/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Oct. 3 /CNW/ - Unigold Inc. ("Unigold" or the "Company") (TSX-V: UGD) is pleased to announce that it has received new results from drilling its 100-per-cent-owned Los Candelones gold deposit in the Dominican Republic. Drill holes number DC-78, DC-80 and DC-82 represent a good example of the western extension of the core zone over 1 g/t demonstrating the on strike and down dip continuation of the gold mineralization.
------------------------------------------------------------------------- Drill Hole From To Length Grade ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-68 46m 53m 7m 1.02 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-71 6m 16m 10m .55 g/t ------------------------------------------------------------------------- DC-72 31m 47m 16m .51 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-78 16m 33m 17m 1.04 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-80 14m 36m 22m .51 g/t ------------------------------------------------------------------------- DC-80 44m 63m 19m 1.80 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-81 5m 46m 41m .51 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-82 1m 19m 19m 1.3 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- DC-88 1m 27m 27m .50 g/t ------------------------------------------------------------------------- -------------------------------------------------------------------------
Assays were done at the SGS laboratory in Toronto by fire assay procedure and gravimetric finish and the reported length represents true width section.
A recent field study of the Los Candelones system, conducted in December 2006, showed classic epithermal zoning starting with vuggy quartz veins system (N270/60) with high grade gold, the system is evolving into a main gold disseminated zone followed by gold-barite veining zone then into a barite breccia zone and closing the system with a barite cap zone. Field evidence of an offsetting senestral fault displacing the actual gold resource were found in trench TC-42.
To date, the Los Candelones Gold Deposit has 88 diamond drill holes totalling approximately 9,200 metres. The new results have allowed Unigold to demonstrate the on strike and down dip continuation of the 25 to 30 metre thick gold core of epithermal mineralization which grades from 1.0 to 4.4 g/t gold and is enclosed within an up to 100 metre wide lower grade gold halo. The existing trenched and diamond drilled mineralized area is a small part of the 1,200 metre long by 600 metre wide gold in soil anomaly and coincident IP chargeability high which represents sulphide mineralization. The Los Candelones Gold Deposit is the most advanced of several very encouraging target areas within the 226 square kilometre Neita property.
The foregoing scientific and technical information has been prepared or reviewed by Daniel Danis, M.Sc., the Vice-president and Chief Operating Officer of Unigold. Mr. Danis is a "qualified person" within the meaning of National Instrument 43-101.
About Unigold Inc.
------------------
Unigold Inc. is exploring to find and develop gold deposits on its 100-per-cent-owned 226 km(2) Neita property located in the Dominican Republic. Having the largest land package in the Dominican Republic, the goal is to target bulk tonnage, open pittable, oxide gold deposits within a similar setting to the world class Pueblo Viejo gold project which occurs within a broad northwest trending Cretaceous age volcanic greenstone belt that transects the Dominican Republic. The economics of any discovery will be significantly improved by the fact that Unigold is benefiting from an 18-year holiday on all corporate taxes, sales taxes and import duties in the Dominican Republic.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Certain statements contained in this document, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute forward-looking statements within the meaning of the federal securities laws. These statements are based on our assumptions and estimates and are subject to risk and uncertainties. You can identify these forward-looking statements by the use of words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. We wish to caution you that such statements contained are just predictions or opinions and that actual events or results may differ materially. The forward-looking statements contained in this document are made as of the date hereof and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ materially from those projected in the forward-looking statements. Where applicable, we claim the protection of the safe harbour for forward-looking statements provided by the (United States) Private Securities Litigation Reform Act of 1995.
%SEDAR: 00004036E