TORONTO, ONTARIO -- (Marketwire) -- 03/02/12 -- Tembo Gold Corp. (TSX VENTURE: TEM) ('Tembo', or the 'Company') is pleased to announce assay results from an artisanal workings sampling program conducted at the Tembo project in the Lake Victoria goldfield in Tanzania.
A total of 32 artisanal shafts from various areas on current drill target areas were accessed and sampled in September 2011. A 20kg sample was taken across the full width of the current working face and sent to SGS Johannesburg for QEMSCAN analysis. The sampling was restricted to only safe and accessible shafts and there was no geological control as to whether the face was on ore or not. As these samples were not physically taken under controlled conditions, they must be considered as grab samples. Grades ranged from less than 0.5 g/t gold to 58.47 g/t gold, providing confidence in the information that artisanal miners are extracting ore at grades between 5 g/t gold and 25 g/t gold.
Study of the material being removed from the artisanal workings confirms the nature of the geology of the zones being mined as mineralized shear structures with gold hosted mainly in sulphide disseminations, stringers and masses within smokey black to white quartz veins, as well as in sheared country rock consisting of mafic metavolcanics. This closely resembles the nature of ore mined at the neighboring Bulyanhulu Mine of African Barrick Gold. Photographs (see Figures 1-3) were taken of these faces during the sampling suggest that the zones being mined vary in width up 3m in these workings. The nature of these structures and the style of deformation, veining and mineralization provide encouraging indications that the mineralized zones at the Tembo project are robust structures with strike lengths from 500 - 1500 m (11 km in total), as evidenced by the extent of artisanal mining activity.
To see Figures 1-3 please visit the following link: http://media3.marketwire.com/docs/tem302i.pdf.
The samples are currently undergoing gold deportment testing to better understand the local metallurgy, completion of which is expected in the coming months.
Tembo President & CEO, David Scott stated, 'We are very encouraged by what we see in the grade and geological characteristics of the artisanal ore and are confident that the decision to utilize artisanal workings as a target prioritization tool for our ongoing 87,000m drill program is the correct one. Two diamond rigs and one RC rig are currently drilling and assay results will be released as they become available.'
The above information has been prepared under the supervision of David Scott, Pr. Sci. Nat., who is designated as a 'Qualified Person' with the ability and authority to verify the authenticity and validity of the data.
About Tembo
Tembo Gold is a Canadian public company listed on the TSX Venture Exchange ('TSX-V') under the symbol TEM. The Company currently has 100% interest in the Tembo Gold Project which is located adjacent to African Barrick's 20Moz Bulyanhulu Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Our focus is the discovery and development of world-class gold projects in Africa. The company has assembled a highly experienced team with a proven history of developing, financing, and operating mining projects in Africa. With approximately $13 million in the treasury Tembo is well financed to execute on its exploration plans.
On Behalf of the Board of Directors of Tembo,
David Scott, President & CEO
Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Private Placement, the completion and timing of additional closings of the Non-Brokered Private Placement, the payment of certain finders' fees and the listing of the Common Shares on the TSXV. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the ability to develop the Company's properties, the economic climate in the jurisdictions where the Company carries on operations and commodity prices. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, a significant drop in the price of gold, political turmoil in Tanzania and other risk factors set forth in the Company's continuous disclosure. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
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 or accuracy of this news release.
Contacts:
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
www.tembogold.com
