Welcome!

News Feed Item

Mahdia Gold Corp. (CNSX:MGD) Announces Corporate Update

TORONTO, ONTARIO -- (Marketwire) -- 02/08/13 -- Mahdia Gold Corp. (CNSX:MGD) ("Mahdia" or the "Company") is pleased to announce an operational update summarizing 2012 and January, 2013.

Mahdia had a very active twelve months of activities since the Omai property was acquired in January 2012.

Milestones include: the initial receipt of the Prospecting License in January 2012; assumption of field operations; design and commencement of systematic fieldwork and construction including, the rehabilitation of dormitories, admin buildings, workshops and workspaces to support exploration and operations; and establishing a secure perimeter to allow for peaceful exploration and development operations in the area. The Company's professional security team has performed an exemplary service in establishing and maintaining control in support of the program.

The Company inherited 105,000 meters of historical drilling results from the previous operator and has been working to validate a comprehensive database of geological and geochemical results and historic prospecting and mining information. This data has substantial value and in conjunction with the existing infrastructure, represents a major accelerant to testing and development, contributing to an increase in the potential value of the Omai property.

On initial review of this data, the potential for substantial expansion of the known historical deposits at Wenot and Fennell was evident, and the phase I program was designed jointly with Mahdia's engineering partner to verify the database, confirm the potential for expansion and prepare a National Instrument 43-101 compliant resource estimate. These objectives were incorporated in the Company's diamond drilling program and a very extensive effort was undertaken to rehabilitate the historical core in the target areas. While this process requires considerable time and geological work, it represents a substantial saving relative to the cost of reproducing these intercepts with new drill-holes. A significant component of Mahdia's early investment in the project included engineering consulting, the establishment and maintenance of compliant quality assurance and quality control, and the development of a locally based technical field support network in Georgetown and Linden.

During this period, Mahdia continues to study the historical data and the new data of the property, and evaluate the targets.

The forensic core rehabilitation program was very successful in that about 80% of the 35,000 meters of deep Fennell core were rehabilitated and re-logged, and are being selectively resampled to validate that portion of the database without incurring new drilling expenditure. This has allowed the Company to redirect its drilling, to optimize high -grade targets within the Fennell stock and drill deeper to expand this very substantial mineralized body. The objective of validating this target for compliance purposes has been superseded by a focus on growth and grade optimization.

The geological fieldwork completed at Omai also identified significant superficial deposits that were documented in work by former operators, but not developed. They include lateritic and deep alluvial deposits, a significant stockpile complex which shall be tested for its gold content and economic value, and some more traditional exploration targets based on geochemical data and auger drilling results. Collectively these new targets represent a substantial addition to the exploration and development arena, with the additional advantage of low evaluation development and (if the grades meet expectations) operating costs.

The Company further recognized (through the Sasso option agreement), in its decision to act on the approximately 21,800 acres that expands the Omai property south of the Essequibo River, the need to continue growth beyond the 7,244 acres of the Omai Prospecting License. The long-term resource growth is part of the plan that will advance the Omai district from a Prospecting License to a fully matured Mining License and a major, integrated mining and processing complex that will benefit in stages from all of these targets.

The Company recognized a need to expand and enhance its management team and has taken material steps to do so. The Company has welcomed John Reynolds, Donald Gordon, John Martin, Michael Galloro, and Andre Douchane in their various capacities to assist in Mahdia's governance, growth plans and efficiencies.

In 2013 the Company will focus its efforts on:


--  Commencement of production in the Shallow Flats area high grade
    materials, through an agreement with Roraima 
--  Testing of mineralization of the stockpiled material left behind by the
    previous mine operator 
--  Completion of the prefeasibility study, followed by a feasibility study
    in 2013 
--  Establishment of a production plant for mineralized stockpile 
--  Establishment and implementation of the next phase of the exploration
    program at the Wenot and Fennell Pits 
--  National Instrument 43-101 compliant resource estimate 

Mr. Bending manages Mahdia's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101. He supervised and approved the preparation of the technical information in this release.

For additional information including a photo library showing the advancement of activities at the Omai mine site please visit the Company's website at www.mahdiagold.com.

About Mahdia Gold Corp.

Mahdia is a Canadian-based gold exploration company with active gold prospects in Guyana, South America.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.

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
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
SYS-CON Events announced today that Outscale will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outscale's technology makes an automated and adaptable Cloud available to businesses, supporting them in the most complex IT projects while controlling their operational aspects. You boost your IT infrastructure's reactivity, with request responses that only take a few seconds.
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
SYS-CON Events announced today that Tintri, Inc, a leading provider of enterprise cloud infrastructure, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Tintri offers an enterprise cloud platform built with public cloud-like web services and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds – to build agile development environments...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.