ROUYN-NORANDA, QC, Dec. 4, 2012 /CNW Telbec/ - Visible Gold Mines Inc. (TSXV: VGD) and (Frankfurt: 3V4) is pleased to announce that the company has mobilized a drill rig to its Joutel gold project located in the Joutel township Province of Quebec. The second phase of drilling will consist of approximately nine holes totaling 3,160 meters and the objectives are to test the extension zones of the gold values obtained from drilled holes done in 2011 as well as to validate the targets generated by the ground induced polarization survey executed during the first quarter of 2012. (see map on the company website at www.visiblegoldmines.com). The company expects to complete the drilling program by the end of December 2012.
Joutel Project Option
In March 2011, Visible Gold Mines entered into an Option Agreement with
Agnico-Eagle Mines Limited under which Visible Gold Mines can acquire a 50% undivided interest in the Joutel property, comprised of one mining lease and 477 mining claims located 150 km north of Rouyn-Noranda, northwestern Québec (see March 31, 2011 Press Release).
To acquire a 50% undivided interest in the Joutel property, Visible Gold Mines must incur $5 million in exploration expenditures on the property over a period of five years, which includes a firm commitment of $500,000 during the first year of the Option Agreement and $750,000 during the second year. Work for an amount of $1,458,950 was occurred to date by Visible Gold Mines on the Joutel project.
The large land package includes the former Eagle Ouest and Telbel deposits which produced combined over 5,278,870 tons at a grade of 6.4 g/t of gold (1.1 million ounces) from 1974 to 1993 (reference: R. Sansfaçon, 2012). This report is available on the company's website.
Qualified Person This news release was written by Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines and approved by Robert Sansfaçon, P.Geo in their capacity as qualified persons (QP) under NI 43-101. Quality Control Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control for the present drill programs. It includes one mineralized gold standard, one duplicate and one blank for each batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, Québec, or Techni-Lab, Ste-Germaine - Boulé, Québec, both accredited laboratories.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for the next important gold deposit in northwestern Québec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration. The Company has no debt and its current cash liquidity is approximately $1.2 M.
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 the release.
SOURCE VISIBLE GOLD MINES INC.