixty Mile placer gold district which reportedly produced over 500,000 ounces of gold from the creeks that drain the Company's land position. The hard rock source for this placer gold has never been determined. The regional geology, geochemical signature and structural setting have strong similarities to the setting of International Tower Hill's (TSX-V: ITH.V) major Livengood gold discovery in Alaska, a multimillion-ounce gold discovery driven by the search for the source of placer gold in that area.
Gold in the Sixty Mile district was first discovered in 1892 when C. Miller staked claims on what was to become known as Miller Creek. Placer gold mining has been continuous in the district since that time and is still active today.
The properties are located approximately 75 km due west of Dawson adjacent to the Yukon-Alaska border. Access to the claims is by the posted 15 km long Sixty Mile road, from the Top of the World Highway.
Radius has been exploring for gold in Latin America for nearly a decade, and has assembled interests in a portfolio of promising gold projects throughout the region, including carried stakes in two small-scale developing gold projects in Guatemala and Nicaragua. Radius also has two 100% owned exploration plays, the HB property in Guatemala and Sixty Mile property in the Yukon territory - with drilling campaigns for 2010 in the planning stages.
ON BEHALF OF THE BOARD "Simon Ridgway" Simon Ridgway, President & CEO Investor relations: Ralph Rushton/Erin Ostrom Symbol: TSXV-RDU; OTCBB-RDUFF Shares Issued: 59.4-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Radius Gold Inc.