| September 21, 2009 Amato Provides Update on Exploration Program | |
| VANCOUVER, BC, September 21, 2009 /CNW/ - Amato Exploration Ltd. (the "Company" or "Amato") (TSX-V: AMT), (http://www.amatoexploration.com), today provided an update on its ongoing mineral exploration activities in the Americas. Colosio-Los Letreros Property The Company's principal asset is the Colosio-Los Letreros Property ("Colosio") located in Chihuahua State, Mexico. Colosio lies within the Sierra Madre Occidental ("SMO"), a northwest-southeast trending belt of volcanic rocks extending for 1100 km on the western cordillera of Mexico. The SMO hosts numerous precious metal deposits including the Pinos Altos, Ocampo, Moris and Dolores mines. The Pinos Altos Mine of Agnico-Eagle Mines Ltd. is scheduled to begin production in the near future. and is located 23 km southwest of Colosio in a similar geological environment. As of Dec. 31, 2008, Pinos Altos contained Probable Reserves of 41.7 million tonnes grading 2.7 g/t gold and 74.6 g/t silver1. At present, numerous Canadian companies have active mining and exploration projects in the area. As previously announced in a news release on June 11, 2009, management conducted field work in May and June 2009 that included structural mapping and geological interpretation. At that time, management concluded that additional surface exploration on the main epithermal vein and stockwork trends was not required. Silver vein and stockwork targets are evident both along strike and down-plunge from surface exposures and underground workings. Management recommended an acceleration of the program into drilling and has suspended the surface exploration work. Drilling is planned in a similar program to that described in the Phase Two exploration recommendations presented in the Technical Report for Colosio prepared pursuant to National Instrument 43-101. The collar locations of the drilling targets are readily accessible. Project Generation The Company's Initial Public Offering in April 2009 yielded funds for a Phase One surface exploration program at Colosio; for project generation; and for other general corporate needs. Careful use of corporate funds has allowed the Amato geological team to seek out additional "drill ready" projects. Now, Amato is nearing completion of project generation efforts in several well-known mining camps. Our expanded efforts have focused on precious metal and on precious metal rich base metal camps in the Sierra Madre Occidental ("SMO") Belt of northwestern Mexico; in the Timmins-Kirkland Lake belt of Ontario, Canada; and in the IOCG Belt (locally termed the "Chilean Iron Belt") of District III in Chile. These mining camps have been a locus for historical gold and silver production, and now, certain areas within appear favourable for the discovery of bulk-mineable copper-gold-silver deposits. At the present time, confidentiality agreements with third party property owners preclude Amato from disclosing results of its field examinations. Although there is no assurance that any or all of the negotiations will be successful, such information will be ultimately announced upon execution of definitive property agreements. About Amato Exploration Ltd. Amato Exploration Ltd. is a mineral exploration company based in Vancouver, B.C., Canada. We are currently focused on exploring for silver and gold deposits in northern Mexico and securing other leading mineral properties in the Americas. The Company's primary asset is its Colosio-Los Letreros Property located in southwestern Chihuahua State, in northern Mexico. This news release contains forward-looking statements which reflect management's current expectations regarding the Company's objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are not guarantees, but only predictions. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a number of factors that could cause actual results to vary significantly from current expectations. These factors and other risks and uncertainties are discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, as identified in the Company's disclosure record on www.sedar.com. The forward-looking statements included in this news release are made only as of the date of this news release and the Company does not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise. Paul McGuigan, P. Geo., Director, is a Qualified Person and has approved the technical content of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information, please contact: Mr. Melvin R. Reeves, Chief Executive Officer, Amato Exploration Ltd. Tel: 604-315-2559 Investor relations contact: Mr. John Bevilacqua, Acqua Capital Group. Tel: 604-721-3000. For further information, please send enquires to info@acquacapitalgroup.com. | |
You can view the Next News Releases item: Tue Oct 20, 2009, Amato Announces Proposed Joint Venture Option With Minera Copper Canyon, Appoints New Directors And Private Placement You can view the Previous News Releases item: Thu Jun 11, 2009, Amato Exploration Ltd. receives recommendation for drilling at its Colosio Property You can return to the main News Releases page, or press the Back button on your browser. |
