LA JOLLA, Calif., March 7, 2005 (PRIMEZONE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) is pleased to announce the release of the Report on Mining History, Geology and Economic Potential of the King Tonopah Vein System, northern Tonopah District, Nye County, Nevada. The report was prepared by Mr. Donald Strachan a member of Tonogold's Technical Advisory Committee.
Mr. Strachan concludes that multiple Tonopah-type veins, with favorable mineralization, alteration, and structure occur in the northern Tonopah District over an area large enough to duplicate central Tonopah's 1901-1935 production. Average historic grade was 0.23 opt gold and 23 opt silver. Drill holes in the northern Tonopah District have encountered four steep vein structures in addition to the near-vertical King Tonopah vein. A gentle west-dipping, concave-upward, fault-vein should occur below the steep veins, but has not yet been encountered in north Tonopah drill holes. One of the goals of Tonogold's exploration and drilling program will be delineation of the indicated, low-angle, fault-vein system beneath the northern Tonopah vein structures. Once located, this fault-vein system will confirm the structural model of the King Tonopah area and may contain an extensive, thick, gently dipping, and readily mined lode zone. The full report can be found at Tonogold's website www.tonogold.com/news.shtml.
Mr. Strachan is a senior professional geologist with over 30 years of experience in mineral exploration in the western United States and eastern Africa. From 1986 to the present time, Mr. Strachan has been based in the Reno, Nevada area and has worked as an independent geologist evaluating gold and silver properties. From 1984 to 1986, he worked as a geologist for St. Joe Minerals involved in precious metal exploration in the western United States. From 1976 to 1979, he was an economic geologist for Houston Oil and Minerals, working in uranium and base metals, and from 1980 to 1983 focused on gold and silver exploration and development projects in western Nevada. He holds a B.A. degree in Geology from California State University in Fresno, California and a M.S. degree in Geology from the New Mexico Institute of Mining and Technology. Mr. Strachan is a Certified Professional Geologist and a member of the Geologic Society of Nevada, the Geologic Association of Canada, and the Society of Economic Geologists.
Jeff Janda, president of Tonogold, said, "This report defines our Two Phase drill program to define the resource potential of the King Tonopah Property. When Phase One is completed, we expect to that the extent of the King Tonopah resource should be determined, veins on existing and new structures should be found, and a Phase Two drill development plan for the northern Tonopah District should be viable."
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.