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Unigold Files Technical Report on Candelones Project

TORONTO, ONTARIO -- (Marketwired) -- 12/24/13 -- Unigold Inc. ("Unigold" or the "Company") (TSX VENTURE: 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    Classif- Source    Ore      Deposit     Tonnes     Au   Au ozs Strip
        ication            Type               (x1,000)  (g/t)(x 1,000) Ratio
Nov. 1, Inferred Open      Oxide    Extension        -      -        -     -
2013             Pit                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
                 Under-    Sulphide Extension  4,977.0   2.42    387.0
                 ground             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
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
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
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   Open Pit                     $2.00/tonne
                           Costs    Under-                      $30.00/tonne
                           Process  Oxide                       $10.00/tonne
                           Costs    Sulphide                    $18.00/tonne
                           G&A                                   $2.50/tonne
                           Recovery Oxide                                95%
                                    Sulphide                             84%
                           Pit slope                              45 degrees
                           Est.     Open Pit  Oxide              0.32 Au g/t
                           Cut-off            Sulphide           0.56 Au g/t
                           grades   ----------------------------------------
                                    Under-    Oxide           Not applicable
                                    ground    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.


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.

Forward-looking Statements

Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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