ASSAYS RECEIVED FOR FURTHER HOLES ON BORDER NORTH VEIN GOLD PROSPECT, OYADAO TENEMENT, CAMBODIA

  • Assays received for further holes on Border North Vein gold prospect, Oyadao tenement, Cambodia.
  • Value of 21.5g/t over 1.1m in drillhole OY11-051
  • Drilling continues on bull’s eye on Border South.

VANCOUVER, BC (March 28, 2012)

ANGKOR GOLD CORP. (TSXV: ANK) (“ANGKOR”) has received further assay results from the current Border Prospect drilling program from the Oyadao North Tenement, Ratanakiri Province, Cambodia. The drill program was aimed at the Border North Vein, where extensive open workings by artisanal miners have exposed a robust quartz vein system over a strike length in excess of 500m. The holes from OY12-044 to OY12-049 explored workings well to the west, but all showed no significant values, despite a grab sample of 34.03g/t Au picked up in the creek beside OY12-0049D. Hole OY12-051 was the first of two aimed at consolidating our understanding of the eastern workings which is where this program commenced and where grab samples recorded gold values up to 14.8g/t Au. Hole OY11-041D, in the last update (Press Release 2012- 01-17), returned best values of 10.3g/t Au over 1.2m from 38.9m and 6.7g/t Au, 2.9% Zn over 1.3m from 63.8m.

March 28, 2012 Image 1

Host rock is paragneiss, derived from metasediments. The upper zone in OY12-051, from 43.9m is a brecciated quartz-calcite-sericite altered vein, with common pyrite and magnetite in patches. The lower zone, from 71.25m is a quartz-calcite vein with abundant sericite and pyrite, and rare to occasional galena, sphalerite and magnetite. An inclusion of altered grey to black sedimentary gneiss with minor epidote alteration within the vein is also mineralized.

Drilling on the North Vein is now suspended while these results are assessed, and effort has been transferred to the bull’s eye anomaly of Border South. The recently completed EM survey showed a strong tabular conductor associated with the northern edge of the bull’s eye. Drillhole OY12-054 indicated that this feature reflects a near vertical strongly magnetic mafic dyke, in very broken fractured ground in diorite. Drilling of OY12-055 to probe the bull’s eye anomaly continues.

All drillholes in this program used HQ series for the uppermost 25-40m, and thereafter used triple-tube wireline N series. All cores were oriented and saw-split before sampling. Cores are stored at the Company facility in the city of Banlung, Ratanakiri province. All analyses were done by ALS-Chemex in Vientiane, Laos for gold by single assay ton fire assay with an AA finish, and in Brisbane, Australia for base metals by ICP-MS following acid digestion. Higher value results were analysed in duplicate. Company QA/QC protocol requires the insertion of some 20% of blank and standard samples on a randomized basis throughout the sample sequence. The protocol further requires that no sample interval be greater than 1.0 m nor less than 0.25 m.

Drill supervision and logging was all done by company geologists under the direction of Kurtis Dunstone, G.AIG, Exploration Manager for ANGKOR. Mr. Dunstone is a graduate of Latrobe University, Melbourne, and Universitet Götheborg, Sweden, with 10 years of experience in mineral exploration. He is stationed in Banlung, Cambodia.

The QP for this release, which he wrote and approved, is Adrian G. Mann, P.Geol., VP Exploration for ANGKOR. He is a graduate of London University and of the University of the Witwatersrand, with over 40 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.

ANGKOR GOLD CORPORATION is a public company listed on the TSX-Venture exchange. The company has 4 exploration licenses in the Kingdom of Cambodia covering a total of 1167 km2 and 3 Memoranda of Understanding with the Ministry of Mines, Industry and Energy covering a further 1499 km2. The company has been actively exploring these concessions over the past 21/2 years, and has now covered all 7 tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over much of the ground, drilled some 10,769 metres of NQ core in 97 holes, and has collected in excess of 15,000 ‘C’ zone soil samples in 7 centres of interest, over a combined area of 18km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Mike Weeks, President
Telephone: (780) 518-0326
Email: mw@angkorgold.ca

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM

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Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations and assumptions made by the Corporation. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, Cambodia, the United States and globally; industry conditions, including fluctuations in the prices of gold and other base metals; governmental regulation of the mining industry in both Canada and Cambodia, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain mining equipment and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, capital, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the mining industry; failure to realize the anticipated benefits of acquisitions and dispositions; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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Category: Oyadao, Press Release