Antioquia Gold Inc. is a Canadian junior mining company exploring for gold in Colombia. It is currently drilling its Cisneros gold project near Medellin and has encouraging initial results. The company is trying to raise $3.5 million to continue its 10,000 meter drilling program. The analyst rates Antioquia Gold as a speculative buy with a 12-month target price of $0.80 per share contingent on positive drilling results in a favorable market.

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VideoScript July 23, 2010 . . .. ..
ANTIOQUIA GOLD INC.
TSX-V: AGD
eResearch has posted on its website, at www.eresearch.ca, a video on
Antioquia Gold Inc., narrated by Bob Weir, CFA and Managing Director,
Research Services.
Following is a transcript of the video narration.
There are a number of Canadian junior mining exploration companies actively exploring in Colombia.
This is an up-and-coming country with tremendous potential, not only in developing an emerging
mining industry, but also in oil, coal, coffee, emeralds, and cut flowers.
Canada and Colombia have almost completed a Free Trade Agreement. Canada has given Royal
Assent to the pact, and it remains only for Colombia to ratify the agreement, which is expected
shortly.
Another positive for Colombia is the continuation of a stable government under President Santos who
took office in June from the outgoing, highly successful, and very popular Alvaro Uribe.
On the economic front, Colombia is enjoying satisfactory GPD growth that has averaged 5.7% over
the past four years.
So, against the backdrop of positive fundamentals for a mining-friendly country, Antioquia Gold is
attempting to define an economic gold deposit, known as Cisneros, which is located centrally near the
city of Medellin.
In 2009, Antioquia conducted a 4,000-metre drill program. Results were sufficiently encouraging that
the Company upped the 2010 drill program to 10,000 metres. Antioquia is about halfway through this
program, and results obtained to date are being compiled and assessed. Only one small set of results
has been announced so far, but the Company will be releasing additional results in a timely manner.
Nothing moves the stock prices, both up and down, of mining exploration companies as much as the
anticipation and realization of drill results. They can literally make or break a company’s stock.
Antioquia also has an additional 30,000 hectares of prospective ground. Most of this comprises six
projects located in the strategic Cauca Porphyry Belt not far from Cisneros. Antioquia has some
impressive neighbours drilling in the vicinity, including AngloGold, Continental Gold, and Medoro
Resources.
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All junior mining exploration companies must continually tap the capital markets in order to finance
their exploration programs. Antioquia is presently in the throes of attempting to raise $3.5 million
through a private placement. If the Company is successful in raising this amount, it will be in a good
financial position for some time.
A year ago, as the Company was ramping up its Colombian initiative, the stock was trading at 11
cents a share. As it started to gain traction with its Cisneros Project, the stock had a good run, rising to
the 68-69 cent level in both November and January.
The double top proved ominous, and the stock has been in free-fall ever since. It closed yesterday
(July 22) at 23 ½ cents per share.
On 64 million shares outstanding, the market cap is $15 million.
FINANCE! DRILL! REPORT!
That is the sequence. In between, nimble investors can capitalize on the usual share price volatility
exhibited by the junior miners. Antioquia is no exception.
We like Antioquia. Management is sound. The properties are well-located. Surrounding infrastucture
is good. And the Company has excellent relations with the local people. In fact, more than 90% of the
Company’s employees are based in Colombia.
Like all junior mining exploration companies with no revenues and only dreams of finding and
developing a major economic deposit, the shares of Antioquia are highly speculative and suitable only
for risk-tolerant investors.
We rate the shares a Speculative Buy, and our 12-month Target Price, which assumes and is
contingent upon a successful drill program (read: good grades and long intervals) is $0.80 per share.
Achieving this lofty goal requires a positive stock market environment for junior mining exploration
stocks and outstanding drill results from the Company.
To view the video, click on the “Play” (►) button on the Home Page video screen. You can view the
video, and learn more about Antioquia by clicking HERE.
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capitalization stocks which otherwise receive little or no research coverage.
To have eResearch conduct research on the Company on an Annual Continual Basis, Antioquia Gold Inc. paid eResearch a fee
of $5,000 + GST, plus gave eResearch 71,430 options to purchase common shares of Antioquia at $0.30 per share until July
2011.
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In keeping with the policies of eResearch concerning its strict independence, all of the opinions expressed in this report,
including any determination of a 12-month Target Price or selection of a Recommendation (Buy-Hold-Sell) for the Company’s
shares, are strictly those of eResearch, and are free from any influence or interference from any person or persons at the
Company.
eResearch Corporation
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Toronto, ON M5H 3V5
Toll-Free: 1-877-856-0765