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Angkor Gold Identifies Large Epithermal System in Otray

VANCOUVER, British Columbia, May 29, 2013 (GLOBE NEWSWIRE) -- ANGKOR GOLD CORP. (TSX-V:ANK) ("ANGKOR") has completed the first phase of exploration on the Otray prospect, Oyadao South Tenement, Ratanakiri province, Cambodia. The Otray prospect lies in the 10km connector shear between our Dokyong project in the south and in the north, the Phum Syarung prospect that was recently sold to Mesco Gold, and in which Angkor retains a 10% NSR interest.

CEO and Chairman Mike Weeks stated, "We have visible gold in the soil samples; this has been an exceptional year for our geology team, who have exceeded expectations on the Oyadao South Tenement. Their simple, aggressive, and cost effective approach achieves our objective of quickly identifying high value targets on our large tenement package. It vindicates our faith in the potential of Cambodia by giving us another large prospect that has significant gold and copper potential."

The results of the first phase of exploration are very encouraging as they are strongly suggestive of a high sulphidation zone in a gold-copper epithermal environment. The program involved the collection of 11,400 termite mound samples (TMS) collected over an area of 15km2. Samples were taken from all termite mounds within a 20m corridor along linear north-south and east-west traverses at 200m intervals (in some areas at 100m intervals) coupled with ground magnetics, EM, scintillometer surveys, reflected light spectroscopy (Terraspec) on fresh rock specimens, and detailed geological field mapping. A geobotanical study of the area is still in its infancy, but there are indications of at least one species (a cycad) which seems antipathetic to mineralization. Detailed geological mapping is ongoing, and a geophysical survey is in the advanced planning stage.

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Fig 1 Simplified geologic map of Otray prospect showing Cu and Au distribution in termite mound samples

Yellow bubbles represent empirical pan-con index of gold colours panned from 2kg TMS designated 'dust'; 'fine'; 'medium' and 'coarse' by experienced panners. The index is the sum of the products of 1 x dust, 2 x fine, 3 x medium and 4 x coarse counts.

Clearly there is a strong structural component controlling the distribution of the copper and gold. The copper forms a hollow 2.5km ellipse aligned north-northeast along the same shear corridor that contains both the Dokyong and Phum Syarung prospects. There is a clear concentration of gold within this same ellipse, which lies entirely within extrusive andesitic and rhyolitic volcanic rocks. Pyroclastics and tuffs are concentrated in this ellipse area.

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Fig 2 Simplified geologic map of Otray prospect showing distribution of specific lithologies.

The alteration study shows a broad zone of propyllitic alteration (chlorite, epidote, illite, montmorillonite, and smectite) to the east. Abundant veins of vuggy quartz occur in the hollow copper ellipse, with siliceous breccias within the southern portion of it. The ellipse straddles the interface between argillic alteration (kaolinite, montmorillonite, illite) to the north and advanced argillic alteration (pyrophyllite, alunite, halloysite, dickite) to the south and west.

In the extreme northwest, where outcrop is very scarce, enhanced copper values in TMS again coincide with advanced argillic alteration. This alteration is so pervasive that it is difficult to establish the parent rock type, which might be a pyroclastic. Follow-up mapping and detailed TMS are planned.

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Fig 3 Map of Otray prospect showing distribution of alteration facies

Blue Lizard Prospect in the northeast comprises at least 2 quartz veins with chalcopyrite, chalcocite and covellite in argillic alteration in a granitic environment. Trenching is ongoing, showing a strike of 000o to 030o and dipping 55o to the east and southeast. Thickness is still not clear. The property is exactly due south of Phum Syarung, which lies 3.5km to the north. The Mesco property line is 400m north of Blue Lizard. Very detailed mapping and infill sampling has started, to be followed by a geophysical survey.

"This is exciting exploration: it could be straight from a textbook," commented Adrian Mann, VP Exploration. "Advanced argillic alteration is strongly suggestive of a high sulphidation zone in an epithermal environment. The hollow ellipse of enhanced copper values, and associated gold concentrations reinforce the view, which is further corroborated by a low rubidium:strontium ratio in the TMS which coincides with the observed advanced argillic alteration."

Base metal analyses of the TMS were done by Angkor using an XRF instrument, which had been calibrated against over 2000 termite mound samples analyzed using ICP-MS after 3 acid digestion by ALS-Chemex. All samples were dry sieved to -80# prior to analysis. Angkor's XRF analytical protocol requires the insertion of calibration standards after every 10 analyses.

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 45 years world-wide experience in mineral exploration and mining geology. Dr. Mann lives in Calgary, Alberta.

ANGKOR GOLD CORP. is a public company listed on the TSX-Venture Exchange. It is Cambodia's premier gold explorer with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).

With five exploration licences in the Kingdom of Cambodia covering a total of 1102km2, that the company has been actively exploring over the past four years, Angkor has now covered all tenements with stream sediment geochemical sampling, has flown low level aeromagnetic surveys over most of the ground, drilled 17,556 metres of NQ core in 143 holes; and has collected in excess of 20,000 augered 'C' zone soil samples and over 16,000 TMS in 10 centres of interest, over a combined area of 35km2, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.

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.

CONTACT: ANGKOR GOLD CORP. Mike Weeks, President Telephone: (780) 568-3801 Email: mw@angkorgold.caSource:Angkor Gold Corp.