Aurvista Gold Provides Corporate Updateadmin
Montreal, Quebec – November 25, 2013: Aurvista Gold Corporation ("Aurvista" or the "Company") (TSX-V: AVA) is pleased to provide a corporate update for the recent developments on the Company’s Douay Gold Project located in northern Quebec along the Abitibi Greenstone Belt.
The Company would like to report a renewed primary focus on the production potential of the Douay West Zone located in the north western portion of the Douay project. "The Douay West Zone has some of the highest gold grades at the Douay Project as indicated by numerous historical drill campaigns. The Douay West Zone has always been viewed as an excellent target on the project, and the Company is looking forward to the Douay West Zone’s further development." states Rick Adam, President and CEO of Aurvista Gold Corp.
The company has engaged a reputable engineering firm to complete an economic study to conceptualize both the open pit and underground mining scenarios at the Douay West Zone. The initial report has now been received, as contracted, and the report is for the sole and internal use of the Company. The engineering study will be used as a focal point in the internal evaluation of the Douay West Zone and the report will be used as an integral piece of the ongoing planning and development of the Douay West Zone. "We had always known the potential of the Douay West Zone and we felt with the turn in the markets it was an opportune time to re-examine a production scenario." said Mr. Adams.
Aurvista currently has approximately $1.2 million cash on hand and is anticipating an additional $0.8 million by year end from a Quebec exploration tax credit. "It is very important for the Company to continue to maintain a strong cash position in these uncertain markets to enable the company to have the flexibility to explore opportunities as they arise. " states Bryan Keeler, CFO of Aurvista.
The Company is currently taking the necessary steps towards solidifying a toll milling agreement with local mills in the area. Aurvista will also be considering a Preliminary Economic Assessment ("PEA") on the Douay West Zone. Pending the initiation of the PEA, Aurvista expects to have the assessment completed by the second quarter of 2014.
About Aurvista Gold
Aurvista Gold Corporation is a junior gold exploration and development company. Aurvista’s principal asset is the Douay Gold Project, consisting of 221 wholly owned claims totaling approximately 11,430 hectares. The Douay Project’s North West Zone has 32 designated claims for a total of 1,193 hectares and is in a Joint Venture agreement with SOQUEM. The Douay Project is located on the Casa Berardi Fault in northern Quebec. The Douay Project contains a NI 43-101 compliant Mineral Resource of 114,652,000 million tonnes at 0.75 g/t gold (2.8 million ounces of gold) in the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,433 ounces of gold) in the Measured and Indicated category, at a cut-off of 0.3 g/t gold. Details of the Douay Gold Project can be viewed on the Company’s website at www.aurvistagold.com
For further information please contact
Richard Adams, President and CEO
Telephone: (416) 682-2674
Facsimile: (416) 504-4129
Posted: November 25th, 2013 under ACCESSWIRE.