Tuesday, October 05, 2010

Gold Stocks;AMI Resources Inc. (TSX.V:AMU) - New gold targets identified

Gold Stocks; AMI Resources Inc. (TSX.V:AMU) - New gold targets identified

Vancouver, B.C. - October 5, 2010 (Investorideas.com Mining Stocks Newswire) - The Company (AMI Resources Inc. - TSX-V Symbol AMU) has received from Newmont Ghana Gold Limited, a subsidiary of Newmont Mining Corporation (NYSE:NEM) an update on exploration activities with respect to Newmont’s option to earn into AMI’s Anuoro license in Ghana, West Africa.

A total of 715 soil samples were collected in the month of September to conclude the initial phase of soil sampling. A new parallel soil anomaly with maximum Au in soil value of 410 ppb and measuring, at least 1.6 km long by 0.3 km wide has been identified on the license. Infill soil lines are planned. A number of blocks of ground IP/Resistivity surveys will be conducted over both the old and new soil anomalies. This should contribute in mapping out potential mineralized structures and also better define drill targets.
Newmont has also completed 25 Reverse Circulation drill holes totaling 2,300m over untested soil anomalies which lie outside of the NI43-101 compliant 100,000 ounce Mineral Resource identified by AMI on the Anuoro North Prospect. Significant drill results from these recent holes drilled by Newmont are as follows:
Hole_Id  From  To  Width meters  Grade g/t Au
ANRC017  54.0  64.0  10.0 1.14
ANRC017  69.0  89.0  20.0 1.60
ANRC019  18.0  22.0  4.0 3.50
ANRC021  46.0  48.0 2.0 7.20
ANRC022  38.0  40.0 2.0 2.80
ANRC024  38.0  54.0 16.0 0.70
The results from this initial drill program look promising. Gold mineralization appears to be associated with pinkish feldspar and sericite alteration plus disseminated pyrites within granodioritic rocks as well as quartz veining in the Tarkwaian/Birimian sediment contact.
The Anuoro License covers 126 sq km on the Ashanti Shear and is approximately 25 km to the northwest Newmont’s Akyem gold deposit (7.7 million ounces in reserves as of the end of 2009). Newmont has the option to earn up to a 75% interest in the Anuoro license by spending US$4 million in exploration expenditures and property payments.
Simon Meadows-Smith, SEMS Exploration Services Ltd. a consulting geologist to AMI is a qualified person within the meaning of NI43-101 and has reviewed the scientific and technical information contained in this press release.
We seek safe harbour.
Contact: Dustin Elford, President (604) 669-2901
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