Guanaco Acquires Concessions In Chile

AUSTRALIA - Austral Gold Limited reported that Guanaco Compañía Minera, the Chilean subsidiary of Guanaco Mining Company 100% owned by Austral Gold, has formally initiated the process to acquire an additional 49 concessions totaling some 11,128
hectares located in close proximity to the Company's flagship advanced exploration project in Chile.
If granted, Guanaco Compañía Minera will hold almost 25,000 hectares in 270 concessions. Guanaco Compañía Minería currently holds 13,571 hectares, and has recently completed 2008 Stage 1 Drilling Program at the Guanaco Project. The program was successful in identifying a number of new structures, including the extension of Cachinalito Norte where a significant silicaquartz vein structure was encountered with similarities to the mineralisation found in the goldbearing veins in the district.
After interpretation and analysis of the results, the Stage 2 Drilling Program will be prepared and is planned to comprise approximately 15,000 metres of RC drilling, with drilling expected to recommence in mid October 2008.
The company's address is Terrace Towers, Suite 605, 80 William Street, Sydney NSW, 2011,  (02) 9380 7233, fax: (02) 9380 7972.