Golden Fame Resources Corp. Signs Definitive Option Agreement on Mexico Gold Property

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR OTHER DISSEMINATION INTO THE
U.S.A.


Golden Fame Resources Corp. (TSX VENTURE:GFA) ("Golden Fame" or the "Company")
has signed an Option Agreement to acquire up to a 70% interest in the Algun Dia
gold project east of Guanajuato, Mexico, owned by Senor Rodolfo Rodriguez Aldaco
("Aldaco"). 


"Algun Dia is an advanced stage exploration project with demonstrated past
economic production of gold, silver and copper mineralization. The property has
well defined targets for development of significant amounts of additional
similar mineralization for resumed mine production. The Company will immediately
start the permitting and planning work to drive a 600 plus meter decline on the
Santa Cecelia vein that will serve as both an exploration drift and facilitate
future production should the Company find sufficient mineralization," comments
CEO, Graham Clark. 


Under the terms of the Agreement, Golden Fame has the option to earn a 70%
interest in the Algun Dia project over a three-year period by making payments to
Aldaco totaling $4.3 million, issuing to Aldaco 3 million common shares of
Golden Fame, and expending a minimum of $6.5 million on exploration/development
work on the project. The property hosts a vein structure with mineralized widths
of up to 10 meters that has been mined for gold, silver and copper. Historical
reports indicate that in the period 2002 through 2007, the property produced
approximately 15,000 tons of ore that was processed at a mill in Guanajuato
owned by Penoles Mining Company of Mexico and produced 750 tons of gold, silver
and copper concentrate that was sold to an offshore smelter.


Historical reports also indicate that that there are 5 northwest trending
mineralized structures that traverse the property. Golden Fame's sampling to
date has confirmed mineralization along this trend for more than 2000 meters and
the zone is up to 200 meters wide based on the Company's preliminary
interpretation. 


Prior exploration on the property includes 11 diamond core holes totaling
approximately 2000 meters; two of the drill holes intersected the Santa Cecelia
vein at approximately 140m down-dip from the underground workings. Records
indicate that both holes encountered gold, silver and copper mineralization at
grades and over widths similar to what was mined in the overlying workings.
According to historical records that were not prepared in accordance with NI
43-101 and have not been verified by the Company, drill hole number AD-8
encountered 14 meters assaying 2.34 ppm Au, 120.3 ppm Ag and 1.88% Cu. Hole
AD-10 drilled 16 meters assaying 1.71 ppm Au, 104 ppm Ag and 1.51% Cu. Both
holes were drilled to the east northeast with the intention of crossing the
northwest trending and southwest dipping structure at angles that would approach
true width according to the interpretation of the geology, and Golden Fame's
2011 exploration work will place a priority on further work to define the true
thickness of this mineralization.


Golden Fame has completed an initial round of geological due diligence analysis
and sampling of both surface mineralization and underground workings on the
property. The Company's sampling confirmed significant gold, silver and copper
mineralization including an underground channel sample across a portion of the
vein in the Santa Cecelia drift with 3 meters grading 9.93 ppm gold, 74.1 ppm
silver, and 6890 ppm copper. The surface sampling produced a chip sample across
3 meters which assayed 65.2 ppm gold, 35.8 ppm silver, and 1890 ppm copper.
Other surface samples of note included a 3-meter chip sample assaying 5.16 ppm
gold, 563 ppm silver, and 9430 ppm copper.


Chalcopyrite mineralization is visible in samples from underground and on
surface and Golden Fame obtained copper values as high as 2.4% in a 1.2 meter
channel sample on the surface and as high as 1.98% in a channel 1 meter channel
sample from underground.


The Company has commissioned Caracle Creek International Consulting, of Sudbury
Ontario, to prepare a NI 43-101 compliant Technical Report on the property and
that work is currently underway.


Golden Fame's minimum work expenditure for the first six months is $2 million to
be completed by December 31, 2011. The 2011 exploration program will include
drilling to explore for down dip and strike extensions of the productive Santa
Cecelia vein, surface mapping and sampling of several other mineralized zones on
the property and importantly, completing a new exploration decline on the Santa
Cecelia vein.


Finalizing the Option Agreement is subject to obtaining necessary regulatory
approvals, including approval of the TSX Venture Exchange.


Lawrence Dick, a director of the Company and a Qualified Person as defined in NI
43-101, supervised the preparation of the technical information in this news
release.


About Golden Fame Resources

The focus of Golden Fame is to acquire and put into production historically
productive gold, silver and copper properties that have become economic due to
the robust upward movement in metals prices.


On Behalf of the Board of Directors,

Golden Fame Resources Corp.

Graham Clark, President, CEO & Director

FORWARD LOOKING STATEMENTS: The forward-looking information contained in this
press release is made as of the date of this press release and, except as
required by applicable law, the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking information,
whether as a result of new information, future events or otherwise, except as
may be required by law. By its very nature, such forward-looking information
requires the Company to make assumptions that may not materialize or that may
not be accurate. This forward-looking information is subject to known and
unknown risks and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially from those
expressed or implied by such information.
Pan American Fertilizer Corporation (TSXV:GFA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024