Toronto, Ontario, February 24, 2009 - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD, NASDAQ-DUBAI: UGD) is pleased to announce the discovery of a new gold zone on its wholly-owned Neita Property in western Dominican Republic.
The new discovery on Loma "Naranjo", is located 8 kilometers north-east of Unigold's Los Candelones deposit. Loma Naranjo is part of a huge epithermal alteration zone which covers an area of more than 16 square kilometers. Discovery of a new gold zone on Loma Naranjo results from the follow up of numerous gold bearing grab samples occurring between Loma Naranjo and Loma Guano within a hydrothermal breccia zone (1200m X 400 meters) located in a valley between Loma Guano and Loma Naranjo hills.
Trenching on the Naranjo flanc returned several intercepts above 2 grams per ton of gold:
- TR-NA-09-03, 5 meters at 2.50 grams of gold, within 48 meters at 0.5 grams per ton of gold;
- TR-NA-09-04, 35 meters at 2.68 grams of gold, including 23 meters at 4 grams per ton of gold;
- TR-NA-09-05, 30 meters at 2.0 grams of gold, including 18 meters at 3 grams per ton of gold.
Further trench results are pending. Gold occurs in lenses and veins of dense silica-barite rock in advanced argilic altered dacite. The Company believes this mineralization represents the medium to high temperature upper-reaches of an epithermal system similar to the one responsible for the gold mineralization at the nearby Los Candelones deposit.
Furthermore on Guano flanc of Naranjo, hydrothermal breccia trenching returned 19 meters above 2 grams per ton of gold with center section of 6 meters at 5.5 grams of gold. Three grab samples from the bottom of TR-GU-08-03 returned 30.5, 35.0 and 197.5 grams per ton of gold.
Unigold is very encouraged by the initial results at Loma Naranjo hydrothermal breccia. An aggressive exploratory drilling campaign to further confirm these results is planned for May, 2009.
EXPLORATION UPDATE ON NEITA
NOISY Epithermal target
The Noisy epithermal target is located 6 km to the north of Candelones deposit and it corresponds to a 1600 X 300 meters gold in soils anomaly. The anomaly is open to the northwest and displays the exact same epithermal signature in the soil survey (630 samples) as Candelones (As,Sb,Ba,Pb, and Zn) and the same magnetic depletion characteristic of the system. The follow up on the soil was done by trenching 22 trenches for a total of more then 3000 meters. The mineralization envelop at Noisy could reach 127 meters grading at 0.30 grams of gold per ton (TR-NO-08-21) . The center core mineralization shows a higher grade core at 1 gram per ton of gold over a width 78 meters including 26 meters at 2 grams gold per ton. (TRNO-08-10 (See table below).
Preliminary drilling of five holes (620 meters) intercepted 38 meters at 1 gram of gold per ton including 10 meters at 2 grams of gold per ton (hole DN-02). (See table below )
The following trench results table shows the best assay results obtained from trenches on different epithermal targets in the Neita property. Highlights are:
- Candelones, 199 meters at 1.06 gram per ton of gold and 47 meters at 1.6 gram per ton of gold,
- Candelones,101 meters at .48 gram per ton of gold, Noisy 78 meters at 1 gram per ton of gold including 26 meters at 2 gram of gold per ton,
- Juan del Bosque 53 meters at 1.2 gram per ton of gold, Guano 17 meters at 2.02 gram of gold per ton,
- Naranjo 35 meters at 2.68 gram per ton of gold including 23 meters at 4 gram per ton of gold and
- Palo Quemado 10 meters at 1.25 gram of gold per ton.
The grab samples results table below shows a partial distribution of 162 samples with an average gold grade of 3.96 gram per ton, a minimum gold grade of .42 gram of gold per ton and a maximum of 197.5 gram per ton of gold.
Grab sampling results
The foregoing scientific and technical information has been prepared and 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 pit able, oxide gold deposits within a very similar geological setting to the world class Pueblo Viejo gold project located 150 kilometres to the south-east. Unigold benefits from an 18-year tax holiday on all corporate, sales taxes and import duties in 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:
Mr. Daniel Danis, President and C.E.O (+1-450-667-4766)
Web site www.unigoldinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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