Jangada Mines encouraged by results at Paranaita gold project

(Alliance News) - Jangada Mines PLC on Friday saw its shares fall as it updated on the Paranaita gold project in Brazil, stating that early results reinforce the project's potential.

Shares in the natural resources development company fell 9.4% to 1.50 pence on Friday afternoon in London.

Jangada said the trenching programme at the gold project returned gold grades of up to 4.3 grams of gold per tonne and confirmed the 800-metre strike length.

The first assay results from the drill programme returned grades of up to 3.1 grams per tonne, said the company, with the remainder of the assay results expected in February.

Jangada said the exploration results confirm the project's potential, and noted several additional promising targets have been identified for future exploration.

"Supported by the current favourable gold market conditions, initial results from Paranaíta reinforce our confidence in achieving the objective of defining a shallow open-pit mining opportunity at the Paranaita Project," said Jangada Chief Executive Paulo Misk.

"The trench results, which allowed the demarcation of the 800 metre mineralised structure and its confirmation in the drill holes executed so far, are encouraging, supporting our learned opinion that the TP02 target of the Paranaíta Project is scalable."

By Christopher Ward, Alliance News reporter

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