LA JOLLA, Calif., Aug. 12, 2009 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) announces the 2nd 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 as part of its Exploration and Option Agreement with Tonogold Resources, Inc.
Tonogold has received Centerra's report for the quarter ending June 30, 2009. Key points of interest are as follows:
- A 13 hole reverse circulation drill program is currently underway covering seven target areas. - Five drill holes will follow up favorable results from the 2008 drill program. - A CSAMT survey was completed by Zonge Geosciences that is an extension of the 2008 IP grid. - Mapping and sampling of trenches near Gold Mountain and along the Divide Andesite contact were completed. Trench and road cut sampling indicates a new target area near Gold Mountain including 60 feet of 1.5 ppm gold and 80 feet of 0.815 ppm gold in trenches and 120 feet of 1.65 ppm gold in a road cut that is subparallel to the strike of a structure. - Results of the drill program will be available in the 3rd Quarter Exploration Update.
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.