Reno, Nevada, Feb. 25, 2016 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company"), a gold exploration company with a portfolio of properties near the legendary Homestake Mine in the Black Hills of South Dakota, today provides shareholders with a corporate update and guidance for gold exploration in 2016.
Dakota Territory has assembled a strategic 3,057-acre property position in one of America’s most famous and prolific gold districts, the Homestake District (the “District”). The Homestake District has yielded more than 44 million ounces of gold production over the past 137 years, including approximately 40 million ounces from the Homestake Gold Mine. In the 1980′s and 1990′s, Homestake Mining Company undertook a $70 million exploration program conceived and managed by Richard Bachman, President and Chief Executive Officer of Dakota Territory Resource Corp. The Homestake program discovered significant new gold mineralization beyond the confines of the producing mine, demonstrating repeatability and the potential for additional gold deposits in the District.
Low gold prices persisted through the 1990’s, forcing the suspension of Homestake’s exploration activity in the Black Hills and the eventual closing of the Homestake Mine in 2001. Subsequent to the mine closure, Homestake Mining Company was acquired by Barrick Gold Corporation for $2.3 billion and many of the important mineral properties in the District were divested. Over the past four years, Dakota Territory has acquired 100% ownership of the Blind Gold, City Creek and Homestake Paleoplacer Properties, all of which are located in the heart of the District and were formerly owned and explored by Homestake Mining Company.
It is the intent of Dakota Territory to leverage the Company’s unique mining and exploration experience in the District through our ability to begin programs at the point the previous Homestake work was suspended. To that end, the Company has continued this past year to build on the data sets Dakota Territory has acquired for our properties, and the District. Over the past nine months, these data sets have been utilized for the first time in three dimensional modeling that was not possible in the 1980’s and 1990’s. This work is being conducted in conjunction with former Homestake researchers Dr. Michael Terry and Dr. James Fox through the Company’s ongoing consulting agreements. We are extremely pleased with the results of this work and look forward to sharing some of the new information on our website in the near future.
As spring approaches, the Company has begun preparation for additional sampling programs to follow-up on the successful results from last year’s efforts. Dakota Territory is also looking forward to getting our first drill program underway as quickly as possible.
“We believe that we are nearing, if not at the end of a difficult cycle. As gold prices stabilize, interest in exploration for high grade North American deposits located in proven gold districts with return early. This is the ideal time for us to start drilling to first validate and then build on the previous work.” commented Richard Bachman. “Through this past year, we have continued to prepare ourselves to run efficient programs with the potential to generate substantial bang for the buck. We are optimistic about improving gold markets and are more convinced than ever that Dakota Territory is in the right place at the right time with our projects.”
About Dakota Territory Resource Corp
Dakota Territory Resource Corp. is a Nevada Corporation with offices located at Reno, Nevada. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Black Hills of South Dakota.
In terms of total historic US gold production, the Black Hills ranks second only to the Carlin District of northeast Nevada, with the gold production of the Black Hills concentrated in a 100 square mile area known as the Homestake District. Dakota Territory maintains 100% ownership of three mineral properties including the Blind Gold, City Creek and Homestake Paleoplacer Properties, all of which are located in the heart of the Homestake District and cover a total of approximately 3,057 acres. The Blind Gold Property is located approximately 4 miles northwest and on structural trend with the historic Homestake Gold Mine. Through its 125 year production history, the Homestake Gold Mine produced approximately 40 million ounces of gold and is the largest iron-formation-hosted gold deposit in the world
In the 1980′s and 1990′s Homestake Mining Company undertook a $70 million exploration program managed by Richard Bachman, president and chief executive officer of Dakota Territory that was focused primarily on the search for a repeat of the Homestake Mine. This program successfully discovered significant new gold mineralization beyond the confines of the producing mine, demonstrating repeatability and the potential for additional gold deposits in the Homestake iron-formation host. This program also proved the continuous extension of the Homestake iron-formation to a distance of approximately 4 miles from the producing mine and under the Blind Gold Property.
Dakota Territory Resource Corp is uniquely positioned to leverage Management’s extensive exploration and mining experience in the Black Hills of South Dakota with Homestake Mining Company. For more information on Dakota Territory, please visit the Company's website at http://DakotaTRC.com/.
Investor Relations
Investor Relations Contact: For more information, please contact Dakota Territory Resource Corp (775) 747-0667
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. Our property currently does not contain any known proven or probable ore reserves under SEC reporting standards. Our reference above to the various formations and mineralization believed to exist in our property as compared to historical results and estimates from other property in the district is illustrative only for comparative purposes and is no indication that similar results will be obtained with respect to our property. U.S. investors are urged to consider closely the disclosure in our latest reports filed with the SEC. You can review and obtain copies of these filings at http://www.sec.gov/edgar.shtml.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.
