VANCOUVER, Nov. 25 /PRNewswire/ -- Radius Gold Inc. (TSX-V: RDU) is pleased to announce that it recently staked 230 claims covering the eastern extension of the belt of rocks that host ATAC Resources' Osiris discovery, contiguous with ATAC's Sten claim block, northeast of Keno City in the Yukon Territory of northern Canada. Radius also staked 320 claims covering the prospective stratigraphy along the northern edge of ATAC's claim block, midway between the Osiris and Ariana targets.
ATAC has discovered a potentially major belt of Carlin-type gold mineralization at their RAU property. According to ATAC, mineralization in the Osiris Target area shares many of the characteristics of Carlin-type gold deposits, including similar alteration assemblages and association with the low temperature arsenic sulphides, realgar and orpiment. Host rocks are two, 150 to 250 m thick limestone debris flow and turbidite units, referred to as the Osiris and Isis Horizons, which occur within basinal silty mudstones.
Radius plans to begin exploration of its ATAC-belt claims when weather conditions allow in the spring.
Radius recently announced a non-brokered private placement to a maximum of 5.8 million flow-through common shares at 65 cents per share, for gross proceeds of up to $3.77-million. Closing of the financing is anticipated to occur on or before Dec. 6, 2010, and is subject to receipt of TSX Venture Exchange acceptance. The net proceeds of the financing will be used for exploration of the Company's Sixty Mile property in Yukon Territory and its other Yukon properties.
Qualified Person & QA/QC
Roger Hulstein, B.Sc., is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company's Qualified Person as defined by National Instrument 43-101. Mr. Hulstein is responsible for the accuracy of the technical information in this news release.
About Radius
Radius has been exploring for gold in Latin America for nearly a decade, and has assembled interests in a portfolio of promising gold projects throughout the region, including carried stakes in two small-scale developing gold projects in Guatemala and Nicaragua. In addition to its ATAC-belt claims, Radius also has two other 100% owned exploration plays, the HB property in Guatemala and the Sixty Mile property in the Yukon Territory.
ON BEHALF OF THE BOARD "Simon Ridgway" Simon Ridgway, President & CEO
Investor relations: Ralph Rushton / Erin Ostrom Symbol: TSXV-RDU; OTCBB-RDUFF Shares Issued: 73.6-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Radius Gold Inc. Actual results may differ materially from those currently anticipated in such statement.
Radius Gold Inc.
CONTACT:
on Radius and its properties, please call toll free
1-888-627-9378 or visit our new web site (href="http://www.radiusgold.com/">http://www.radiusgold.com/).
