VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 04/18/2006 -- Georgia Ventures Inc. ("GVI" or the "Company") (TSX VENTURE:GVI) reports on the on-going work program at the epithermal Bogutu gold deposit in north-west China.
The work program was initiated in 2005 and resumed March 28, 2006 with the intent of carrying out a drill program to define a mineral resource estimate conforming to the regulations and guidelines in National Instrument 43-101.
A Longyear drill rig recovering HQ and NQ core samples will be mobilized to Bogutu with an estimated start date of May 10, 2006. An initial 1,500 meter drill program will be carried out on the main Bogutu prospect.
Highlights of past work:
- 78 meters grading 1.79g/t Au (drilling by the Chinese) - 13.27 meters grading 7.06g/t Au (drilling by the Chinese) - 13.4 meters grading 2.75g/t Au (trenching by GVI)
The main Bogutu prospect consists of a 1 kilometer long epithermal system with alteration widths in excess of 100 meters and is one of several subparalell gold systems discovered by Chinese geologists during the 1990's.
In addition gold values in trench samples have been encountered along a major east-west fault located to the south of the epithermal showings. This style of mineralization has yet to be investigated and categorized, however its association with a major structure suggests a genetic link to large hydrothermal gold deposits within the Tien Shan belt.
This prolific mineral belt is host to what is arguably the largest single gold deposit in the world (Muruntau) with a global resource of over 1 billion tonnes averaging 3.5 to 4 grams per tonne Au or 140 to 150 million ounces gold.
Numerous other gold mines ranging in size from 3 million ounces to Centerra's Kumtor mine with 10 million ounces of gold (located 200km southwest of Georgia's concession) are found in the Tien Shan Belt.
Luca Riccio, PhD., P. Geo, a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this News Release and is responsible for program design and quality control of exploration undertaken by the Company in China.
On behalf of The Board Jonathan W. George, President
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.