Amador Sets Exploration Plans as it Buys Canadian Property

28 September 2009 (Last Updated September 28th, 2009 18:30)

Junior explorer Amador Gold has acquired the Sewell East gold property in Canada’s West Timmins district and announced drilling programmes on another four of its Ontario properties. The Sewell East property, which expands Amador's current Sewell property, contains two claims of 32 units

Junior explorer Amador Gold has acquired the Sewell East gold property in Canada’s West Timmins district and announced drilling programmes on another four of its Ontario properties.

The Sewell East property, which expands Amador's current Sewell property, contains two claims of 32 units in the Sewell Township in the Porcupine Mining Division.

Amador president Richard Hughes said that the Sewell East property complements the company's exploration plans along the Destor-Porcupine Fault.

"We will continue to advance our Horwood gold project, which recently reported high-grade gold values found at surface, as well as begin grass-roots exploration on the Sewell properties,” Hughes said.

Amador will also conduct drilling programmes at its existing prospects, three of which are gold and gold/base metal projects located in the Timmins area and a fourth that is a VMS project in north-western Ontario.

The four properties are the Horwood Gold, Kamiskotia Gold, Loveland Gold/copper/nickel and maskooch VMS project.

Amador will spend C$1.1m on the drilling programmes and will pay $50,000 and 300,000 shares, payable over a two-year period, for the Sewell East property.

Once a positive feasibility study is completed on Sewell East, an additional 100,000 shares will be issued. A 3% net smelter return is payable, one-third of which can be acquired for $1,000,000.