🕐12.07.11 - 18:54 Uhr
WG: PILOT GOLD ANNOUNCES COMPLETION OF GOLD SPRINGS EARN-IN OPTION BY HIGH DESERT GOLD
Von: Pilot Gold [mailto:] Im Auftrag von Pilot
Gold
Gesendet: Dienstag, 12.
Juli 2011 15:02
An:
Betreff: Pilot Gold announces completion of Gold Springs earn-in option by
High Desert Gold
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Pilot Gold announces completion of Gold Springs earn-in option by High
Desert Gold
July 12, 2011
11-11
Pilot Gold Inc.
(PLG-TSX) ("Pilot Gold" or the "Company") announces that
High Desert Gold Corporation (HDG-TSX:V) ("HDG") has completed its earn-in
option on the Gold Springs gold project on the Nevada-Utah border ("Gold
Springs").
The Option and Earn-in Agreement dated January 10, 2010 (the
"Earn-in Agreement") called for HDG to incur $1 million in exploration
expenditures and pay $160,000 to Pilot Gold.
These obligations have been
met, and a notice of completion confirming HDGs earn-in has been provided
to, and acknowledged by Pilot Gold.
Pilot Gold has elected to participate at
a 40%-interest in a newly established jointly-owned company called Gold
Springs LLC.
On closing of the earn-in, and signing of an operating
agreement, each companys respective interests in Gold Springs will be
conveyed to Gold Springs LLC.
To date, HDG has completed 16 RC holes totalling 1,569 metres and two
diamond drill holes totalling 276 metres, together with a property-wide ZTEM
geophysical survey at Gold Springs.
Early assay results from RC drilling are
expected to be available by late July.
"We are pleased to be working with HDG to advance the Gold Springs
property," says Matt Lennox-King, Pilot Golds President and CEO.
"Together
with our Brik, Easter and Stateline properties, Gold Springs provides the
Company with a dominant position in the emerging Stateline District."
Pilot Golds Nevada exploration platform includes Regent, Brik and Viper,
three gold-mineralized, low-sulphidation epithermal systems; and New Boston,
a copper-molybdenum porphyry prospect.
Drilling is currently underway at all
four projects.
The Company also has a pipeline of six additional properties
in Nevada with compelling drill targets to sustain future growth.
ABOUT PILOT GOLD
Pilot Gold is a gold exploration company focused on advancing Halilaga, TV
Tower and Regent - three strategic gold and copper-gold projects located in
Turkey and Nevada.
For more information, visit www.pilotgold.com
or contact:
Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Development
Phone 604-632-4677 or Toll Free 1-877-632-4677
Except for the statements of historical fact contained herein, certain
information presented constitutes "forward-looking information" within the
meaning of applicable Canadian securities laws.
Often, but not always,
forward-looking information can be identified by the use of words such as
"plans", "planning", "planned", "expects" or "looking forward", "does not
expect", "continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Such forward-looking information,
including, but not limited to, information with respect to exploration
results, the timing and success of exploration activities generally,
permitting timelines, government regulation of exploration and mining
operations, environmental risks, title disputes or claims, limitations on
insurance coverage, potential quantity and/or grade of minerals, potential
size of mineralized zone, potential expansion of mineralization, potential
type of mining operation, timing and possible outcome of any pending
litigation, timing and results of future resource estimates or future
economic studies and the timing and results of any future development
programs involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of Pilot Gold
to be materially different from any future results, performance or
achievements expressed or implied by such forward looking information.
Such
factors include, among others, risks related to the interpretation and
actual results of current exploration and development activities; changes in
project parameters as plans continue to be refined; current economic
conditions; future prices of commodities; possible variations in grade or
recovery rates; failure of equipment or processes to operate as anticipated;
the failure of contracted parties to perform; labour disputes and other
risks of the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those factors
discussed in the section entitled "Risk Factors" in the Companys Amended
Annual Information Form for the year ended December 31, 2010 dated May 12,
2011 (amended June 7, 2011), which is available under Pilot Golds SEDAR
profile at www.sedar.com
.
Although Pilot
Gold has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking information, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended.
There can
be no assurance that such information will prove to be accurate as actual
results and future events could differ materially from those anticipated in
such statements.
Pilot Gold disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise.
Accordingly, readers should not
place undue reliance on forward-looking information.
PLG - TSX
C2011 Pilot Gold |
pilotgold.com
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