Aguila American Signs Community Agreement and acquires Drill Permit
March 7, 2012 1:44 AM EST
Aguila American Gold Limited. (“Aguila”) or (the “Company”) – (TSX-V: AGL) is pleased to announce it has reached a formal and legal agreement with the community of Mollepina on it’s wholly owned Angostura gold project. This Agreement formally allows Aguila to proceed with the advancement of its 100% owned, Angostura gold project. It grants the Company complete authorization for exploration activities to include; soil studies, diamond drilling and geophysics, citing responsible use of water and resources as well as providing complete access to the land, utilsing specialized man portable equipment to reduce surface impact while permitting construction of basic infrastructure, camps and offices as required The initial term of the Agreement is for two (2) years where the Company has agreed to maximize local employment and assist in certain enhancements such as basic infrastructure improvements for the development, recreation, health and security of the Community.
In addition the Company has agreed to help in the formalization process of the Community’s artisan miners located on the Delicia concession and it has also granted and area of 10 ha for their exclusive use and operations. The Company has agreed to assist the artisan miners in all legal proceedings and proper training, nevertheless, the artisan miners will be completely responsible for the proper development of their assigned area, freeing the Company from any possible liability resulting from their activities. This Agreement has granted the Company a royalty equivalent to 1% of total sales and the right to purchase the artisan miners’ production at market value.
The agreement fosters further consultation to better educate and more fully involve the Community in the processes of exploring for and developing of a viable resource, while fully supporting necessary socio-economic and environmental studies in order to better achieve the full cooperation needed for the coordination of ongoing project planning.
The Company is extremely pleased to have achieved this long sought after milestone. This achievement Is a testament to the quality of relationships obtained within the Community. In addition, the company’s success has been instrustmental in fostering recent national interest refoms coupled with the introduction of strict Government Legislation which has stemmed the practice of laundering gold laden ores.
This agreement represents the final requirements necessary for submittal of an 8255 m drill plan with the receipt of a drill permit anticipated for early May. Planned in two phases an initial 3015 m phase one drill program is designed to delineate a near surface resource with the second phase advancing the potential resource down dip and along strike.
On behalf of the Board of Directors, “John Huguet”
President & CEO
Aguila American Resources Ltd.
Aguila American Gold Ltd. is an emerging gold exploration company, with an experienced geological and executive management team focused on advancing and developing their flagship prospective gold project; Angostura. Angostura is located 180 kilometers southwest of city of Cuzco, in the Department of Apurimac, southwestern Peru. Angostura is located in a prolific mineral trend, approximately 25km from the Las Bambas Mine, a $4.5 billion mineral production project being developed by Xstrata Mining Pty.
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.
For more information visit www.aguilaamerican.ca
Aguila American Gold
Tel: (604) 685 9316
Fax (604) 683 1585