ATLANTA, Sept. 27, 2011 (GLOBE NEWSWIRE) -- Dutch Gold Resources, Inc. (OTCQB:DGRI) (the "Company") (http://dutchgold.com) today announced that it has entered into a definitive agreement to lease the Minnie Moore Mine property, near the town of Bellevue, in southern central Idaho. The historic Minnie Moore Mine is located immediately west of Bellevue, in the Mineral Hill mining district in Blaine County. The Company entered into a lease agreement with the current owners and was granted an Option to Purchase the property.
Historically, the Minnie Moore vein produced high-grade silver, lead, zinc ore. The value of the historical production, measured in current prices would exceed One Hundred Million dollars ($100,000,000). The property contains numerous other vein structures, and additionally produced copper and gold. Shallow production drilling during rock quarrying by the property owner intersected massive galena with strong silver values. This previously unknown lens of mineralization, which may be a parallel outlier of the Minnie Moore vein, will be evaluated, as will other occurrences of strong gold and silver mineralization that have been identified to DGRI by the property owner. Additionally, the extensive historic mine dumps are believed to contain potentially economically recoverable values and will be assessed. The property is currently permitted, allowing work to begin quickly.
Carl Johnson, owner of the project, commented, "The Minnie Moore Mine hasn't reached its full potential. There are a number of very interesting areas of high mineralization for development and exploration. We have an extensive amount of data from earlier drilling, which, when combined with new drilling, provide a road map to progress. We think the activity will be good for local employment and the community. Dutch Gold will focus on sustainable mining, with a view to the long term."
Rauno Perttu, COO of Dutch Gold, said, "The high silver values in the limited sample of the new lens are similar to the historic high grade production from the historic Minnie Moore vein. We will determine the size and geometry of this new discovery with a shallow drilling program. Concurrently, we will test the dumps for grade and recoverability of contained values. We also plan to test other targets on the property that we have been made aware of by Mr. Carl Johnston, the property owner. We are mobilizing a core drill to begin work as early as next week." The Company expects to confirm mobilization plans during the first full week of October, 2011.
Dutch Gold Resources, Inc. is engaged in the acquisition and development of gold properties in North America. The company's strategy is to focus on overlooked resources that can be quickly and cost-efficiently brought into production, and to seek out potentially significant exploration targets in high value geographies. The Basin Gulch project Montana, and the Gold Bug Mine in Oregon comprise the Company's current portfolio. The DGRI management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
For further information, please see www.DutchGold.com or please contact Thomas Leahey, CFO of Dutch Gold Resources, Inc. at 404-419-2440.