Orinoco Gold Limited is pleased to announce that it has expanded its footprint in the Faina Greenstone Belt in the state of Goiás, central Brazil after securing an exclusive option over a strategic 62.5km2 tenement package located near its flagship 70%-owned Curral de Pedra Gold Project. The optioned tenements include the Eliseo Target, which is located in the northern portion of the Faina Greenstone Belt, approximately 25km north-west of the Cascavel Target, where Orinoco is continuing its maiden drilling program. The Eliseo target is located in a different geological setting to the Cascavel Target and is dominated by conglomerates and Banded Iron Formation (BIF) layers.

Panned gold concentrates taken from rock chip samples in the field have shown that the gold at the Eliseo Target is mostly associated with the BIF granules/pebbles and BIF layers that are sulphide-rich (pyrite, chalcopyrite, pyrrhotite and bornite have been observed). Gold is believed to occur both as free gold in the matrix of the conglomerate and also in association with the sulphides. Assay results for these rock chip samples are pending. If Orinoco’s due diligence continues to support the purchase of the tenement package, the Company’s 70%-owned Brazilian subsidiary, Mineração Curral de Pedra Ltda, will assume ownership of the tenement package through the payment of a single purchase price.

Orinoco’s Managing Director Mark Papendieck said the Company was pleased to have secured a highly prospective addition to its growing exploration footprint in the Faina Greenstone Belt through the option agreement over the Eliseo Target. “This represents another quality, drill-ready target that will complement our exciting Cascavel Target, marking another step towards fulfilling our strategic growth objective of building a significant strategic land-holding of highly prospective tenements in the Faina Greenstone Belt. “We believe that the Faina greenstone belt remains underexplored and provides the perfect geological setting for further significant discoveries,” he added.

“The Eliseo Target is shaping up as another priority drill target for Orinoco and its proximity to the Cascavel Target, combined with the fact that it offers a different style of gold mineralisation to Cascavel, complements our emerging strategy and current and future activities in the region. We continue to evaluate further strategic ground for our portfolio centred around the Cascavel Target.” Mr Papendieck said. Orinoco has until March to conclude its due diligence on the new tenement package, which includes mapping, rock chip sampling and the completion of two diamond drill holes at the Eliseo Target. If the option were executed, Orinoco’s share of the purchase price would be US$288,000.