VANCOUVER, BRITISH COLUMBIA--(Marketwire -12/08/11)- F.D.G. Mining Inc. ("FDG" or "Company") (TSX-V: FDG.V - News) is pleased to announce the initiation of the first phase of a drilling program on its 9300 hectare, 100%-controlled Topacio Project in east central Nicaragua. On the Topacio concession, multiple low sulfidation, epithermal quartz-sericite veins carry gold-silver mineralization. The property includes a NI43-101 compliant inferred resource of 680,000 tonnes grading 5.2 g/t Au and 34 g/t Ag and has a past history of gold production.
The initial drill program comprises of approximately 1800 metres of diamond drilling in 13 drill holes and will concentrate on the Topacio vein, which hosts the NI 43-101 compliant inferred resource (see 43-101 technical report entitled "Technical Report for a Geological Evaluation of the Topacio Project" amended February 3, 2011 by D. Dunn and W. Tanaka). It is designed to increase the inferred resource by (1) confirming results from historical drilling and improving recovery, (2) testing the resource where it remains open at depth and (3) testing the resource along strike.
In order to accomplish these objectives the company will drill three holes coincident with previous drilling conducted by Triton Mining in 1996 where Triton experienced inconsistent core recoveries through the quartz vein and associated quartz stockwork host. By twinning these holes, FDG hopes to obtain better core recovery and a more accurate gold grade and ore thickness in the inferred resource. Five of the thirteen holes will be drilled to undercut known gold-silver mineralization that remains open at depth. The last five drill holes of the program will test the area southwest of and along strike from the known resource where trench results from FT11-015 and 016 include 2 meters of 2.5 g/t Au (press release November 16, 2011). This intercept indicates the potential for gold-silver mineralization in the sub-surface in this area.
A second round of drilling is being planned which will test gold-silver mineralization in vein systems outside of the inferred resource.
FDG also wishes to announce it has moved its head office from Vancouver to Toronto. The Company's head office is now located at 130 King Street West, Suite 2810, Toronto, Ontario M5X 1A6. FDG has opened a small satellite office in Vancouver to maintain the Company's presence there while expanding its horizons in Toronto. The Company's new Vancouver office is located at 970 Burrard Street, Suite 224, Vancouver, BC V6Z 2R4. FDG personnel can be reached in both Toronto and Vancouver by calling 416.479.4433 or 778.330.2731.
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. Topacio has an NI 43-101 compliant inferred resource of 680,000 tonnes grading 5.2 g/t gold and 34 g/t silver, 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.
On Behalf of the Board of Directors
Daniel T. Farrell, President and Chief Executive Officer
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. See the cautionary statement "Forward-Looking Statements" and "Risk Factors" in the Company's prospectus dated April 14, 2011 available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. References to historical data and information in this news release are not National Instrument 43-101 ("NI 43-101") compliant and should not be relied upon for evaluation purposes. The Company uses historical data and information solely as a guide to future exploration and development activities. The technical disclosure in this news release has been prepared by or under the supervision of Robert Suda, P. Geo., the Vice-president of Exploration of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
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.