Toronto, Ontario, March 04, 2010 -- Unigold Inc. (TSX-V: UGD, NASDAQ-DUBAI: UGD) announces the discovery of a new zone of gold mineralization on its Neita property in the northwestern part of the Dominican Republic. This new discovery appears to be an extension of the MGN (Montazo-Guano-Naranjo) zone. This discovery extends known gold mineralization a further 1.7 kilometres to the south of the MGN area.
This new discovery occurs in a breccia zone that shows gold-bearing advanced argillic alteration on the flank of an interpreted caldera that has been infilled by rhyolite, conglomerate, sandstone and marl. A detailed geological map of the discovery site is provided on the company's web site at: www.unigoldinc.com
(under the press releases tab). Gold occurs within barium-rich jasperiods and jasperiod breccias that are anomalous in arsenic, copper and gold with prolific argillic alteration of wallrock.
Grab samples from this new area have assayed as high as 21.90 g/t. The 42 grab samples that returned greater than a half-gram of gold per tonne averaged just over 2 g/t, Trench sampling returned up to 4.2 g/t gold over 10 metres in trench TR-RP-10-09. (See table for assay results.)
Two drills have been mobilized into the MGN zone, one of which is being used to test this zone of new mineralization. The Company is extremely excited about this new discovery and the intense alteration encountered in conjunction with significant gold values. Unigold expects to be able to release drill results as they become available.
In 2010 Unigold will explore its three properties: Neita (Los Candelones, MGN, Noisy and El Corozo targets), Sabaneta and Los Guandules. The $7.0 million exploration campaign will consist of $3.0 million in drilling (20,000 m), $1.5 million of exploration on known targets doing geochemistry, IP and magnetometer surveys, $1.4 million on regional exploration including trenching and geochemical sampling on the Sabaneta property, and $1.1 million on general field costs.
About Unigold Inc.
Unigold is a Canadian-based company 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 tax holiday until 2023 on all corporate taxes, sales taxes and import duties in the Dominican Republic.
Daniel Danis, President & CEO of Unigold Inc., is the Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained in this press release. All samples were assayed at Acme Analytical Laboratories' facility in Chile utilizing standard fire assay procedures.
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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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