VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 24, 2012) - Barisan Gold Corporation (TSX VENTURE:BG) wishes to inform shareholders that that two of its majority-owned Indonesian subsidiaries, PT Linge Mineral Resources ("Linge") and PT Takengon Mineral Resources ("Takengon"), have received extensions to their Exploration Izin Usaha Pertambangan ("IUP"). The two IUPs have been extended until December 28, 2014. Exploration IUPs are exploration licenses, which allow their owners the right to conduct mineral exploration on the ground they cover, subject to other relevant permits, government and local approvals, if applicable. Exploration IUPs are granted for up to a total period of eight years, covering one year for general surveys, three years for exploration, extendable for one year, with a maximum extension of twice the respective extension period, and one year for a feasibility study, extendable for one year, following which they must either be relinquished or upgraded to Production-Operation IUPs.
The Linge IUP is 80% owned by Barisan Gold and is solely operated by the Company. The IUP contains the Abong gold deposit which at a 0.4g/t gold cut-off, has an estimated an NI 43-101 compliant inferred resource of 8.5 million tonnes of 1.49g/t gold and 10.7 g/t silver, containing 405,000 ounces of gold and 2.9 million ounces of silver. The IUP also contains the Bahu, Middle Ise-Ise and Lower Ise-Ise gold-copper porphyry prospects. Linge continues to work with local government authorities seeking forestry borrow-use permits, which would allow Linge to resume drilling at Abong and other gold-copper porphyries.
The Takengon IUP is 75% owned by Barisan Gold and is solely operated by the Company. The IUP contains the Collins epithermal gold prospect as well as the Semelit, West Semelit and Tanga gold-copper porphyry prospects.
Barisan Gold also wishes to advise that it has just begun exploratory drilling at the Collins epithermal gold prospect, located within the Takengon IUP. The previous owner of the project had conducted mapping and sampling at Collins over the past few years, the results of which were positive and identified narrow high-grade gold veins at surface. Recent mapping by Barisan Gold has confirmed and has re-defined at least two sub-parallel quartz vein zones which contain high grade gold besides a low grade 1.6-3.2 meter wide main quartz vein. The Collins prospect is located in Areal Penggunaan Lain ("APL"), which means an area that is not classified as forest pursuant to a decree of the Ministry of Forestry. The initial program consists of 2,000 meters of drilling to test the continuity of the veins with grade at depth. The initial drilling program is expected to cost less than $300,000 and will count towards the work commitment under the Takengon IUP documentation. Barisan Gold strives to conduct economically sensible drilling that targets high probability targets while conserving the Company's financial resources.
Dibiansyah Hamid, MAIG, the designated QP within the meaning of NI 43-101, has reviewed and approved the content of this release.
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About Barisan Gold Corporation
Barisan Gold (TSX VENTURE:BG) is a Canadian-based minerals exploration company listed on the TSX Venture Exchange under the symbol "BG". The Company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. Barisan Gold currently owns and operates three gold and gold-copper properties in Indonesia's Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt, the Abong epithermal gold project and the Takengon gold-copper porphyry prospect. Barisan Gold currently has 40,706,186 shares outstanding.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements reflect management's current assumptions and expectations regarding future work programs (such as those planned for the Collins epithermal gold prospect), results, performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements.
Those risks include the interpretation of drill results and the estimation of mineral resources and reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks.
Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.