Toronto, Ontario, January 12, 2010 - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD, NASDAQ-DUBAI: UGD) is pleased to announce an exploration update on the Guano-Montaso-Naranjo gold zone located on its wholly-owned Neita Property in western Dominican Republic.
"Unigold is very encouraged by the results at Loma Naranjo and Loma Guano. We are proceeding with further trenching and commencing an exploratory drilling campaign which will include the new targets over the next several months," said Daniel Danis, President and CEO of Unigold Inc.
The recent discovery on Loma "Naranjo", is located 8 kilometers north-east of Unigold's Los Candelones deposit. Loma Naranjo is part of a very large epithermal anomaly with an area of more than 16 square kilometers called Montaso-Guano-Naranjo. The discovery of that gold zone on Loma Naranjo was from several grab samples from the gold hydrothermal breccia located in the valley between Loma Guano and Loma Naranjo hills.
The new trenching and sampling campaign at Guano-Naranjo covers an area of more than 600 meters by 300 meters located in between Loma Guano and Loma Naranjo, covering the south flank of Loma Naranjo and the north flank of Loma Guano. In total more than 30 new trenches have been completed and distributed in the entire area with an average spacing of 50 meters. The best intercept returned 42 meters above 2 grams per ton of gold with a center section of 7 meters at 10.3 grams per ton of gold.
The trenching on the Naranjo flanc returned several intercepts above 1 gram:
TR-NA-09-06, 34 meters at 1.10 grams of gold
TR-NA-09-10, 7 meters at 1.06 grams of gold
Gold occurs in lenses and veins of dense silica-barite rock which replaces the host 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.
EXPLORATION UPDATE ON NEITA
Grab sampling results
** Note: Grab samples are selective by nature and may not be indicative of average grades on the property.
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. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from a 17-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
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FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Daniel Danis, President and C.E.O (+1-450-667-4766)
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