Vancouver, Canada – December 14, 2010 – Greg Myers, President and CEO of Caza Gold Corp. (CZY: TSX-V; CZ6: Frankfurt), is pleased to announce the signing of a letter agreement with Inversiones Ecologica S.A. for an option to purchase a 100% interest in the Los Andes Gold Property in Nicaragua. The property covers approximately 6,575 hectares and is strategically located within the Central Nicaragua Gold Belt between the El Limon and La Libertad Mines of B2 Gold.
The Los Andes high sulfidation gold system is exposed on surface as an extensive alteration zone of hydrothermal vuggy quartz, pervasive silification, and alunite associated with highly anomalous gold, silver, and trace elements. The alteration zone covers a 45 square kilometer area and measures 12 kilometers long by up to 6 kilometers wide. It is similar in size, nature, intensity, and trace element geochemistry to world class gold deposits such as Yanacocha and Pierina in Peru (see comparable maps below).
High sulfidation gold systems are known as "the giant gold systems" and these types of deposits host the largest gold deposits in the world, such as the multi-million ounce Yanacocha, Pueblo Viejo, and Pierina Mines. The alteration zones in these types of systems contain highly anomalous levels of gold, silver, arsenic, copper, antimony, bismuth, selenium, barium, and mercury, all of which are highly anomalous at the Los Andes project and are present throughout the 45 square kilometer alunite-silica alteration zone.
Size comparison of silica-alunite alteration zones at Pierina, Yanacocha, and Los Andes.
Note the association of open pit outlines with quartz-alunite alteration zones.
Surface samples grading up to 2.5 grams per tonne gold within alunite-altered and silicified volcanic breccias, were collected by Caza during recent due diligence sampling. The property was previously held years ago by First Point Minerals, who conducted extensive surface rock sampling.
Detailed mapping and sampling of known highly anomalous gold mineralized zones will commence shortly and take about 6 months in order to identify high priority gold targets for drilling. A more general reconnaissance mapping and sampling program in 2011 will attempt to outline the overall extent of the epithermal gold and silver mineralization.
The agreement grants Caza an option to acquire a 100% interest in the Los Andes Property by spending US$2.97 million on exploration, making US$1.2 million in cash payments (US$45,000 paid on signing) and issuing 1.5 million common shares, over a 4 year period, subject to a 2% NSR production royalty, and regulatory and exchange approvals. A formal purchase opton agreement will be completed within 90 days.
Additionally, Caza Gold Corp. is pleased to announce that its common shares have commenced trading on the Frankfurt Stock Exchange under the symbol CZ6.
Greg Myers, Ph.D., P.Geo. is the Qualified Person who reviewed and approved the contents of this news release. Sampling was supervised by Dr. Myers and all samples were prepared and analyzed at Inspectorate analytical labs in Reno Nevada.
Caza Gold Corp. (CZY: TSX-V; CZ6: Frankfurt), is a newly listed exploration company focused on the acquisition and exploration of strategic gold properties in Mexico and Latin America.
CAZA GOLD CORP.
/s/ Greg Myers
Greg Myers Ph.D. P. Geo.
President and CEO
For more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700, tel: (604) 685-9750, fax: (604) 685-9744, email: firstname.lastname@example.org or visit our website, www.cazagold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking statements" within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward-looking statements" involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. The Company expressly disclaims any obligation to update any forward-looking statements other than as required by applicable law. We seek safe harbour.