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Radius Commences Exploration at the Rubi gold - silver Property,
Peru
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Simon Ridgway, President of Radius Gold Inc. (TSX-V: RDU) is pleased to
announce that the Company has commenced exploration on its recently
acquired Rubi gold-silver property, located 16 km east of the town of
Puquio, Department of Ayacucho, in south-central Peru.
A comprehensive work program comprising surface and underground
mapping, trenching and geochemical sampling is being undertaken to
characterize the geological setting and extent of the known high-grade
veins, and identify additional target areas for exploration. On the
Minas Rubi property, several of the old adits are being rehabilitated
to allow for underground surveying, mapping and sampling. Land surface
permissions have been agreed with local communities, and permitting has
been initiated for a preliminary drill program planned for late 2007.
The Rubi property comprises 3,000 hectares and covers a 9km long
north-south corridor where gold and silver-bearing veins outcrop within
three broad areas called San Andres, Virgen de Chapi and Minas Rubi.
Historically, the Spanish mined bonanza-grade veins in all three areas
and more recently local informal miners have mined small tonnages of
high grade gold and silver ore. Initial sampling results were announced
in the Company's press release dated August 28, 2007 and included:
http://www.radiusgold.com/i/misc/tableradius_sept_25.jpg
No drilling is known to have been carried out on the claims, which lie
within a northwest trending belt of Tertiary-age volcanic rocks that
hosts several producing precious metal mines.
Under an agreement with Exploraciones Andinas S.A.C. ("Andinas"), a
private Peruvian company, Radius can purchase 100% of the property by
incurring exploration expenditures of US$1.75 million and making staged
cash payments to Andinas of US$1.65 million and 450,000 shares in
Radius on or prior to the third anniversary, with US$100,000 and 50,000
shares paid on signing. By the fourth anniversary Radius will have the
option to purchase the claims outright by paying $4 million, with the
vendor retaining a 1.5% NSR. Additional reserves defined after this
payment will be subject to a $5/oz gold equivalent payment to the
vendor. Finder's fees of $10,000 and 25,000 shares each are payable to
two individuals in connection with the project.
A more detailed description of the Rubi project, including photos, is
available on the Radius website - www.radiusgold.com.
About Radius
Radius Gold is a well-funded, Canadian junior gold explorer with a
portfolio of exploration properties in Mexico, Nicaragua, Guatemala,
Ecuador and Peru. The Company's strategy is to build value for
shareholders by the identification, acquisition and exploration of
early-stage properties that show significant potential for the
discovery of gold.
Assay Protocol & Qualified Person
All sample preparation and analyses were conducted by ALS Chemex Labs
in Lima. Samples were analyzed for Au, using a 30 gram pulp with Fire
Assay and AAS with gravimetric finish for samples over 10 g/t Au.
Silver was analyzed by ICP, with AAS for samples over 100 g/t Ag. .
The technical information in this release was prepared under the
supervision of Mr. David Cass, Radius's Vice-President of Exploration,
who is a member of the Association of Professional Engineers and
Geoscientists of British Columbia, and a "Qualified Person" in
accordance with National Instrument 43- 101.
For further information on Radius Gold Inc., please call toll free
1-888-627-9378 or visit our web site (www.radiusgold.com).
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
"Simon Ridgway"
Simon Ridgway, President
Investor relations: Ralph Rushton / Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.4-million
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
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Copyright (c) 2007 RADIUS GOLD INC. (RDU) All rights reserved. For
more information visit our website at http://www.radiusgold.com/ or
send mailto:info@radiusgold.com
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