April 9, 2013
SAVARY GOLD CORP. ("Savary" or the "Company") (TSX V: SCA) is pleased to provide an update on the ongoing drilling program on its Houndé South property, located in southwestern Burkina Faso. The first week of drilling has seen the completion of 10 reverse circulation (RC) drill holes, totalling 911 metres in the Kyen area of the property. Three more holes are scheduled to be drilled in this area, followed by the next series of holes in the Kueredougou area. A total of 1,000 samples have been collected to date and shipped to SGS Labs in Burkina Faso for analysis; results are pending. This current drilling program is scheduled to be completed by the first week of May this year.
“We are extremely pleased with our progress during this current round of drilling,” stated Charles Mostert, Savary Gold’s President and CEO. “We are very encouraged by what we have been seeing in the sample material collected so far and are eagerly awaiting the analytical results.”
The current $1.4 million program is aimed at investigating six high priority targets with a total of up to 4,600 metres of reverse circulation (RC) drilling. Associated with this drilling will be the collection of approximately 4,600 samples, as well as geological mapping and prospecting. Analysis of exploration data previously acquired on the property identified two primary targets along the Ouango-Fini Shear zone: the Kueredougou zone and the Diosso South zone.
The Houndé South property consists of two exploration licenses, Diosso and Mandiasso, totaling 375 square kilometres, and is located in the Birimian age Houndé Greenstone Belt of West Africa, currently the fastest growing gold producing area in the world.
Drilling is carried out by Major Drilling Burkina Faso SA. and laboratory analysis is conducted by SGS Burkina Faso SA., both of whom are independent of Savary Gold.
Robin Black, M.Sc., P. Geo., a consulting geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Savary Gold
Savary Gold is a Canadian company with a tightly held capital structure and is focused on exploring the Houndé South Gold Property in Burkina Faso. The property is in the Birimian age Houndé Greenstone Belt, which hosts Semafo’s Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining’s Houndé Project and Sarama’s South Houndé Project, which is adjacent to Savary Gold’s property).
SAVARY GOLD CORP.
On behalf of the Board
Chief Executive Officer
For more information, please contact:
Konstantine Tsakumis, Investor Relations
T: 604-681-8030 x232
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements or information relate to, among other things, the details and timing of the Company’s exploration plan, the results of the recently completed drilling and sampling, and the exploration potential of the Company's properties. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for additional financing; operational risks associated with exploration; fluctuations in gold and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and other risks and uncertainties, including those described in the Company’s most recent Management Discussion & Analysis report filed with the Canadian Securities Administrators and available at www.sedar.com. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
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