- PROPERTY ACQUIRED ADJACENT TO COMPANY'S SEWELL PROPERTY - PROPERTY LOCATED 25 KM SOUTHWEST OF WEST TIMMINS/LAKE SHORE GOLD DISCOVERY ALONG PORCUPINE DESTOR FAULT ZONE
VANCOUVER, BRITISH COLUMBIA--(Sept. 23, 2009) - Amador Gold Corp. (TSX VENTURE:AGX) (the "Company") is pleased to announce, subject to regulatory approval, the acquisition of a 100% interest in the Sewell East property, as well as the reinstatement of the Patent Gold property. These properties complement the Company's extensive portfolio of gold properties in the West Timmins district. The Company now has seven gold projects in the Timmins/West Timmins area as well as a number of nickel/copper projects throughout the Timmins camp.
To view a map of the recently acquired Sewell East Gold property in the West Timmins district please click on the following link:
http://www.amadorgoldcorp.com/i/pdf/TimminsWest.pdf
"The Sewell East property, adjacent to our current Sewell property, fits well into the Company's continued exploration plans along the Destor-Porcupine Fault," comments Company President, Richard Hughes. "We will continue to advance our Horwood gold project, which recently reported high-grade gold values found at surface, as well as begin grass-roots exploration on the Sewell properties. Precious metals will continue to be the Company's focus moving forward."
The Sewell East property consists of two claims of 32 units in Sewell Township, Porcupine Mining Division. The property is accessible by road and is approximately 35 km southwest of Timmins and significantly expands the Company's current Sewell property.
Consideration for the property consists of $50,000 and 300,000 shares, payable over two years. (A further 100,000 shares are to be issued following the completion of a positive feasibility study). There is a 3% net smelter return payable, one-third (1%) of which may be purchased for $1,000,000.
The property occurs along what may be a splay off the prolific gold-bearing Destor Porcupine Fault Zone ('DPFZ'). The DPFZ hosts the world famous Timmins gold camp as well as other gold deposits in the Harker-Holloway area of Ontario. Potential for gold mineralization may be evidenced by historical gold-bearing quartz boulders found down glacial ice-direction of the properties.
The Patent Gold property has been reinstated and there remain payments of $60,000 in cash and 75,000 in shares. There is a 3% NSR, 2% of which may be purchased for $1.5 million.
The Company has elected not to continue with the Norberg property and has terminated its option. The Company also announces it has granted 600,000 stock options to directors and officers of the Company and 1,980,000 stock options to employees and consultants at a price of $0.10 per share for a period of five years.
About Amador Gold
Amador has assembled a portfolio of more than 20 properties of exceptional merit in established mining camps and emerging mineral districts of Canada. These projects include the Loveland gold-copper-nickel project program and the Horwood gold project.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Inquiries:
Amador Gold Corp.
Kevin Hull or Alan Campbell
(604) 685-2222
info@amadorgold.com
www.amadorgoldcorp.com
or
AGORACOM Investor Relations:
AGX@agoracom.com
http://www.agoracom.com/ir/Amador
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
