| January 18, 2005 Tonogold Resources, Inc. Announces King Tonopah Gold and Silver Project | |
| LA JOLLA, CA -- (MARKET WIRE) - 01/18/05 - Tonogold Resources, Inc. [TNGL] is pleased to announce the signing of a Mining Lease with Option to Purchase for a group of mining properties in the King Tonopah district in Nevada with Mountain Gold Exploration, Inc. and CARACOL of Reno, Nevada. The properties form the base of Tonogold's new project, the King Tonopah Gold and Silver Project, in Nye County, Nevada and include a total of 59 unpatented claims in proximity to the King Tonopah Shaft covering an approximate area of 1,180 acres one mile north of the town of Tonopah. Tonogold intends to move this early stage exploration property forward to advanced exploration status. The Company will possibly consolidate North Tonopah and other available claim groups in the area into the King Tonopah Project. The prospect area is underlain by mineralization related to the King Tonopah veins striking east-west and centered just north of the historic King Tonopah shaft. In a two-year period, the King Tonopah mine produced approximately 20,000 tons grading 0.30 ounces per ton of gold and 30 ounces per ton silver (6,000 oz gold and 600,000 oz silver) from a portion of one of the east-west veins. Jeff Janda, president of Tonogold, said, "The signing of the lease for this property group with Mountain Gold and CARACOL provides us with key properties which we intend to expand as part of our new King Tonopah Gold and Silver Project, one of two highly prospective exploration projects we acquired in the last six months in the Tonopah area. We expect that mapping and other exploration activities will commence at King Tonopah in the next 90 days. The Tonopah District and the related King Tonopah District to the north have historically experienced extensive exploration. However, exploration in the area in the last 15 years has been limited. Modern exploration techniques such as reverse circulation drilling, geophysics and geo-chemical evaluations and advanced processing innovations present new opportunities to Tonogold particularly in the King Tonopah area. The higher silver grades found in the 1950s present new promise in view of current precious metal prices." Mr. Janda also stated, "The King Tonopah project fits nicely with our exploration at North Springs in Esmeralda County about 65 miles southwest of Tonopah. We continue to build our base in the Tonopah area but are also interested in prospects outside Nevada that would present gold exploration opportunities for Tonogold." Tonogold Resources, Inc. is a mineral exploration company with corporate headquarters in La Jolla, California. The Company is actively investigating precious metal 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. Contact: Jeffrey Janda Tonogold Resources, Inc. 858-456-1273 jeff@tonogold.com | |
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