LA JOLLA, Calif., Sept. 2, 2010 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) has received results from the first eight drill holes of the Summer 2010 reverse circulation drill program at the Tonopah Divide Gold Project located five miles south of the town of Tonopah, Nevada.
Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX:CG), is managing the exploration program of the recently formed Mining Venture with Tonogold Resources, Inc.
The best holes of the 2010 drill program thus far, TD-046 and TD-047, were drilled on the Combination target near the historical Combination mining shaft, and adjacent to the North Monte Cristo area.
The best intercepts from the first eight holes are as follows, with all results in gold equivalent oz/ton (silver divided by 75 plus gold) and a minimum intercept of 10 feet at 0.009 oz/ton gold equivalent (0.3 gram/tonne) except where noted:
TD10-045: 10 feet of 0.035 oz/ton at a depth of 15-25 feet; 60 feet of 0.014 oz/ton at a depth of 410-470 feet.
TD10-046: 30 feet of 0.118 oz/ton at a depth of 320-350 feet, within a broad interval (using a cutoff grade of 0.003 oz/ton or 0.1 gram/tonne) of 120 feet of 0.033 oz/ton at a depth of 310-430 feet.
TD10-047: 50 feet of 0.019 oz/ton at a depth of 210-260 feet; 80 feet of 0.047 oz/ton at a depth of 530-610 feet including 35 feet of 0.086 oz/ton at a depth of 560-595 feet.
The program has been expanded from 20 holes to 25 holes for an estimated 23,000 feet of drilling.
Donald G. Strachan, Tonogold's Vice President of Exploration, commented: "Centerra has encountered good gold mineralization in several drill holes at Tonopah Divide, primarily in the Combination and adjacent North Monte Cristo areas, including TD10-046 and TD10-047, from 2008 to 2010, with scattered intercepts elsewhere on this large property. The Combination-North Monte Cristo mineralization remains open to the northwest and at depth."
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, some of our managers lack formal training in the mining business, 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, changes to the Mining Law may increase the cost of doing business, 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.