Radius Gold Inc.
TSX.V: RDU     $0.27

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 December 22, 2004
Radius & Coastport Provide Update on San Ramon Drilling, Nicaragua; Radius Starts Trading on OTCBB Under Symbol RDUFF

 


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NR RGI 12

Vancouver. Radius Gold Inc (TSX Venture: RDU-V; "Radius") and Coastport Capital Inc (TSX-Venture: CPP; "Coastport") are pleased to announce that 10 diamond drill holes (1,550m total drilling) have been completed on the San Ramon project in Nicaragua. Drilling has been suspended for the Christmas holiday and will re-commence following the break.

Ten holes have been completed on or beneath the Rosamond and La Leonesa vein systems. Veins and/or wall rock stockwork and breccia zones were intersected in most holes confirming what was seen and suspected from the surface trenching completed last year. A brief description of each hole is given below and a map showing drill collar locations is available on the Radius Gold web site (www.radiusgold.com).

Sampling will be completed to the end of Hole 8 before the holiday break, and available samples will be sent to the CAS laboratory in early January. The remaining holes will be sent as they are cut and sampled.

Significantly, reconnaissance prospecting on a newly acquired license in the San Ramon area has discovered a previously unknown vein exposed for 900m along strike in an area 5km southeast of the San Ramon veins. A concession application has been filed to cover the new discovery and more detailed work on this zone will start soon.

Background

The San Ramon camp hosts several major high-grade epithermal gold quartz veins, a number of which were mined in the early to mid 1900s. Surface and underground workings evidence strike lengths in excess of 1500m on individual veins. Radius' historic sampling indicates that the veins and their oxidized wall rocks have the potential to host significant gold mineralization.

Radius work to date has focused on the La Leonesa and Rosamond veins. Narrow high grade veins were mined at La Leonesa from 1902 to 1919. The veins strike east/west and dip steeply to the south. There are no production records and the depth of mining is unknown. Old workings suggest a strike length of over 1,000m for the Leonesa Vein. The Rosamond Vein, located 1.5km southeast of the Leonesa, strikes east-west and dips to the north at 45º to 60º. The vein was mined over a strike length of 500m to an unknown depth.

Radius' trenching at La Leonesa returned a best intersection of 4m @ 5.9 g/t Au from the apparent hangingwall of the main epithermal vein. Channel sampling at Rosamond returned a best section of 12.3g/t over 4.5m from the footwall, and 13.6g/t Au over 1.9 from the hanging wall. Very little is known about the potential grades of the actual veins down dip from the historical mine workings.

Coastport has the exclusive option to acquire from Radius an undivided 50-per-cent legal and beneficial interest in the property in by spending at least $1-million (U.S.) by December 31, 2005 and at least $2-million (U.S.) by July 1, 2006.

Corporate Activities

In other news, Radius is pleased to announce that its application for a listing of its common stock on the Over The Counter Bulletin Board (OTCBB) in the United States has been cleared by the National Association of Securities Dealers. Accordingly, Radius' shares now trade on the OTCBB under the symbol "RDUFF" in addition to the TSX Venture Exchange under the symbol RDU.

Qualified Person Statement

Harmen Keyser, P.Geol., a Director of Radius, is the Qualified Person as defined in NI 43-101, responsible for overseeing the design and execution of the San Ramon drill program.


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

"signed"
Simon Ridgway,
President

Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 52.3-million

San Ramon Drill Log Summary

All depths downhole.

Rosamond Vein



La Leonesa Vein

 
 

You can view the Next News Releases item: Fri Apr 1, 2005, Drilling Underway at El Pavon Gold Project, Nicaragua

You can view the Previous News Releases item: Mon Dec 13, 2004, Radius Reviews Progress During 2004; Summarizes Plans for First Half of 2005

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