Welcome!

News Feed Item

FDG Mining Inc. Provides Operational Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- F.D.G. Mining Inc. (TSX VENTURE:FDG) (the "Company") is pleased to provide an update to shareholders with regards to company operations including those that concern the Company's flagship Topacio Property, located in eastern Nicaragua, Central America. The focus of this update concerns the latter half of 2012. The Company achieved a number of important milestones, including:

Board of Directors Changes:

The Company welcomed new Board members:

--  Mr. Marc Bamber, London, Financier. 
--  Mr. William Dunn, Yukon, Mining Engineer. 
--  Mr. Ian Mann, Bermuda, Fund Manager. 

Management Changes:

--  Mr. David St Clair Dunn was appointed President and CEO. 
--  Mr. Tibor Gadjics was appointed Executive Vice President, Corporate
    Affairs. 

Financial Reports/Affairs:

--  The Company arranged financing of $531,000 through existing shareholders
    and has used this funding to support exploration and corporate
    activities through 2012. 
--  General and Administrative costs were reduced by 25%. 

Resource Estimate Tripled:

--  An updated NI 43-101 report completed in November showed a 298% increase
    to previous resource estimates at Topacio. More than 340,000 ounces of
    gold at an average grade of 3.9g/t within 150m of the surface were
    identified in the Inferred category.(i) 
--  A resource estimate of more than 124,000 ounces of gold amenable to open
    cut mining in the inferred category was identified at Topacio.(ii) 
--  Multiple targets for future exploration programs were identified through
    trenching and drilling. 
--  A further 1329 samples from 20 new trenches are in process. 
--  An additional 14 veins were identified which are not included in the
    updated resource estimate. 

Permits and Property Agreements:

--  An option to acquire 100% of the Topacio concession was extended by 41
    months to April 30, 2016. 
--  Municipal exploitation permits were granted for Topacio. 
--  An Agreement to acquire 100% of the San Pedro property, located 1 km
    from the B2Gold Jabili deposit, was completed pending TSX approval. 
--  Exploration permits on 100% owned El Santo were received, paving the way
    for aggressive trenching, soil sampling and drill programs. 

On the basis of achieving these milestones the Company intends to build on
the present momentum and make further significant gains in 2013, including:

Resource Development:

--  An intention to raise the open pittable resource estimate at Topacio to
    250,000 ounces or more. 
--  An intention to raise the global resource at Topacio to 500,000 ounces
    or more. 
--  An intention to increase confidence in the global resource at Topacio by
    bringing a significant number of ounces into the Indicated and Measured
    Resource categories. 

Permitting:

--  The process for Governmental exploitation permits at Topacio will
    continue. The Company anticipates the granting of the production permit
    at Topacio in Q3 2013. 

Corporate Social Responsibility:

--  Completed 8km's of all-weather road at Topacio 
--  Supported the commissioning of a New School on the property 

Financing of the Company:

--  The Company expects to announce and complete a financing in Q1 2013. 

"Through a challenging year for our industry as a whole, FDG has restructured its management, wrestled control of its finances and simultaneously tripled our resource calculations, positioning the Company as one of the most exciting prospects in the Latin American gold exploration sector. We are determined to build on these gains with aggressive drill and trenching programs designed to add long term shareholder value.

We believe that in Topacio we have an exceptional opportunity. We have identified an open pit resource as well as grades available at depth. We believe we can quickly and efficiently add to both. The addition of 14 new veins could further increase our resources significantly as the current estimate is now contained in less than 10% of the 25 known veins. In the medium term our present geological data suggests that Topacio has the potential to become a Company building production scenario.

I intend for 2013 to be the year when FDG starts to realize these opportunities and to show our shareholders, present and future what value the Company can bring."

On Behalf of the Board of Directors

David St. Clair Dunn, P.Geo., President and CEO

For further updates of company operations please contact Mr. Tibor Gadjics, Executive VP of Corporate Affairs or Mr. Toby Manson, Director of Communications - alternatively, visit www.fdgmining.com.

(i) Present NI 43-101 resource estimate updated in November 2012 is for an Inferred Mineral Resource of 2,716,176 tonnes grading 3.90 g/t gold, containing 340.345 ounces of gold.

(ii) For more information, please refer to present NI 43-101 resource estimate available at www.fdgmining.com or listed under the Company's documents on SEDAR.

The technical information in this news release has been reviewed and approved by David St. Clair Dunn, P.Geo., President and CEO of the Company and a Qualified Person as defined under National Instrument 43-101 ("NI 43-101").

About F.D.G. Mining Inc. (www.fdgmining.com):

F.D.G. Mining Inc. is a Canadian junior mining company engaged in acquisition, exploration and development of precious metal properties in Nicaragua. The Company is currently focused on advancing its core property, the past-producing 9300 hectare Topacio gold concession to near term production. Topacio has an NI 43-101 compliant inferred resource of 2,716,176 tonnes grading 3.90 g/t gold, containing 340.345 ounces of gold, and a similar geological setting to B2Gold's La Libertad and El Limon mines to the northwest. FDG trades on the TSX Venture Exchange under the symbol FDG.

Contacts:
FDG Mining Inc.
604-684-2213
www.fdgmining.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Sometimes I write a blog just to formulate and organize a point of view, and I think it’s time that I pull together the bounty of excellent information about Machine Learning. This is a topic with which business leaders must become comfortable, especially tomorrow’s business leaders (tip for my next semester University of San Francisco business students!). Machine learning is a key capability that will help organizations drive optimization and monetization opportunities, and there have been some...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.