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CSG: TSX-V
VANCOUVER,
April 15, 2013 /CNW/ - Cosigo
Resources Ltd. (TSX-V: CSG) today provided the following update on
its Machado Project in south-eastern Colombia.
Cosigo has been notified by the Colombian
Ministry of Environment that a forestry reserve subtraction (the
"Subtraction") has been granted to the Company. The granting of the
Subtraction will allow Cosigo to mobilize for an initial drilling
program on the 9,973 hectare Machado Project.
The Subtraction is subject to a number of
conditions, which will impact Cosigo's upcoming exploration
program. These include restricting drilling operations to an area
of 45.6 hectares. The limited size of the subtracted area will
allow for initial, albeit only partial, exploration of the several
mineralized zones identified at Machado. Furthermore, the
Subtraction allows for a total of 42 drill holes and is restricted
to a duration of three months following the day the forestry
reserve subtraction is published in the official publication of the
Colombian government. Cosigo expects this to happen within the next
10 days.
"Despite the strict conditions attached to
our initial forestry reserve subtraction, this marks a very
significant milestone for the Machado Project." stated
Dennis W. Milburn, President and CEO
of the Company. "Our Colombian team is eager to get our
exploration program started and we will immediately proceed with an
application to extend the duration and scope of the
subtraction."
Remote locations such as Machado often require a
mobilization period of one to two months prior to the commencement
of a drilling program. Fortunately, Cosigo has moved most of the
equipment necessary for drilling to Colombia during the last couple of years.
Cosigo has sufficient funding to complete its initial drilling
program in an environmentally sustainable manner and on a
geologically appropriate and logical basis.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company exploring for gold
deposits in Colombia and
Brazil. Cosigo has assembled a
strong team, well experienced in South
America and in the exploration and mining-finance
industries. The Company's flagship project is its 100% owned
Machado Project in the Taraira Gold Belt of southeastern
Colombia where geological mapping
and geochemical sampling have identified potentially gold-bearing
strata over a strike-length of more than 20 km. Cosigo's ongoing
work on the 9,973 hectare Machado Project is the first modern
exploration program in an area known to have hosted more than 100
historic gold mining operations.
On behalf of the Board of Directors
Cosigo Resources Ltd.
/s/"Dennis Milburn"
President & CEO
Neither the 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 of this release.
SOURCE Cosigo Resources Ltd.