Asia Gold Reports the Start of a Falcon'TM' Airborne Geophysical Survey in Southern Mongolia.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Exploration Update Mongolia, Bulgaria and Indonesia Asia Gold Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ASG ASG Assign ASG Allen Systems Group (Naples, FL) ASG Abu Sayyaf Group (terrorist group) ASG Associated Student Government ASG Area Support Group ASG Adaptive Services Grid ASG Assistant Secretary General ) is pleased to report that BHP Billiton BHP Billiton is the world's largest mining company.[1] Its origin is in the 2001 merger of Australia's Broken Hill Proprietary Company (BHP) and the UK's Billiton, which has a South African background. The result is a dual-listed company. World Exploration Inc. (BHP Billiton) has started a large Falcon(TM) airborne gravity gradiometer and magnetic survey over the company's 100% owned 7,648 km2 West Falcon Gobi Property in southern Mongolia. BHP Billiton plan to fly a total of about 11,000 line-kilometres to complete the data acquisition stage of the survey. The survey targets are world class porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. copper-gold and coal deposits. In 2005, Asia Gold discovered the Khongor porphyry copper-gold prospect within the West Falcon Gobi property. Asia Gold and BHP Billiton signed an Amended Option Agreement in February 2006. Pursuant to this agreement, BHP Billiton can earn an initial 50% interest in the West Falcon Gobi Property from Asia Gold by completing the following; - A US$3,500,000 exploration program prior to December 31, 2007. - A Falcon(TM) airborne gravity gradiometer and magnetic survey prior to December 31, 2006 (the initial phase of the US$3.5 million earn-in program). - The exercise of 1,153,998 Asia Gold share purchase warrants on, or before, July 4, 2006 for total proceeds to the company of C$804,913. BHP Billiton can earn an additional 20% interest in the West Falcon Gobi Property by funding up to a US$45,000,000 Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. on one exploration target. The 7,648 km2 West Falcon Gobi Property includes Silurian-Devonian age island-arc geological terranes prospective for porphyry copper-gold deposits and Permian age sedimentary basins prospective for metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. and high-quality thermal coal deposits. Oyu Tolgoi, the giant porphyry copper-gold deposit owned by Ivanhoe Mines, and Tavan Tolgoi, one of the largest metallurgical coal deposits in Asia, are both located east of the West Falcon Gobi Property in southern Mongolia. The Falcon(TM) survey and data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a is expected to be completed in less than 8 weeks, conditional on weather conditions, with ground follow-up geophysics and drilling to begin on prioritized targets in the second half of 2006. Exploration Update Mongolia - A 3,500-metre drilling program on the 100% owned Naran Bulag project in southern Mongolia is scheduled to begin in April. The program will test the down-dip extension of a series of quartz veins that host high-grade gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. at surface (see News Releases dated January 23, 2006 and February 16 2006). An Induced Polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is (IP) and ground Horizontal Loop Electro-Magnetic (EM) survey will begin on the Khongor porphyry copper-gold prospect in early April. A program of detailed geological mapping, with a focus on structure and alteration, will be conducted at the same time. The data from the geophysical surveys and the geological mapping will be integrated in order to select targets for a 3,000-metre drilling program to start following completion of the Naran Bulag drill program. Bulgaria - A 1,200-metre drilling program to test the Tashlaka Hill epithermal gold deposit in Bulgaria is scheduled to begin in early April. The program will test both the Main and South Zones for high-grade gold mineralization associated with zones of intense silicification si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. (see News Release dated January 18, 2006). Indonesia - Camp construction, line cutting and logistical preparation is now well underway on the Kaputusan porphyry copper-gold project on Bacan Island, Maluku, Indonesia (see News Release dated January 19, 2006). A first-stage exploration program comprising geological mapping, ground geophysical surveys and trenching is planned to begin in late March. Conditional on results from the stage one program, Asia Gold plans to drill test the copper-gold mineralization in early summer 2006. David C. Owens, President, and Richard Gosse, Vice President Exploration, both qualified persons as defined by National Instrument 43-101, supervised the preparation of the information in this release. Ivanhoe Mines and BHP Billiton own approximately 47% and 7% respectively of the issued and outstanding shares of Asia Gold. Forward-Looking Statements: Statements in this release that are forward-looking statements, including the planned exploration of the company's mineral properties in Mongolia, Bulgaria and Indonesia are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy or this release. Asia Gold Corp. (TSX VENTURE:ASG) |
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