LA JOLLA, Calif., Jan. 24, 2005 (PRIMEZONE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) is pleased to announce the initiation of field work on its Bonnie Claire Gold Tailings Project in Nye County, Nevada. The property includes 76 placer claims covering 1,500 acres and staked by Tonogold on land administrated by the Bureau of Land Management near Scotty's Junction, Nevada. Bonnie Claire is the company's second gold tailings recovery project and part of its core strategy to develop gold projects in southern Nevada. Tonogold has recently completed a statewide study in Nevada to locate gold tailings properties containing low-grade gold that can be recovered through conventional heap leach practices at minimal capital costs. Investigative work continues on Tonogold's Big Mill Gold Tailings Project near Silver Peak, Nevada.
The mill tailings are located on an area southeast of the historic mining camp at Bonnie Claire and are reportedly deposited from two stamp mills in Bonnie Claire that milled ore from mines near Gold Mountain and around the Bonnie Claire camp from the 1880s until the 1910s. Initial estimates of in-place tailings exceed 12 million tons. Assays on contained gold are expected to be available in mid-February. With those results Tonogold will initiate bottle roll and column leach tests on appropriate samples.
Jeff Janda, president of Tonogold said: "Bonnie Claire is our second gold tailings recovery project and is much larger than Big Mill. We have surveyed virtually all of Nevada for similar tailings projects and will continue to focus in on those that have potential for development. Recognizing that test work, engineering studies and environmental permits precede any production, our corporate strategy continues to include locating opportunities for cash flowing projects in the 2005-2006 time-frame. We are hopeful that either Bonnie Claire or Big Mill could be one of those operations. Our technical advisers are skilled in examining and operating this type of project so we can be optimistic about the potential of tailings projects while still understanding that the tailings are in place usually because they are the low-grade waste from earlier operations. However, heap leach techniques common in Nevada today have proven low-grade gold can be recovered under a variety of conditions."
Tonogold Resources, Inc. is a mineral exploration company based in La Jolla, California with active investigation of precious metal projects in the western United States, Alaska and Mexico. The company also has a project office in the Denver, Colorado area.
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.