LA JOLLA, Calif., March 4, 2005 (PRIMEZONE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) is pleased to announce the signing of a ten-year Mining Lease with Option to Renew for a group of mining claims and related properties in the King Tonopah district in Nevada with Mr. Royce L. Hackworth of Elko, Nevada and Mrs. Belva L. Tomany of Reno, Nevada. The properties add significantly to the land position in key mineral target areas as part of Tonogold's King Tonopah Gold and Silver Project, in Nye County, Nevada. The lease is immediately adjacent to the historic King Tonopah Shaft and includes eight unpatented claims. The King Tonopah Property now covers an area of approximately 1,320 acres one mile north of the town of Tonopah.
Tonogold is in the planning stage of exploration for King Tonopah and initiating the necessary Federal and state permits for an expanded exploration program scheduled for later this year. The project area is underlain by mineralization related to the King Tonopah veins striking east-west and centered just north of the historic King Tonopah shaft. In a two-year period, the King Tonopah mine produced approximately 20,000 tons grading 0.30 ounces per ton of gold and 30 ounces per ton silver (6,000 oz gold and 600,000 oz silver) from a portion of one of the east-west veins.
Jeff Janda, president of Tonogold, said, "The signing of the second lease as part of King Tonopah continues to consolidate our strong land position on this property. The earlier property lease with Mountain Gold/ CARACOL and the Hackworth//Tomany lease provide us with key properties that will make our exploration program more rational in terms of suspected targets. As important as the lease is, the inclusion in the agreement of the acquisition of historic exploration data going back to the 1950's we believe will allow us to quickly advance King Tonopah as soon as we have chance to review and analyze this data base. The quality and quantity of data may save Tonogold several years in moving to the advanced stage of exploration. Hopefully, the data review and the next stage of prospecting, mapping and drilling will lead us closer to defining a resource for King Tonopah.
Mr. Janda also stated, "The continued expansion of our land position in Nye County is consistent with our southern Nevada strategy where we are still investigating several other property acquisitions. We are also looking closely at several new exploration opportunities in central Alaska that would geographical diversify our portfolio but allow us to remain on course to aggressively pursue gold and silver exploration opportunities for Tonogold."
Tonogold Resources, Inc. is a mineral exploration company with corporate headquarters in La Jolla, California. The Company is actively investigating precious metal projects in the western United States, Alaska and Mexico. The Company also has a project office in the Denver, Colorado, area. For more information on the Company, visit their website www.tonogold.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold"), which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our right through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operation hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.