|By Marketwired .||
|January 9, 2013 04:49 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- F.D.G. Mining Inc. (TSX VENTURE:FDG) (the "Company") is pleased to provide an update to shareholders with regards to company operations including those that concern the Company's flagship Topacio Property, located in eastern Nicaragua, Central America. The focus of this update concerns the latter half of 2012. The Company achieved a number of important milestones, including:
Board of Directors Changes: The Company welcomed new Board members: -- Mr. Marc Bamber, London, Financier. -- Mr. William Dunn, Yukon, Mining Engineer. -- Mr. Ian Mann, Bermuda, Fund Manager. Management Changes: -- Mr. David St Clair Dunn was appointed President and CEO. -- Mr. Tibor Gadjics was appointed Executive Vice President, Corporate Affairs. Financial Reports/Affairs: -- The Company arranged financing of $531,000 through existing shareholders and has used this funding to support exploration and corporate activities through 2012. -- General and Administrative costs were reduced by 25%. Resource Estimate Tripled: -- An updated NI 43-101 report completed in November showed a 298% increase to previous resource estimates at Topacio. More than 340,000 ounces of gold at an average grade of 3.9g/t within 150m of the surface were identified in the Inferred category.(i) -- A resource estimate of more than 124,000 ounces of gold amenable to open cut mining in the inferred category was identified at Topacio.(ii) -- Multiple targets for future exploration programs were identified through trenching and drilling. -- A further 1329 samples from 20 new trenches are in process. -- An additional 14 veins were identified which are not included in the updated resource estimate. Permits and Property Agreements: -- An option to acquire 100% of the Topacio concession was extended by 41 months to April 30, 2016. -- Municipal exploitation permits were granted for Topacio. -- An Agreement to acquire 100% of the San Pedro property, located 1 km from the B2Gold Jabili deposit, was completed pending TSX approval. -- Exploration permits on 100% owned El Santo were received, paving the way for aggressive trenching, soil sampling and drill programs. On the basis of achieving these milestones the Company intends to build on the present momentum and make further significant gains in 2013, including: Resource Development: -- An intention to raise the open pittable resource estimate at Topacio to 250,000 ounces or more. -- An intention to raise the global resource at Topacio to 500,000 ounces or more. -- An intention to increase confidence in the global resource at Topacio by bringing a significant number of ounces into the Indicated and Measured Resource categories. Permitting: -- The process for Governmental exploitation permits at Topacio will continue. The Company anticipates the granting of the production permit at Topacio in Q3 2013. Corporate Social Responsibility: -- Completed 8km's of all-weather road at Topacio -- Supported the commissioning of a New School on the property Financing of the Company: -- The Company expects to announce and complete a financing in Q1 2013.
"Through a challenging year for our industry as a whole, FDG has restructured its management, wrestled control of its finances and simultaneously tripled our resource calculations, positioning the Company as one of the most exciting prospects in the Latin American gold exploration sector. We are determined to build on these gains with aggressive drill and trenching programs designed to add long term shareholder value.
We believe that in Topacio we have an exceptional opportunity. We have identified an open pit resource as well as grades available at depth. We believe we can quickly and efficiently add to both. The addition of 14 new veins could further increase our resources significantly as the current estimate is now contained in less than 10% of the 25 known veins. In the medium term our present geological data suggests that Topacio has the potential to become a Company building production scenario.
I intend for 2013 to be the year when FDG starts to realize these opportunities and to show our shareholders, present and future what value the Company can bring."
On Behalf of the Board of Directors
David St. Clair Dunn, P.Geo., President and CEO
For further updates of company operations please contact Mr. Tibor Gadjics, Executive VP of Corporate Affairs or Mr. Toby Manson, Director of Communications - alternatively, visit www.fdgmining.com.
(i) Present NI 43-101 resource estimate updated in November 2012 is for an Inferred Mineral Resource of 2,716,176 tonnes grading 3.90 g/t gold, containing 340.345 ounces of gold.
(ii) For more information, please refer to present NI 43-101 resource estimate available at www.fdgmining.com or listed under the Company's documents on SEDAR.
The technical information in this news release has been reviewed and approved by David St. Clair Dunn, P.Geo., President and CEO of the Company and a Qualified Person as defined under National Instrument 43-101 ("NI 43-101").
About F.D.G. Mining Inc. (www.fdgmining.com):
F.D.G. Mining Inc. is a Canadian junior mining company engaged in acquisition, exploration and development of precious metal properties in Nicaragua. The Company is currently focused on advancing its core property, the past-producing 9300 hectare Topacio gold concession to near term production. Topacio has an NI 43-101 compliant inferred resource of 2,716,176 tonnes grading 3.90 g/t gold, containing 340.345 ounces of gold, and a similar geological setting to B2Gold's La Libertad and El Limon mines to the northwest. FDG trades on the TSX Venture Exchange under the symbol FDG.
FDG Mining Inc.