Bolnisi updates Yecora, El Realito gold-silver projects

Monday, January 31, 2005

Australian mining and exploration company Bolnisi Gold (ASX: BSG) has provided an update on the Yecora gold-silver project in Mexico's Sonora state and its El Realito gold-silver project in Chihuahua state.

Bolnisi has an option to acquire 100% of Yecora, which includes the Martha deposit, where trenching programs took place during the fourth quarter of 2004. A total of 21 surface and 44 underground trenches totaling 533m were completed at the Martha deposit.

Significant trenching results included 12.6m grading 9.1g/t gold, 26g/t silver (for 9.6g/t gold-equivalent), 6.5m grading 14.2g/t gold, 73g/t silver (for 15.4g/t gold-equivalent) and 4.8m grading 10.0g/t gold, 14g/t silver (for 10.2g/t gold-equivalent).

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A further 48 trenches totaling 609m were cut across the San Francisco-Colón and Martha structures on a "regional scale," Bolnisi said.

Significant trenching results from San Francisco-Colón included 16m grading 2.3g/t gold, 1.0g/t silver (for 2.3g/t gold-equivalent) and 7.8m grading 4.6g/t gold, 17g/t silver (for 4.8g/t gold-equivalent).

Detailed mapping began at the El Realito project in 4Q04 with a view to undertaking a trenching and sampling program in the first half of 2005 to delineate the extent of mineralization prior to drill testing. However, this is dependent on rig availability, the company said.

Bolnisi also has an option to acquire 100% of the Palmarejo gold-silver project in Chihuahua state, where BNamericas previously reported that significant drilling took place during 4Q04, including a 31.1m intersection grading 20.3g/t gold-equivalent.

The company also operates a producing mine in the former Soviet republic of Georgia.