BAKERSFIELD, Calif., Nov. 14, 2003 (PRIMEZONE) -- Tri-Valley Corporation (AMEX:TIV) announced today positive gold results of its summer drill program on First Chance Creek at Richardson, Alaska. The Company recorded probable and inferred resources of 38,000 ounces of mineable placer gold with a fineness of 895 and a speculative resource of about 100,000 ounces from the 42 reverse circulation drill holes in the first phase of a two-phase 108-hole program.
The Company now plans to complete the second phase of drilling in the summer of 2004 in an effort to prove up reserves while entertaining offers from mining contractors and prospective joint venture partners to establish commercial placer production.
Three other targets so far defined on Tri-Valley's property are hard rock lode prospects, each of which may contain in excess of one million ounces as indicated by surface and pit geology, and some preliminary diamond drill core holes.
Tri-Valley's 42-square mile claim block, about 65 miles southeast of Fairbanks, is highway accessible year-round with ample water, power and fuel availability. It is not a wild or scenic area and does not drain into sensitive streams. It carries no acid rock drainage problems and is within commuting distance of work force towns. All claims are on State of Alaska lands.
"We are very pleased with the initial results of the first phase of First Chance Creek drilling carried out under the supervision of specialists from the world-class mineral research institute, TsNIGRI, of Moscow, Russia. We also used Fairbanks-based Pacific Rim Geological Consulting and Larry Nichols Remote Camps for local geological and infrastructure support," said F. Lynn Blystone, president and chief executive officer.
He noted the strengthening in the gold price now suggests an expanded opportunity to significantly add to shareholder value if any of the targets can be brought to proven status and put into production. The improved gold price now makes further drilling an attractive risk for exceptional upside reward possible from prove up success.
"Our work to date includes sampling physical, visual gold from 60 locations plus myriad geochemical and soil analysis locations along a 20-mile swath on our claims and suggests the possibility of an immense underlying gold system awaiting considerable further investment to prove up all or part of it. We believe gold price conditions are now conducive to attracting that investment and we are approaching a number of experienced mining companies to join us in the effort to prove up these prospects and bring one or more to commercial production," Blystone said.
The Company owns the Richardson Road House at Milepost 295 on the Richardson Alaska Highway. Historically Alaska's second oldest road house, the facility is now fully plumbed and wired and used as the base camp for entry into the adjoining claim block. The Richardson Road House is the subject of a history being written by Golden, Colorado based author, Leslie Noyes.
Tri-Valley Corporation and its subsidiaries, Tri-Valley Oil & Gas Co. and Tri-Valley Power Corporation are headquartered in Bakersfield, California, entering the 41st year of business as a successful operating company and 31 years as a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Berlin and Frankfurt Stock Exchanges under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are www.tri-valleycorp.com and www.tri-valley.de.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2003, and the annual report on Form 10-K for the year ended December 31, 2002.