News

Dec 24, 2013

Unigold Files Technical Report on Candelones Project.

Toronto, Ontario, Dec. 24, 2013 - Unigold Inc. ("Unigold" or the "Company") (TSX-V:UGD) is pleased to report that the Technical Report titled "NI 43-101 Technical Report Mineral Resource Estimate for the Candelones Project, Neita Concession, Dominican Republic" has been filed on SEDAR.

The Technical Report, with an effective date of November 4, 2013, provides the required technical disclosure supporting the Company's initial, 2.0 million ounce inferred mineral resource estimate for it's Candelones Project in the Dominican Republic ( November 12, 2013 Press Release).

Andrew Cheatle, President and CEO of Unigold notes: "The filing of the Technical Report for the Candelones Project Mineral Resource Estimate marks the end of a highly successful 15 month period for Unigold. During that period, the Company successfully traced the gold mineralization from Candelones main hill to the Connector Zone and onto the Candelones Extension, a distance approaching 3.0 km. We not only established the initial mineral resource at Candelones, we also identified additional targets, similar to Candelones, along a mineralized trend that extends for over 8.0 km along the southern portion of the Neita Concession." Mr. Cheatle also notes: "Capital conservation is an important consideration for 2014. Exploration in 2014 will largely focus on field work and data compilation, particularly of the largely unexplored northern portion of the Concession which the Company believes is prospective for large, Cu-Au porphyry type deposits. The initial portion of the 2014 field season will focus on reconnaissance mapping and sampling. This will be followed by data compilation to identify and prioritize targets which, in turn, will be followed by limited diamond drilling on select targets."

TABLE 1 - Summary Mineral Resource Estimate for the Candelones Project.

Date
Classification
Source
Ore
Deposit
 
Tonnes 
 
Au 
 
Au ozs 
 
Strip 
Type
 
(x1,000) 
 
(g/t) 
 
(x 1,000) 
 
Ratio 
Nov. 1, 2013 Inferred Open Pit Oxide Extension -   -   -   -  
        Main
2,448.0
0.92
72.0
1.3
        Connector
1,108.0
1.12
40.0
1.3
      Subtotal  
3,556.0
0.98
112.0
1.3
      Sulphide Extension
24,223.0
1.59
1,241.0
7.6
        Main
5,003.0
1.16
186.0
1.3
        Connector
980.0
1.08
34.0
1.3
      Subtotal  
30,206.0
1.50
1,461.0
6.4
    Subtotal    
33,762.0
1.45
1,573.0
5.8
    Underground Sulphide Extension
4,977.0
2.42
387.0
 
        Main
704.0
2.21
50.0
 
        Connector
50.0
2.49
4.0
 
    Subtotal    
5,731.0
2.39
441.0
 
TOTAL TOTAL ALL    
39,493.0
 1.59
2,014.0
 
Notes
1.The mineral resource estimate presented above has been prepared under the supervision of Mr. Alan J. San Martin, MAusIMM (CP) and Mr. William  J. Lewis (P.Geo.) of Micon International Ltd., both of whom are "qualified persons" as per the CIM Standards and  independent of Unigold Inc.
2. The CIM Standards define a Mineral Resource as "a concentration of material in or on the Earth's crust in such form and quantity and of such grade or quality that it has reasonable prospects for  economic extraction" the CIM Standards further define an Inferred Mineral Resource as "that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonable assumed but not verified, geological and grade continuity." The CIM Standards state; "Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
3. Micon has not identified any legal, political, environmental or other risks that could materially affect the potential development of the mineral resource estimate presented. 
4. The mineral resource estimate presented above includes both open pit resources; reported within an optimized pit shell and  underground resources; reported below the optimized pit shell. Both open pit and underground resources are reported above an estimated economic cut-off grade developed using the following key economic assumptions.
Key Economic Assumptions Gold Price
$1500 /oz
Mining Costs Open Pit
$2.00/tonne
Underground
$30.00/tonne
Process Costs Oxide
$10.00/tonne
Sulphide
$18.00/tonne
G&A Costs
$2.50/tonne
Recovery Oxide
95%
Sulphide
84%
Pit slope criteria 45 degrees
Est. Cut-off grades Open Pit  Oxide 
 0.32 Au g/t 
   Sulphide 
 0.56 Au g/t 
Underground  Oxide 
 Not applicable  
   Sulphide 
 1.25 g/t Au 

The mineral resource and accompanying Technical Report have been estimated and prepared by Mr. W. Lewis, P.Geo. and Mr. A. San Martin, MAusIMM(CP) of Micon International Ltd. ("Micon"), a Toronto based consulting company, independent of Unigold. Mr. Lewis and Mr. San Martin meet the requirements of a "Qualified Person" as established by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2010) ("the CIM Standards"). The estimate is based on a long term gold price of US$ 1,500 per ounce.

Premier Mining Destination - Dominican Republic

The Dominican Republic is host to world-class gold and base metal mines and deposits. The government supports development and exploration in the mining sector. In addition, the country has well established Mining Laws and Environmental Laws. Unigold's wholly owned flagship property, Neita is compliant with all mineral and environmental requirements and work is conducted to internationally accepted environmental and social standards. The Neita concession exploration license was renewed in 2012 and is in good standing.

Unigold has sufficient funding to meet the goals and objectives established for the current exploration program.

QA/QC
Diamond drilling at the Candelones Project included both HQ and NQ diameter core for sampling. Holes were typically started with larger diameter HQ core and the hole diameter is reduced to NQ at depth. Samples are logged, split by wet diamond saw, and half sent for assaying with the other half stored on site. Sample lengths typically average 1 m, but vary by geological boundaries. Continuous chip samples from trenches are typically 3 m to 5 m in length. QA/QC included inserting certified standards and blanks into the sample stream at industry standard intervals. Samples are prepped by ACME Analytical Labs in the Dominican Republic, with assaying performed through ACME's laboratory in Santiago, Chile. Analytical procedures include a 36-element ICP-ES analysis (1E) and a 50 g FA AA finish for gold (G6-50).

W. Lewis P.Geo., Micon International Ltd., has reviewed and approved the contents of this press release.

Wes Hanson P.Geo., Chief Operating Officer of Unigold, has reviewed and approved the contents of this press release.

About Unigold Inc. - Discovering Gold in the Caribbean
Unigold is a Canadian based mineral exploration company traded on the TSX Venture Exchange under the symbol UGD, focused primarily on exploring and developing its gold assets in the Dominican Republic.

For Further Information please visit www.unigoldinc.com or contact

Mr. Andrew M. Cheatle, P.Geo
President & CEO
acheatle@unigoldinc.com

Ms. Amanda Dillon
Investor Relations
adillon@unigoldinc.com
416.866.8157


Forward-looking Statements
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