|July 21, 2005|
Tonogold Resources, Inc. Announces Initial Results From Surface Sampling at Nyac Gold Project In Alaska
|Tonogold Resources, Inc. [TNGL] is pleased to announce the results of initial assay results from its summer surface sampling program at the Nyac Gold Project in southwestern Alaska. The program team includes three crews of geologists and samplers that to date have collected more than 1,400 samples from three initial areas, Wallace, Bonanza Ridge and Bonanza Creek Prospects and four adjacent or newly recognized areas. The total acreage of the Nyac Project is 57,600 acres and the work during the 2005 season covers approximately 7,500 acres. Tonogold holds an Exploration and Mining Lease for Nyac with Calista Corporation, the second largest native corporation in Alaska with land entitlements of more than 6.5 million acres. |
Of the 518 surface geochem samples reported to date for the Bonanza Ridge prospect, 58 soil grid samples ranged from 0.105 ppm gold to 2.86 ppm gold. Seven rock chip samples taken during grid sampling ranged from 0.121 ppm gold to 15.1 ppm gold. One rock chip sample from the Wallace Prospect reported 7.2 ppm gold. Tonogold anticipates another 630 assay results from Bonanza Ridge and other prospects within three weeks. (Note: 1 ppm = 1 gram / metric ton = .0292 ounces / short ton)
Don Strachan, Senior Consulting Geologist for Tonogold said, "The initial returns were very encouraging but until all assays for this summer's program are available in September, it will be difficult to make any specific recommendations for further work. However, the large number of anomalous values detected across a large area confirms our initial belief that Nyac is certainly under-explored and has excellent possibilities for gold mineralization."
Jeff Janda, President of Tonogold said, "These results are a major step in advancing the property and developing a highly prospective gold project in Alaska's Kuskokwim Gold Belt. We continue to execute on our larger strategy of adding value to every property we acquire."
The Nyac Gold Project is located approximately 60 miles east of Bethel, Alaska and 300 miles west of Anchorage. The Nyac District is located on the upper Tuluksak River in the Kilbuck Mountains and on the southwestern extension of the recently recognized Tintina Gold Belt. The world-class Donlin Creek property currently being developed by Placer Dome is located 91 miles from the Nyac Property. The Nyac District has a long history of placer gold production of more than 500,000 ounces dating back to 1908. Nyac Mining Company is the current placer operator at Nyac.
Tonogold Resources, Inc. is a mineral exploration company based in La Jolla, California with active investigation of precious metal and uranium projects in the western United States, Alaska and Mexico. The company also has a project office in the Denver, Colorado area. 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 right 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 operation 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.
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