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Drilling at Patagonia Gold’s Monte Leon prospect intersects wide gold and silver zones

Published: 15:19 06 Jun 2011 BST

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Patagonia Gold (LON:PGD) reported that drilling at the Monte Leon prospect in the Santa Cruz province of Argentina has intersected wide near surface zones of potentially bulk mineable gold and silver mineralization.

Geological interpretation has indicated that the wide zones may become more focused at depth, while the mineralization remains open along strike to the north and south and down plunge. A substantial follow-up drill programme is set to begin in the third quarter to infill the current drilled area and test for extensions.

The results included intersections of 1.5 metres at 21.21 g/t gold and 321 g/t silver, 29.4 metres at 1.39 g/t gold, 7 metres at 1.44 g/t gold and 1,018 g/t silver, 74 metres at 1.07 g/t gold and 102 g/t silver and 43 metres at 1.04 g/t gold.

Patagonia has initiated an induced polarisation (IP) geophysical survey to cover the area from the Cap-Oeste project to Monte Leon, a distance of 10 kilometres, and from Monte Leon to the Marciana prospect, a further 7 kilometre to the south east, giving a total IP coverage of 24 kilometres.

Last week, Patagonia reported that its 2010/11 drill programme at Cap-Oeste was now 95 percent complete.

Patagonia told investors that drilling continued to intersect high grade gold and silver – with 13.30 metres grading 8.58 grams per tonne (g/t) gold and 508 g/t silver encountered on the ‘E Shoot’ part of the project.

Cap-Oeste is PGD’s flagship project, it currently has a 762,325 ounce gold resource but the company has been very active with the drill bit lately.

Both Monte Leon and Cap-Oeste are located within the El Tranquilo property block.

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