Amador to begin drilling Loveland, Diamondcorp spinoff
Amador Gold Corp (C:AGX)
Shares Issued 117,283,248
Last Close 4/3/2008 $0.28
Friday April 04 2008 - News Release
An anonymous director reports
DRILL MOVED ONTO THE LOVELAND PROPERTY & SPIN OFF UPDATE
Amador Gold Corp. is moving a drill this week onto the Loveland property 35 kilometres (km) northwest of Timmins, Ont., where the company intersected 45 metres of 0.75 per cent copper and 0.70 per cent nickel. Significantly, this intercept is below an outlined resource of 130,000 tons grading 0.68 per cent copper and 0.73 per cent nickel, discovered by Cominco in the 1970s. The estimate is pre-National Instrument 43-101 and non-compliant.
The immediate drilling objective will be to increase the strike length of mineralization on the Discovery zone. Additionally, the Company will be flying VTEM surveys and drilling to determine if the discovery zone is connected to the Hollinger deposit on the newly acquired Moneta Porcupine property 1.5 km to the southeast. The Hollinger deposit was drilled prior to 1975 and is reported to be 442,000 tons of 0.42 per cent copper and 0.71 per cent nickel. This is an historical resource that is non 43-101 compliant.
Spinoff updated
Upon closing of the financing announced in Stockwatch on March 19, 2008, the company will meet the minimum listing requirements of the exchange, which will enable it to complete the spinoff of its wholly owned subsidiary, Diamondcorp Resources Inc. Existing shareholders and placees, therefore, will receive shares of Diamondcorp Resources Inc. when the spinoff is completed. The company anticipates effecting the spinoff upon completion of the financing. Amador Gold shareholders on the record date will receive one share of Diamondcorp Resources Inc. for every three Amador shares held.
© 2008 Canjex Publishing Ltd.
