LA JOLLA, Calif., March 25, 2011 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) has received results from the 10 hole reverse circulation drill program conducted in December 2010 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 as part of a Mining Venture with Tonogold Resources, Inc.
The drill program consisted of 10 holes for a total of 10,115 feet of reverse circulation drilling. Since project inception Centerra has drilled 79 holes for 74,070 feet.
Eight of the best 17 intercepts obtained from the two phases of drilling completed in 2010 were drilled in the December 2010 program. Both the Combination and Ruby Hill zones were discovered in 2010.
The best intercepts from the 10 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):
| Combination Gold Zone: | |
| TD10-072: 20 feet of 0.038 oz/ton at a depth of 425-445 feet. | |
| TD10-073: 10 feet of 0.060 oz/ton at a depth of 435-445 feet. | |
| TD10-073: 75 feet of 0.037 oz/ton at a depth of 475-550 feet. | |
| Ruby Hill Gold Mineralization: | |
| TD10-076: | 50 feet of 0.016 oz/ton at a depth of 195-245 feet. |
| TD10-077: 60 feet of 0.017 oz/ton at a depth of 305-365 feet. | |
| North Monte Cristo Gold Mineralization : | |
| TD10-079: | 35 feet of 0.019 oz/ton at a depth of 535-570 feet. |
| TD10-079 | 35 feet of 0.017 oz/ton at a depth of 610-645 feet. |
| TD10-079: 30 feet of 0.016 oz/ton at a depth of 770-800 feet. | |
Preliminary metallurgical work consisting of bottle roll tests on 13 composited intervals was conducted in January and received in the monthly report for February. Average recoveries for gold and silver were 73% and 60% respectively.
Don Strachan, Tonogold's Vice President of Exploration commented: "The December drilling results add significant continuity to the +1,700 foot long Combination gold-silver zone. The December program has also extended the equally thick Ruby Hill discovery to a strike length of at least 1,000 feet which is open in both directions."
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.
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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.