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TORONTO, July 30 /CNW Telbec/ - Amazon Mining Holding plc ("Amazon" or
the "Company") (AMZ: TSX-V) reports that it has elected to discontinue
exploration at the Lavras Gold Project ("Lavras") located in Minas Gerais
state.
Amazon's Board of Directors has determined that recent exploration
results do not indicate that Lavras has the grade necessary to host an
economic deposit. Amazon has notified the underlying owners and has also ended
property payments.
The Company has completed its planned drilling on the Lavras project, it
has reviewed the results and the majority of the holes intersected grades
below necessary cut-offs for economic extraction.
Amazon remains committed to its strategy of exploring major geological
structures in regions of significant past gold production. The strategy
involves low-cost entry into prospective gold properties where mineral
potential can be quickly assessed. An important aspect of this strategy is to
cease exploration investment and property payments if exploration results fail
to delineate a structure that appears capable of hosting a significant
economic resource.
The focus of our exploration is the Madeira Gold project in the Amazonas
State of Western Brazil. Amazon staked Madeira. Amazon holds 100% of the
mineral rights, There are no payments due to underlying property owners. The
target is potential near surface gold-rich conglomerates that can be easily
drilled via RAB drilling. In such a geological setting and presuming drilling
is successful, gold could be recovered using gravity techniques using
scalable, low-cost operations that could be constructed in a relatively short
period of time.
About Amazon
Amazon is listed on the TSX Venture Exchange and is a mineral exploration
company engaged in acquiring and developing gold exploration properties in
Brazil. Its strategic focus is to acquire projects with demonstrated potential
for hosting gold deposits and to define resources through exploration and
drilling campaigns.
On behalf of the Board of Directors of Amazon Mining Holding Plc,
Cristiano Veloso, President & Chief Executive Officer
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Cautionary Language and Forward Looking Statements
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THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE AND THE INFORMATION CONTAINED HEREIN.
