Jan 18 2011
Ardent Mines Limited (OTC Bulletin Board: ADNT) has agreed upon binding and exclusive terms to acquire Gold Hills Mining Ltda., a Brazilian corporation which owns mineral rights on four properties located in Northeastern Brazil, comprising a total area of approximately 3,500 Hectares, collectively to be known as the "Serra do Ouro" project.
The Gold Hills properties are in a gold bearing shear zone, which hosts a 14 km trend of highly mineralized veins, with areas of gold grades in the 10 gr/MT range, underground galleries (built by the CPRM, an agency of Brazil's Ministry of Mines), shafts, and gold-bearing tailings with average grades in the 1 – 3 gr/MT range, yet to be fully evaluated. Gold Hills has secured all mineral rights, and has conducted preliminary geochemical and geophysical work on this area.
Mr. Luciano de Freitas Borges, an experienced geologist and former National Secretary of Mines of Brazil serving as a Board Member of Ardent, strongly supports the acquisition: "The Geology of this area has very high potential. In addition to historical information derived from prior gold production developed by artisanal miners as well as exploration work previously undertaken by the Brazilian Government, recent geochemical and airborne geophysical surveys provide strong indications that the main vein zone may contain over 1 million ounces of gold and possibly more. The geophysical data also strongly suggests the existence of ancillary veins parallel to the already identified main gold bearing zone with the same geophysical signature," said Mr. Borges.
The Gold Hills properties are located in Teixeira County, State of Paraiba, and Itapetim County, State of Pernambuco. As per the arrangement with Gold Hills Mining Ltda., Ardent will engage in a new survey drilling program during the first 12 to 15 months after the closing of the acquisition, which is expected to occur in March of 2011.
Mr. Leonardo Riera, Ardent's Chief Executive Officer, added: "The acquisition of these valuable mineral rights, where gold extraction was previously performed, is a unique and extraordinary opportunity for Ardent Mines. We intend to continue our efforts to identify and acquire other valuable assets for our shareholders."
Source: Ardent Mines Limited