ANTIOQUIA GOLD INC. : http://www.antioquiagoldinc.com/ : QwikReport

News Releases

October 29, 2021
Antioquia Gold Inc. Announces AGM Results and One New Director

October 29, 2021, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold" or the "Company") (TSX-V: AGD; OTCQX: AGDXF) reports the results of its annual general and special meeting of shareholders held on October 27, 2021. All the motions presented to the shareholders were approved. Each of the six nominees proposed as Directors and listed in the Company's Management Information Circular dated September 21, 2021 were elected as Directors.

Antioquia welcomes Jose de la Borda to its Board of Directors. He has been a Director of Druk Mining Company; Businessman dedicated to identifying and developing exploration projects on the central coast of Peru

Votes representing 864,297,640 shares were cast, representing 91.04% of the issued and outstanding shares at the record date.

ON BEHALF OF THE BOARD OF ANTIOQUIA GOLD INC.

Gonzalo de Losada President and CEO Antioquia Gold Inc.


For further information contact:
Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com

Neither the 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 press release.

September 03, 2021
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (September 03, 2021) - Antioquia Gold Inc. (“Antioquia Gold” or the “Corporation”) (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of August 2021 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During August 3,869 troy ounces of gold were produced at the Cisneros mining operation. An average of 1,287 tonnes of ore per day were processed, with a recovery of gold to concentrate of 96.8% during the month.

 

 

January February March April May June July August Total
2021
Mineral Processed Dry Tonnes 21,239 31,191 34,735 32,891 35,861 37,780 37,909 39,898 271,505
Feed Grade g/t Au 2.87 2.44 2.42 2.49 3.19 2.88 3.44 3.11 2.88
Gold Produced Tr. Oz. 1,922 2,375 2,625 2,569 3,581 3,393 4,046 3,869 24,381
Total Recovery % 98.2% 97.1% 97.1% 97.4% 97.4% 97.0% 96.6% 96.8% 97.1%
Worked days Days 31 28 31 30 31 30 31 31 243
Average Processed Dry Tonnes/Day 685 1,114 1,120 1,096 1,156 1,259 1,222 1,287 1,117

Third Party Mineralized Material:  During August, 3,366 tonnes of mineralized material with an average gold grade of 11.47 g/t were purchased from third parties, representing 30% of the monthly gold production.

“In August we reached the highest level of tonnage treated in the process plant to date, and our gold production has been stable over the past two months at close to 4,000 ounces per month.  This is one more step in our objective of increasing our monthly gold production in a planned and sustainable manner” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:
Gonzalo de Losada - CEO 
Thomas Kelly - Director

Antioquia Gold Inc.
Email: info@antioquiagold.com
www.antioquiagoldinc.com
Phone 57 604 3217073

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

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July 06, 2021
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (July 06, 2021) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of June 2021 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During June 3,393 troy ounces of gold were produced at the Cisneros mining operation. An average of 1,259 tonnes per day were processed, with a recovery of gold to concentrate of 97.0% during the month.

  January February March April May June Total 2021
Mineral Processed Dry Tonnes 21,239 31,191 34,735 32,891 35,861 37,780 193,698
Feed Grade g/t Au 2.87 2.44 2.42 2.49 3.19 2.88 2.72
Gold Produced Tr. Oz. 1,922 2,375 2,625 2,569 3,581 3,393 16,466
Total Recovery % 98.2% 97.1% 97.1% 97.4% 97.4% 97.0% 97.32%
Worked days Days 31 28 31 30 31 30 181
Average Processed Dry Tonnes/Day 685 1,114 1,120 1,096 1,156 1,259   1,070

Third Party Mineralized Material: In this period 2,407 tonnes of mineralized material with an average gold grade of 13.23 g/t were purchased from third parties, representing 29% of the monthly gold production.

"In June we reached the highest level of treatment in the process plant. We will continue to focus on the growth of gold production month by month." stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation's management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation's resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation's decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation's future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

For further information on Antioquia Gold Inc. contact:
Gonzalo de Losada - CEO
Thomas Kelly - Director
Antioquia Gold Inc.
Email:
www.antioquiagoldinc.com
Phone 574 3217073

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "schedule" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia's ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation's profile at: www.sedar.com

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

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June 02, 2021
Antioquia Gold Cisneros Operations Update

CALGARY, ALBERTA - (June 02, 2021) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to provide a summary of May 2021 production results for its Cisneros mining operation, and to announce the progress of other ongoing projects.

Production Summary and Operations Update:

During May 3,581 troy ounces of gold were produced at the Cisneros mining operation. An average of 1,156 tonnes per day was processed, with a recovery of gold to concentrate of 97.4% during the quarter.

   

January

February

March

April

May

Total/Average 2021

Mineral Processed

Dry Tonnes

21,239

31,191

34,735

32,891

35,861

155,918

Feed Grade

g/t Au

2.87

2.44

2.42

2.49

3.19

2.68

Gold Produced

Tr. Oz.

1,922

2,375

2,625

2,569

3,581

13,072

Total Recovery

%

98.2%

97.1%

97.1%

97.4%

97.4%

97.4%

Worked days

Days

31

28

31

30

31

151

Average Processed

Dry Tonnes/Day

685

1,114

1,120

1,096

1,156

1,032

Third Party Mineralized Material: During this period 2,793 tonnes of mineralized material with an average gold grade of 11.89 g/t was purchased from third parties, representing 29% of the monthly gold production.

“May has been the best month since the start of operations. It is gratifying to see how we continue to grow and hit new production records. We still have room to grow as we continue working to achieve the medium- and long-term goals that we have set for the company.” stated Mr. Gonzalo de Losada, president and CEO of Antioquia Gold.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons                              

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

 

For further information on Antioquia Gold Inc. contact:

Gonzalo de Losada - CEO

Thomas Kelly - Director

Antioquia Gold Inc.

Email: info@antioquiagold.com

www.antioquiagoldinc.com

Phone 574 3217073

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at:www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

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May 31, 2021
Antioquia Gold Reports First Quarter of 2021 and Fourth Quarter of 2020 Financial Results

CALGARY, ALBERTA - (May 31, 2021) - Antioquia Gold Inc. ("Antioquia Gold" or the "Corporation") (TSX VENTURE: AGD) (OTC Pink: AGDXF) is pleased to announce a summary of its financial results for the fourth quarter ended December 31, 2020 and the first quarter ended March 31, 2021. All amounts are in Canadian dollars, unless otherwise indicated.

For the first quarter of 2021, the company has again shown a significant improvement in its financial performance in comparison to the previous year.The improvement is attributable to constant improvements in mine planning and mining operations, process plant optimizations and an increase in processing third-party mineralized material.The high price of gold and silver during Q1 of 2021 and Q4 of 2020 also played an important role.

The main operational and financial results for the first quarter 2021 are as follows (1):

Summary of operating and financial results Q1 2021

 

For the three months ended
Mar 31,

2021

2020

Plant Process data

   

Mineral Processed (Dry Tonnes)

87,166

35,366

Feed Grade (g/t Au)

2.54

2.66

Gold produced (ounces)

6,923

2,913

Total Recovery (%)

97.3%

96.3%

Days Worked

90

91

Average Processed (Dry Tonnes/Day)

969

387

Gold sold (ounces)

6,992

2,596

     

Operating data (2) (Currency: CAD)

   

Average realized gold price ($/oz sold)

2,133

1,943

Total cash costs ($/oz sold)

1,596

1,738

AISC ($/oz sold)

1,768

1,920

All-in costs ($/oz sold)

1,804

2,261

     

Operating data (2) (Currency: USD)

   

Average realized gold price ($/oz sold)

1,685

1,445

Total cash costs ($/oz sold)

1,261

1,292

AISC ($/oz sold)

1,396

1,428

All-in costs ($/oz sold)

1,425

1,681

     

Financial data (Currency: CAD 000´s)

   

Revenue

15,432

5,104

Cost of sales

14,581

6,462

Gain (Loss) from mine operations

851

(1,358)

Exploration and evaluation expenditures

253

886

General and administrative expenses

710

400

Foreign exchange (gain) loss

73

112

EBITDA (2)

2,689

(1,459)

Adjusted EBITDA (2)

3,015

156

Gain (Loss) from operations

(184)

(2,757)

Interest expense and other (income) expenses

2,276

2,021

Net Gain (Loss)

(2,460)

(4,778)

Net Gain (Loss) per share, basic and fully diluted

(0.00)

(0.01)

     

Balance sheet (Currency: CAD 000´s)

   

Total Assets

115,957

110,008

Working capital deficit

(117,323)

(126,639)

(1) This news release should be read in conjunction with the Company’s financial statements and management’s discussion and analysis for the year ended December 31, 2020 and for the period ended March 31, 2021 filed on SEDAR at www.sedar.com and on the Company’s website at www.antioquiagoldinc.com.

(2) Non-IFRS performance measures. For more information, refer to the definitions of EBITDA, Adjusted EBITDA, Average realized gold price, Cash Cost, AISC and All-in Cost in the "Non-IFRS Measures" section of the year ended December 31, 2020 MD&A.

Summary of operating and financial results Q4 and YE 2020

 

For the three months ended
Dec 31,

For the years ended
Dec 31,

2020

2019

2020

2019

Plant Process data

       

Mineral Processed (Dry Tonnes)

75,488

43,066

213,940

163,789

Feed Grade (g/t Au)

2.74

2.23

3.05

2.47

Gold produced (ounces)

6,477

2,914

20,301

12,265

Total Recovery (%)

97.45%

94.40%

96.88%

93.80%

Days Worked

92

92

366

345

Average Processed (Dry Tonnes/Day)

821

468

585

475

Gold sold (ounces)

5,466

3,172

18,413

11,332

         

Operating data (2) (Currency: CAD)

       

Average realized gold price ($/oz sold)

2,305

1,876

2,295

1,782

Total cash costs ($/oz sold)

1,858

2,089

1,517

1,859

AISC ($/oz sold)

2,258

2,354

1,731

2,034

All-in costs ($/oz sold)

2,280

2,493

1,800

2,189

         

Operating data (2) (Currency: USD)

       

Average realized gold price ($/oz sold)

1,769

1,411

1,711

1,340

Total cash costs ($/oz sold)

1,426

1,571

1,131

1,399

AISC ($/oz sold)

1,733

1,770

1,290

1,530

All-in costs ($/oz sold)

1,750

1,875

1,342

1,647

         

Financial data (Currency: CAD 000´s)

       

Revenue

13,272

5,967

43,905

20,250

Cost of sales

12,384

6,688

37,488

27,241

Gain (Loss) from mine operations

888

(721)

6,417

(6,991)

Exploration and evaluation expenditures

119

(82)

1,259

1,763

General and administrative expenses

823

776

2,338

1,825

Foreign exchange (gain) loss

(161)

143

(19)

251

EBITDA (2)

2,281

(2,274)

12,533

(5,339)

Adjusted EBITDA (2)

1,651

(1,337)

13,279

(2,445)

Gain (Loss) from operations

107

(1,558)

2,839

(10,830)

Interest expense and other (income) expenses

2,285

1,703

7,359

5,940

Current income tax expense

1,530

518

1,530

518

Net Gain (Loss)

(3,708)

(3,779)

(6,050)

(17,288)

Net Gain (Loss) per share, basic and fully diluted

(0.00)

(0.00)

(0.01)

(0.02)

         

Balance sheet (Currency: CAD 000´s)

       

Total Assets

   

124,893

118,212

Working capital deficit

   

(115,429)

(111,488)

(1) This news release should be read in conjunction with the Company’s financial statements and management’s discussion and analysis for the year ended December 31, 2020 and for the period ended March 31, 2021 filed on SEDAR at www.sedar.com and on the Company’s website at www.antioquiagoldinc.com.

(2) Non-IFRS performance measures. For more information, refer to the definitions of EBITDA, Adjusted EBITDA, Average realized gold price, Cash Cost, AISC and All-in Cost in the "Non-IFRS Measures" section of the year ended December 31, 2020 MD&A.

Cisneros Project

The Company owns and operates the Cisneros Project, located in the Municipality of Santo Domingo (Antioquia, Colombia) and approximately 70-km from the city of Medellin.The Cisneros Project consists of two operating, underground mines, Guaico and Guayabito and a processing plant with a newly expanded capacity of 1,200-tonnes/day.Flotation and gravity concentrates are produced and sold through internationally recognized trading houses. A new underground project, La Palma, is currently being permitted.La Palma is expected to begin initial underground development early in 2021.

The Company controls the mineral rights to a large, consolidated land package of approximately 17,000 hectares and maintains an active exploration program.This program has produced new projects (La Palma, El Papi) and generated a number of highly-prospective targets that are being investigated.

Readers should be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.

Qualified Persons                              

Roger Moss, Ph.D., P.Geo., Consultant to Antioquia Gold, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information provided in this news release.

 

For further information on Antioquia Gold Inc. contact:

Gonzalo de Losada CEO

+ 574.321.7073

Email:

www.antioquiagoldinc.com

Neither the 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 press release.

Reader Advisory Forward-Looking Statements:

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.

Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: the completion of the Rights Offering and the use of proceeds of the offering. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia’s most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at:www.sedar.com.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.

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