TORONTO, ONTARIO--(Marketwire - Feb 15, 2013) - Mahdia Gold Corp. (CNSX:MGD) (the "Company") is pleased to announce that further to the announcement of February 13, 2013 on the Wenot trend it has received the gold assays from the 2012 core recovery and rehabilitation program on the Fenell mineralized system. These latest results are from the forensic review of core drilled in 2006 to advance the Fenell drilling database to NI 43-101 compliance with confirmatory and supplemental assays. This reconciliation program is continuing and is achieving success in verifying the previous work allowing for a focus of ongoing work on higher grade zones for optimization of the resource model.
|DRILL HOLE NUMBER||Interval||From||To||Width||Au g/t|
|OMU 28 (1)||167.51||163.42||167.00||3.58||3.84|
|OMU 39 (1)||578.00||357.00||427.00||70.08||0.99|
|(1)||Check screen fire assays pending|
The company had 2,300 samples recently assayed. 1,665 were from reconnaissance drill holes along the Wenot trend announced February 12, 2013 and 525 were from the Fenell mineralized system, and 110 were from routine prospecting and a mapping work to develop other targets. Mahdia''s evaluation program is rapidly proceeding its goal to develop a NI - 43 101 compliant resource model and significantly advance the project through aggressive drilling and expansion.
The company maintained a rigorous program of QA/QC including the use of certified standards and blanks and submitted the samples with secure chain of custody to Activation Laboratories in Georgetown, Guyana.
The Co-Chairman of the Board, Mr John Reynolds stated: "The board is pleased to release of the second announcement of what should be a continuing flow of significant results with a continuation of its drilling at a larger scale".
The Company''s qualified person, David Bending, the President of Mahdia, has reviewed the technical content of this news release and stated that the exploration team is particularly pleased with the recovery of 80% of the Fenell Deep core and the commencement of the audit sampling and database update program. Additional assays, both to refine the information for the samples reported herein through checks, screening for metallic and larger subsamples, and to extend the sample intervals are pending. The objective of this intensive effort was to validate the existing data without the need to twin the historic holes and permit a focus of drill planning on expansion and optimization of higher grade portions of the system.
About Mahdia Gold Corp.
Mahdia is a Canadian-based gold exploration company with active gold prospects in Guyana, South America.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.