LA JOLLA, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Tonogold Resources, Inc. (Pink Sheets:TNGL) confirms the last 18 drill holes of the 26-hole 2010 Tonopah Divide drill program have, in the opinion of Tonogold, resulted in a discovery of disseminated gold mineralization between several adjacent drill holes which may be amenable to mining by open pit. The drill program was managed by Centerra (U.S.), Inc., a subsidiary of Centerra Gold Inc. (TSX:CG), for the recently formed Mining Venture with Tonogold Resources, Inc.
The 2010 drill program at Tonopah Divide totaled 23,675 feet, including the last five holes which followed up positive results in the Combination area. Significant grades and thicknesses of mineralization were drilled over a strike length of 1,300 feet to depths of 400 feet at Combination, and appears to merge to the southeast into the previously drilled gold mineralization in the North Monte Cristo area.
The best intercepts from the last 18 holes reported in September, in gold equivalent oz/ton (silver divided by 75 plus gold) and a minimum intercept (except where noted) of 10 feet at 0.009 oz/ton gold equivalent (0.3 gram/tonne) are as follows:
Combination Target:
TD10-065: Five significant intercepts occur in this hole:
10 feet of 0.011 oz/ton between 220-230 feet.
10 feet of 0.019 oz/ton between 245-255 feet.
25 feet of 0.070 oz/ton between 515-540 feet.
15 feet of 0.033 oz/ton between 645-660 feet.
20 feet of 0.010 oz/ton between 735-755 feet.
TD10-066:
45 feet of 0.029 oz/ton between 0-45 feet; including 20 feet of 0.048 oz/ton between 15-35 feet.
15 feet of 0.022 oz/ton between 315-330 feet.
10 feet of 0.029 oz/ton between 470-480 feet.
TD10-067: 25 feet of 0.12 oz/ton between 20-45 feet.
TD10-068: 80 feet of 0.013 oz/ton between 265-345 feet.
Ruby Hill Target:
TD10-057: 245 feet of 0.016 oz/ton between 240-485 feet (minimum interval 40 feet at 0.003 oz/ton); including 25 feet of 0.049 oz/ton and 55 feet of 0.026 oz/ton.
It is cautioned that the results reported here are preliminary, based on initial assay results, and are subject to change when all QA-QC procedures have been completed and compiled.
Donald G. Strachan, Tonogold's Vice President of Exploration commented: "Tonogold is of the opinion that a valid discovery exists in the Combination Fault Zone. While additional drilling is necessary in order to define a bulk minable, heap-leachable, resource and reserve, we are encouraged by the shallow higher grade material along strike and up-dip from previously-drilled, large, low grade intercepts at North Monte Cristo. Most of the higher grade material is in the Fraction Tuff and most of it is also in oxidized host rocks."
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.