MONTREAL, QUEBEC--(Marketwire - Dec 13, 2012) - Cabia Goldhills Inc. ("Cabia") (TSX VENTURE:CGH) is pleased to announce that it has now received all necessary permits and authorizations to proceed with its drilling program on the Mejía Project in Colombia. Mobilization of the equipment is well underway and it is estimated that drilling of the first hole will be completed in early January. The drilling contract with Major Drilling, an international drilling company, provides for a minimum of 3000 meters with the possibility of a 2000 meter extension pending results from the first phase. The work shall consist of diamond coring utilizing the HQ coring system (63.5mm core diameter) to depths of 300 to 350 meters. Cabia''s geological team has found evidence for the presence of porphyry style mineralization located at depth on the Mejía Project, with the potential to host a gold-copper-molyporphyry system, which has become one of the focuses of the current exploration program.
In addition, Cabia is pleased to report that it is currently initiating exploration work, including the taking of additional samples, as well as a number of initiatives to improve the working conditions and general welfare of the population at the four artisanal mines adjacent to the Mejía Project, namely La Gloria Mine, El Fogaje Mine, Los Romanes Mine and El Turco Mine (the "Mejía Mines"). The terms and conditions of the agreements pursuant to which Cabia can earn an interest in the Mejía Mines have been disclosed in Cabia''s press release of September 11, 2012.
Cabia''s Mejía Project is a 6,946 ha mineral concession located close to sea level and outside any environmentally restricted areas in the San Lucas gold district in the Sur de Bolivar region of the Department of Bolivar, Colombia. The San Lucas gold district is an under explored area where intense artisanal mining is present, including the Mejía Mines, as described in Cabia''s NI-43-101 report on the Mejía Project available on the company''s SEDAR profile at http://www.sedar.com.
About Cabia Goldhills Inc.
Cabia Goldhills is a TSX-V listed junior exploration company focused upon the exploration and development of gold projects in Colombia. Cabia currently has less than 39 million shares outstanding.
Prospective Statements, Quality Control and Assurance:
Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. There is no guarantee that the acquisition of the Mejía Mines will be completed.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors (many of which are beyond the control of Cabia) that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking information include, but are not limited to: stock market volatility, access to capital, commodity prices and general economic conditions. Industry related risks could include, but are not limited to: operational risks in exploration, development and production; delays or changes in plans; competition for and/or inability to retain other services; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; risks associated to the uncertainty of reserve estimates; governmental regulation, including environmental regulation; geological, technical, drilling and processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of costs and expenses; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Cabia does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
- Investment & Company Information
Mr. Maurice Montpetit
Vice President, Business Development