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Vancouver: Radius Gold Inc ("Radius") is pleased to announce the discovery of a new epithermal gold system in southeast Nicaragua on a project they have named Nueva Guinea. Highlights of the recent work at Nueva Guinea include channel sample TNG-01 which has returned a high grade core of 14.3g/t over 4m which is included within an broader interval of 9m grading 7.0g/t Au.
Further work has also been completed at the previously reported San Pedro discovery in eastern Nicaragua. Sampling has shown continuity to the vein system over several kilometers while channel sampling of outcrop has returned grades up to 9.8g/t Au over 2m. The locations of both project areas can be found on the Radius Gold web site at www.radiusgold.com.
Nueva Guinea is in southeast Nicaragua in low, rolling terrain easily accessible by good roads from Managua. The area is underlain by a bimodal suite of basaltic andesite and rhyolite. Gold mineralization in the form of banded and chalcedonic quartz veins, is spatially (and genetically?) associated with rhyolite plugs and dikes. Recent sample results return up to 18.0 g/t Au over 1m with the best channel sample returning an average of 14.3g/t Au over 4m. Outcrop is scarce and most of the results to date are from float sampling or channel sampling of the some of the few bedrock exposures located during initial reconnaissance. In places, the mineralization disappears below younger basaltic cover.
Radius field teams have so far discovered two mineralised areas - Jerusalen and Jengibre - which are roughly 20km apart. The Jerusalen area, consists of a series of veins occurring in a zone approximately 1.7km x 400m and open along strike. A large NW- SE trending siliceous structure, traceable for over 1200m, cuts across the centre of the Jerusalen area. Reconnaissance panel samples, which represent a 10m by 10m area, have returned up to 3.7g/t Au. Initial soil sampling lines over the area have highlighted other anomalies which have yet to be followed-up.
In the Jengibre area, several float trails over an area of 1km by 2km returned results grading up to 5g/t Au. Exploration in both areas is still at an early stage but Radius is excited by the values returned to date and the widespread distribution of the mineralized float.
More work has also been completed at Radius' 100% owned San Pedro vein system in an area some 200km west of Managua. San Pedro was discovered by Radius's field teams during routine follow up of quartz float in creeks. Old workings were discovered suggesting that the prospect was previously mined (or explored) about 50 years ago. To date, a number of small-scale tunnels and an old stamp mill have been found on the property.
Initial exploration at San Pedro located anomalous gold values in stream sediments and pan concentrates outlining a broad northwest-southeast trending zone. Vein and float samples -- associated with strongly anomalous stream sediment geochemistry - have since been collected along a 10km strike length, returning values ranging from trace to 6.8 g/t Au.
In the latest work, a series of old trenches at the northwest end of the zone were re-sampled by Radius, returning best results of 9.8 g/t Au over 2.0m within a broader interval of 7.3m grading 2.9 g/t Au. The work also indicated that there are several parallel veins suggesting the possibility of a bulk mineable target.
The company has granted stock options to purchase up to a total of 650,000 shares exercisable at a price of $1.00 for five years to directors and officers of the Company.
Mr. Harmen Keyser, P.Geol., a Director of Radius, is the Qualified Person as defined in NI 43-101, and has verified that the results presented in this press release have been accurately summarized from the data provided to the Company from the field teams.
For further information on Radius Gold Inc., please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com).
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Simon Ridgway, President
Shares Issued: 50.6-million
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