LA JOLLA, Calif., March 1, 2010 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) announces the 4th quarter exploration update for the Tonopah Divide Gold Project, located five miles south of the town of Tonopah, Esmeralda County, Nevada.
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX:CG), is managing the exploration program under an Exploration and Option Agreement with Tonogold Resources, Inc.
Tonogold has received Centerra's report for the quarter ending December 31, 2009. Key points of interest are as follows:
- The 2009 phase II drill program totaling 12,905 ft in 14 angle drill holes (TD09-030 through -043) was completed in October and early November.
- Results include intercepts at a cutoff grade of 0.3 g/t Au equivalent of:
- 20 ft at 0.402 g/t Au and 68.46 g/t Ag (1.315 g/t Au equivalent) in drill hole TD09-030 at the Victory Divide target.
- 80 ft at 0.320 g/t Au and 10.93 g/t Ag (0.466 g/t Au equivalent) and 60 ft at 0.173 g/t Au and 22.18 g/t Ag (0.469 g/t Au equivalent) in drill hole TD09-032 at North Monte Cristo. The mineralization in this hole correlates with the deeper but higher grade mineralization in phase I drill hole TD09-025 (395 ft of 0.74 g/t Au).
- 20 ft at 0.780 g/t Au and 8.74 g/t Ag (0.897 g/t Au equivalent) in drill hole TD09-041 at Divide East.
- Drill holes TD09-030 and TD09-032 both passed through very thick intervals of low-grade material (+0.1 g/t Au equivalent) including 90 ft at 0.479 g/t Au equivalent in drill hole TD09-030 and 570 ft at 0.254 g/t Au equivalent in drill hole TD09-032.
Donald G. Strachan, Tonogold's Vice President of Exploration, commented: "As the drilling season progressed in 2009, successive drilling campaigns encountered increasingly wide, low-grade gold intercepts in the right rocks and in the center of the Project. These unexpectedly thick disseminations are in Tertiary tuff. They speak well for the ultimate size of Tonopah Divide's gold endowment."
A geologic and drill hole cross section, one that includes the above-mentioned drill intercepts in the center of the Tonopah Divide Project, is available on our website at http://www.tonogold.com/s/TonopahDivide.asp.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California. 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 rights 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 operational 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.