Nov. 22, 2010 (Canada NewsWire Group) --
ROUYN-NORANDA, QC, Nov. 22 /CNW Telbec/ - Visible Gold Mines Inc. (VGD: TSX Venture Exchange and 3V4:FRANKFURT) is pleased to announce the discovery of a vein-hosted gold prospect by field prospection on its Silidor project located 945 metres southwest of the former Silidor Gold Mine in the vicinity of Rouyn-Noranda, Quebec.
Visible Gold Mines recently acquired the Silidor project from Newmont Mining Corporation and IAMGOLD Corporation (see March 8, 2010 news release for details). Visible Gold Mines owns 100% of the Silidor project and the property is not subject to any royalties.
Martin Dallaire, President and CEO of Visible Gold Mines stated, "This new, never-before drilled, high-grade gold discovery is what our exploration team was searching for the whole summer. All the credit goes to our exploration team. Our next step is to bring a drill rig on site and drill this discovery."
The following table is the result of analyzed grab samples. The location of these samples are showed on a map: http://www.visiblegoldmines.com/images/property/3_SilidorGoldMinesAndShowings11x17.pdf
| Samples No. | Gold (Au) g/t gravimetric | Silver (Ag) g/t gravimétrie | Veins | Samples location | |
| North | East | ||||
| 80799 | 33.89 | 12.8 | E | 5345748 | 641770 |
| 80798 | 6.80 | 1.3 | E | 5345748 | 641771 |
| 80797 | 17.55 | 4.4 | E | 5345748 | 641772 |
| 80796 | 4.63 | 2 | E | 5345747 | 641773 |
| 80795 | 5.03 | 0.9 | E | 5345747 | 641774 |
| 80794 | 15.03 | 6.6 | E | 5345747 | 641775 |
| 80792 | 0.20 | 0.7 | E | 5345747 | 641776 |
| 80791 | 3.43 | 0.7 | E | 5345746 | 641777 |
| 80790 | 0.33 | 0.5 | E | 5345746 | 641778 |
| 807XX | standard | standard | - | - | - |
| 80789 | 1.00 | 1.1 | E | 5345746 | 641779 |
| 80788 | 52.16 | 6.3 | E | 5345746 | 641780 |
| 80787 | 2.27 | 0.8 | E | 5345745 | 641781 |
| 80785 | 60.84 | 14.8 | E | 5345745 | 641783 |
| 80784 | 30.86 | 14.1 | E | 5345745 | 641784 |
| 70279 | 1.23 | 2.7 | D | 5345438 | 642130 |
Silidor Gold Mine
Production at the Silidor Gold Mine ceased in July 1997 due to a depletion of reserves. The Silidor deposit was a pluton-hosted lode gold deposit. The Silidor mine contained 2.95 million tons grading 5.1 g/t Au (data from the Government of Québec). The mineralized zone was 900 metres in length a vertical extent of 900 metres, an average thickness of 3.5 metres, and trends northwest-southeast with a dip of 50°to 70° NE.
Qualified Person
This project is under the supervision of Robert Sansfaçon, geologist and Visible Gold Mines' Vice-President Exploration, a qualified person as per National Instrument 43-101.
Quality Assurance / Quality Control
Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control program which includes one mineralized gold standard and one blank for the batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, an accredited laboratory. Some high-grade samples have been re-assayed to ensure better quality control.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the prolific Abitibi Gold Belt in Canada. The Corporation has 41,169,929 common shares outstanding, no debt and cash liquidity of approximately $5 millions.
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 the release.
%SEDAR: 00025339E
| Martin Dallaire, President and Chief Executive Officer | |
| Telephone: | 819-762-0609, Fax: 819-762-0097 |
| E-mail: | [email protected] |
| Website: | www.visiblegoldmines.com |