Toronto, Ontario, February 29, 2008
- Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce drilling results from its 100-per-cent-owned Los Candelones gold deposit in the Dominican Republic. Drill holes number DC-94 to DC-100 represent a good example of the continuation at depth and along strike of the greater than 1 g/t primary gold zone. The wide gold intercept in hole DC-100 indicates that the mineralized envelope widens and the grade increases at depth from an average of 100m at 0.5 g/t Au to 122m at 0.7 g/t Au at depth. Highlights include hole DC-97 with 3 metre above 5.5 g/t Au and hole DC-100 with 6m of 4.2 g/t Au.
Assays were done at the ACME laboratory in Santiago, Chile by fire assay procedure and gravimetric finish and the reported length represents true width section.
Field study of the Los Candelones system, indicates a high sulphidation signature with vuggy quartz veins system associated with pyrite-enargite-barite high grade gold. The system evolves into a gold-bearing stockwork and disseminated zone followed upward by gold-barite veining, a barite breccia zone and is capped by a massive barite zone. An ongoing preliminary study of the alteration halo and associated mineralization using a portable shortwave infrared spectrometer shows two stages of alteration. The second one is associated with the mineralization and is characterized by significant silicification, dickite, kaolinite and alunite within or in close proximity to the orebody. This ongoing study will be used to vector in toward additional gold mineralization.
To date, the Los Candelones Gold Deposit has 103 diamond drill holes totalling approximately 13,200 metres. The new results have allowed Unigold to demonstrate the on strike and down dip continuation of the 25 to 30 metre thick gold core of epithermal mineralization which grades from 1.0 to 4.4 g/t gold and is enclosed within an up to 100 metre wide lower grade gold halo. The existing trenched and diamond drilled mineralized area is a small part of the 1,200 metre long by 600 metre wide gold in soil anomaly and coincident IP chargeability high which represents sulphide mineralization. The Los Candelones Gold Deposit is the most advanced of several very encouraging target areas within the 226 square kilometre Neita property.
The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the Vice-president and Chief Operating Officer 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 similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Daniel Danis, Chief Operating Officer & Director 450-667-4766
Web site www.unigoldinc.com
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