VANCOUVER, BRITISH COLUMBIA, May 2, 2013 -- Lupaka Gold Corp. ("Lupaka Gold" or "the Company") (TSX:LPK, BVL:LPK) announces that it has mobilized geologic field teams to the Company's Crucero gold project and the Invicta poly-metallic project in Peru to begin the 2013 field season.
Eric Edwards, President and CEO of Lupaka Gold commented, "The rainy season has ended and weather has improved to a point where we can fully mobilize for our field season. After the success of our 2012 drill program which resulted in an 84% increase in estimated inferred gold ounces at our Crucero Gold Project, we are looking forward to another field season. With 10 untested mineralized anomalies currently identified, there remains significant detailed geology, mapping and sampling to be done as we refine our understanding of the Crucero mineralization and identify high-priority drill targets."
The Company stopped drilling at the Crucero Project for the 2012 season as planned in December 2012 due to the rain that typically occurs between January and March. Based on the drilling results of the 2012 campaign, the Company announced an updated National Instrument 43-101 ("NI 43-101") resource on February 27, 2013. The Company reported an indicated resource of 31.4 million tonnes at 1.01 gold grams per tonne (g/t) capped grade for 1,017,999 gold ounces at the A-1 Zone within the Crucero Gold project. In addition, the Company reported an inferred resource of 37.2 million tonnes at 1.00 gold g/t capped grade for 1,190,526 gold ounces at the A-1 Zone. See the technical report dated April 10, 2013, titled "Technical Report for the Crucero Property, Peru" and prepared by Tetra Tech Wardrop, which is available at www.sedar.com under the Company's name.
The Company is also commencing a field work program at its Invicta Project. The Company acquired the Invicta Project in October 2012 and continued limited geologic evaluation through the winter months to identify priority targets. The planned program will focus on historic workings and geologic anomalies outside of the immediate Invicta resource area, including a stream sediments sampling program.
Mr. Edwards continued, "The Invicta Project is largely unexplored outside of the existing resource area. Our field team has identified several intriguing early-stage targets within the claim boundaries that certainly are worthy of follow-up. We know that there is one existing resource on the property, and see opportunities for additional discoveries on unexplored concessions."
The Invicta Project contains a current measured and indicated gold resource estimate of 8.6 million tonnes at 3.48 equivalent gold g/t grade for 0.967 million gold equivalent ounces. In addition, the Company reports an inferred resource of 2.5 million tonnes at 2.9 g/t gold equivalent grade for 0.24 million equivalent gold ounces at 1.3 g/t gold equivalent cutoff, all contained within 600 hectares of a total 36,000 hectare concession package. See the technical report dated April 16, 2012, titled "Technical Report on Resources, Invicta Gold Project, Juaura Province, Peru", and prepared by SRK Consulting, which is available at www.sedar.com under Andean American Gold Corp's profile.
About the Company
Lupaka Gold is a well-financed, Peru-focused gold explorer with geographic diversification and balance through its interest in asset-based resource projects spread across three regions of Peru.
Lupaka Gold's flagship project is the Crucero Gold Project, its 5,500 hectare gold property located in southern Peru. The Company, based in Vancouver, Canada, is project operator and holds a 100% indirect interest in the Crucero Gold Project. Since commencing active exploration in April 2010, the Company has reported annual NI 43-101 compliant gold resource estimate increases for the Crucero Gold Project in the first quarter of 2011 and 2012 (see the Company's most recent technical report on www.sedar.com).
As a result of the Company's recent acquisition of Andean American Gold Corp., Lupaka Gold's assets now include the 100% owned Invicta Gold Project (north Peru), which has near-term underground gold and poly-metallic development potential, and a strategic 17% stake in Southern Legacy Minerals Inc., owner of the AntaKori copper-gold deposit located in central Peru. As of March 31, 2013, the Company had cash and cash equivalents on hand of approximately $8.7 million.
William Burstow, Lupaka Gold's consulting geologist and a "qualified person" as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release, and has verified the opinions contained in this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lupaka Gold Corp.
+1 (604) 681-5900
or visit the Company's website at www.lupakagold.com.
Forward Looking Information
This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities regulations in Canada and the United States (collectively, "forward-looking information"). The forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Forward-looking information includes, but is not limited to, statements with respect to the Company's planned work programs on the Crucero Project and Invicta Project, the anticipated effect of completed drill results on the Crucero Gold Project and the Invicta Project, future upgrading of mineral resources and expected outcomes. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects, "is expected", "budget", "scheduled", "estimates", forecasts", "intends", "anticipates", or "believes", or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" be taken, occur or be achieved.
The forward-looking information contained in this news release is based on certain assumptions that the Company believes are reasonable, including that the current price of and demand for gold will be sustained or will improve, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms, that supplies, equipment, personnel, permits and local community approvals required to conduct the Company's planned exploration and development activities will be available on reasonable terms, that results of exploration activities will be consistent with management's expectations and that the Company will not experience any material accident, labour dispute, or failure of equipment.
However, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risk that actual results of exploration activities will be different than anticipated, that cost of labour, equipment or materials will increase more than expected, that the future price of gold will decline, that the Canadian dollar will strengthen against the U.S. dollar, risk of accidents, labour disputes and other risks generally associated with mineral exploration and unanticipated delays in obtaining or failure to obtain community, governmental or regulatory approvals or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.