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TORONTO, ONTARIO -- (Marketwire) -- 07/25/12 -- Calvista Gold Corporation (TSX:CVZ)(OTCQX:CAGOF) ("Calvista" or the "Company") is pleased to announce that recent drilling at its Buenavista prospect, along strike from AUX Canada Acquisition Inc. Aserradero mineralized zones, has returned high grade gold intersections.
Highlights from the recent Phase II drilling program at the Buenavista prospect include:
DDH-44 3.00 metres @ 7.80 g/t gold, and 5.00 metres @ 3.87 g/t gold
DDH-45 5.15 metres @ 2.56 g/t gold
DDH-47 4.00 metres @ 5.34 g/t gold, and 7.00 metres @ 11.34 g/t gold
DDH-48 4.00 metres @ 17.15 g/t gold, and 4.00 metres @ 4.20 g/t gold
The Company's Chief Executive Officer, Mr. Mark Haywood, stated that "the number of high grade gold intersections returned from the 2,500 metre drilling program at the Buenavista prospect are very encouraging. Based upon the Phase II drilling program results, the Company expects to publish an updated NI 43-101 mineral resource by end of this quarter."
The Phase II program at the Buenavista prospect targeted mineralized zones identified in our Phase I drilling program, plus along strike extensions from the Aserradero mineralized zones (being developed by AUX Canada Acquisition Inc.).
The number of high grade intersections observed by Calvista suggests a porphyritic environment with disseminated gold-silver mineralization and associated copper.
Selected drill hole results from our Buenavista prospect, using a cut-off grade of 1.0 g/t of gold, are provided in Figure 1. Selected results from the entire Phase II drill program are also provided in the Appendices.
A 10,000 metre phase III diamond drilling program is currently being prepared, and is expected to commence in the last quarter of this year.
To view Figure 1: Buenavista Prospect, please visit the following link: http://media3.marketwire.com/docs/Buenavista_Prospect.pdf.
Quality Assurance
Calvista has developed and implemented Quality Assurance/Quality Control protocols that exceeds current industry best practices. Calvista's exploration protocol includes the insertion of blanks, duplicates, standards and external controls on all their samples. Samples with assay results greater than 10 g/t Au are re-assayed by metallic screen analysis. Sample preparation is conducted by the ALS Group ("ALS") in Bucaramanga, Colombia before being analyzed at the ALS certified assay laboratory in Lima, Peru.
Technical Information
Mr. Ricardo Valls, P. Geo., Calvista's VP Exploration, is the Company's designated Qualified Person for this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and validated that the technical information contained in the release is accurate.
About Calvista
Calvista is a mineral exploration company focused on the acquisition, exploration and development of properties for the mining of gold and other minerals. All our prospects in the California Valley are located below 3,200 metres and are not affected by the Paramo ecosystem law. With a head office in Toronto and Colombian headquarters in Bucaramanga, Calvista is led by a management team with over 50 years of exploration and mining experience, principally in South and Central America. For further details on Calvista, please refer to our web site (www.calvistagold.com) and Calvista's Canadian regulatory filings on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Calvista's objectives, goals or future plans, statements regarding exploration results, exploration plans and the timing of a potential resource estimate. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent to preparing a resource estimate within expected timeline, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in a jurisdiction such as Colombia, and those risks set out in Calvista's public documents filed on SEDAR. Although Calvista believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Calvista disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
APPENDIX A - CALLEJON BLANCO PROSPECT - SELECTED PHASE II DRILL HOLE RESULTS
(Cut-off grade of 1.0 g/t of gold)
Hole From To Interval True Au Ag
Thickness g/t ppm
greater
DDH-38 8.55 15.01 6.46 4.57 2.10 than 100
49.28 50.15 0.87 0.62 1.30 10.90
56.78 58.70 1.92 1.36 3.10 84.90
105.00 117.00 12.00 8.49 3.90 67.20
141.45 142.45 1.00 0.71 5.20 15.60
DDH-39 28.00 29.00 1.00 0.97 1.20 41.70
greater
67.20 68.00 0.80 0.77 1.10 than 100
greater
295.00 296.00 1.00 0.97 3.60 than 100
330.00 335.00 5.00 4.83 1.20 66.80
greater
360.00 363.00 3.00 2.90 1.50 than 100
367.00 381.00 14.00 13.52 5.10 25.20
422.00 429.50 7.50 7.24 1.20 19.45
DDH-41 37.00 38.00 1.00 0.71 3.80 11.35
59.00 60.00 1.00 0.71 4.60 12.05
DDH-42 53.00 56.00 3.00 2.90 6.30 62.70
69.00 73.00 4.00 3.86 9.70 32.70
Hole Cu Easting Northing Elevation Depth AZ DIP
ppm
DDH-38 1,680 1127672 1306379 2393 550 360 -45
593
1,755
715
greater
than 10000
DDH-39 3,700 1127672 1306379 2393 429.50 360 -75
greater
than 10000
3,070
1,725
9,600
806
3,860
greater
DDH-41 than 10000 1127882 1306502 2453 158.00 330 -75
greater
than 10000
DDH-42 1,060 1127882 1306502 2453 501.00 360 -45
825
APPENDIX B - BUENAVISTA PROSPECT - SELECTED PHASE II DRILL HOLE RESULTS
(Cut-off grade of 1.0 g/t of gold)
Hole From To Interval True Au Ag
Thickness g/t ppm
DDH-43 174.00 175.00 1.00 0.97 12.70 50.90
231.00 232.00 1.00 0.97 4.00 14.95
DDH-44 15.50 19.20 3.70 3.57 1.23 2.94
27.20 28.20 1.00 0.97 1.40 29.40
85.00 88.00 3.00 2.9 1.77 34.67
105.00 110.00 5.00 4.83 3.87 13.59
170.00 171.00 1.00 0.97 1.20 5.48
177.00 180.00 3.00 2.9 7.80 12.00
305.00 306.00 1.00 0.97 1.20 11.95
DDH-45 69.00 70.00 1.00 0.97 1.50 6.03
75.00 76.10 1.10 1.06 1.00 3.95
168.00 169.00 1.00 0.97 4.00 3.41
298.00 303.15 5.15 4.97 2.56 1.54
312.00 313.00 1.00 0.97 1.00 1.21
323.00 324.00 1.00 0.97 1.50 0.76
335.00 336.00 1.00 0.97 1.00 1.04
367.00 368.00 1.00 0.97 6.00 16.00
390.00 391.00 1.00 0.97 1.30 2.04
397.00 398.00 1.00 0.97 1.90 0.95
403.20 404.00 0.80 0.77 1.30 3.59
412.00 417.00 5.00 4.83 1.17 3.56
440.00 441.00 1.00 0.97 1.50 6.78
503.00 504.00 1.00 0.97 1.40 0.98
DDH-46 11.00 13.00 2.00 1.73 2.70 9.11
69.00 70.00 1.00 0.87 5.40 16.85
123.00 124.00 1.00 0.87 2.00 42.20
141.00 142.00 1.00 0.87 2.40 3.64
150.00 151.00 1.00 0.87 1.10 2.12
177.00 178.00 1.00 0.87 2.30 6.29
250.00 251.00 1.00 0.87 2.00 47.20
306.00 307.00 1.00 0.87 1.40 29.50
422.00 423.00 1.00 0.87 2.00 23.80
DDH-47 49.00 53.00 4.00 3.86 5.34 17.89
106.00 107.00 1.00 0.97 2.20 53.50
179.00 180.00 1.00 0.97 2.70 26.50
greater
200.00 207.00 7.00 6.76 11.34 than 49.4
229.00 230.60 1.60 1.55 2.20 1.45
325.00 329.00 4.00 3.86 2.38 17.77
380.00 381.00 1.00 0.97 1.40 5.87
385.00 386.00 1.00 0.97 1.50 1.51
389.00 393.00 4.00 3.86 1.65 1.06
396.00 398.00 2.00 1.93 5.65 7.01
DDH-48 80.60 83.00 2.40 2.32 2.00 35.55
159.00 165.00 6.00 5.8 1.68 23.23
227.80 229.00 1.20 1.16 2.10 58.40
280.00 281.00 1.00 0.97 3.50 0.40
293.00 294.00 1.00 0.97 1.40 10.10
greater
315.00 316.00 1.00 0.97 1.00 than 100
323.00 327.00 4.00 3.86 17.15 40.85
323.00 323.80 0.80 0.77 50.60 86.10
379.00 382.00 3.00 2.9 1.65 27.70
390.00 394.00 4.00 3.86 4.20 60.75
Hole Cu Easting Northing Elevation Depth AZ DIP
ppm
DDH-43 9,860 1129457 1307293 2580 401.50 190 -75
1,830
DDH-44 644 1129648 1307330 2703 501.00 225 -75
212
5,450
1,532
726
232
1,270
DDH-45 154 1129891 1307020 2763 510.10 250 -65
68
361
177
467
6
52
932
10
166
9
56
464
23
DDH-46 323 1120648 1307330 2703 495.10 160 -60
7,810
5,570
62
72
627
7,730
4,380
1,160
DDH-47 1,534 1129808 1307173 2746 479.5 170 -45
4,090
623
greater
than 4600
17
1,399
334
117
173
1,074
DDH-48 2,759 1129808 1307173 2746 451.6 230 -45
1,806
4,100
38
476
greater
than 10000
4,736
7,330
2,335
6,887
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Calvista Gold Corporation
Ruben Shiffman
Executive Chairman
+1 416 504 4199
Calvista Gold Corporation
Mark Haywood
President & CEO
+1 416 504 4199
Calvista Gold Corporation
Donald Christie
CFO and Corporate Secretary
+1 416 504 4199
Calvista Gold Corporation
Gary Anstey
Investor Relations/Business Development
+1 416 504 4199
Calvista Gold Corporation
Corporate Office
Suite 1500, 4 King West, Toronto, Ontario, Canada M5H 1B6
+1 416 504 4199
info@calvistagold.com
www.calvistagold.com