LA JOLLA, Calif., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) announced the commencement of a new drilling program at the Tonopah Divide gold project, which is 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 as part of the Mining Venture with Tonogold Resources, Inc. which was formed in March 2010.
The drilling program will consist of eight to ten holes for an approximate total of 9,800 feet of reverse circulation drilling. Diversified Drilling of Missoula, Montana is the drilling contractor. The first hole was begun on Sunday, November 28, 2010.
Centerra has conducted four previous drilling programs on the property from 2008 to 2010 totaling 69 holes and 63,955 feet of reverse circulation drilling.
The current program will follow up favorable results from the drilling this summer and will include drilling on the Combination, North Monte Cristo, Ruby Hill and New Divide Extension targets.
In particular, five new holes will be drilled on the Combination target to test for thicker and higher grade mineralization at depth and to test a parallel structure to the north.
Including the new drilling program, it is estimated that equity interests in the Mining Venture will be Centerra 70% and Tonogold 30%.
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.