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Tuesday, August 25, 2009
Pediment
Adds Ounces and Upgrades Resource at San Antonio
View News Release in PDF Format
Vancouver, BC, August 25, 2009 - Pediment Gold Corp. (TSXV:PEZ,
OTCBB:PEZGF, Frankfurt:P5E.F) ("Pediment" or the
"Company") is pleased to give a progress report on the
Company's wholly owned San Antonio Gold Project in Baja California Sur,
Mexico. An updated 43-101 compliant resource estimate has added ounces
and significantly upgraded the deposit, confirming 1.53 million ounces
gold in the Measured and Indicated category, plus 111,000 ounces in the
Inferred category (using a 0.4 g/t cut off). In addition, ongoing
metallurgical studies (partially released April 20, 2009) have returned
initial column leach tests showing strong 75-81% gold recoveries for
Oxide type mineralization and up to 72% for Mixed (oxide/sulphide)
mineralization.
Updated Resource
An updated resource estimate was recently performed by Giroux Consultants
Ltd. of Vancouver BC, to incorporate infill drill holes not included in
the first estimate, conducted by Derry Michener Booth and Wahl
Consultants Ltd ("DMBW") in 2008 (previously announced June 16,
2008). This new estimate was based on 242 holes totaling 42,891 m and
comprising 26,613 gold assays. The previous resource estimate by DMBW was
based on 124 drill holes totaling 15,804 m and representing 14,609
assays. The new estimate is tabulated below, along with the previous
estimate for comparison purposes. Both calculations used Ordinary Kriging
and a range of gold grade cut offs. The values reported here are based on
a 0.4 g/t gold cut off. A detailed report documenting the estimation
methodology will be available on the website shortly.
As shown in the tables, the new estimate has added roughly 13% to total
contained gold ounces, and upgraded essentially that entire amount into
the Measured and Indicated category. Estimated grades are somewhat lower
but tonnage has been increased significantly. The new estimate of Oxide
gold ounces is lower than previously calculated, because the previous
estimate lumped Oxide and Mixed (partially oxidized sulphide) material
together. In the new estimate, a Mixed category has been broken out, and
it can be seen that the combined total of new Oxide and Mixed gold ounces
now exceeds the previous Oxide (lumped) total by roughly 10%.
San Antonio - Updated Resource Estimate 2009 (0.4 g/t Au cut off)
|
Mineralized
Zone
|
Resource
Category
|
Tonnes
(M)
|
Au Grade
(g/t)
|
Contained
Ounces
(M)
|
|
|
|
|
|
Global
|
M&I
|
47.3
|
1.01
|
1.53
|
|
INF
|
5.4
|
0.637
|
0.111
|
|
|
|
|
|
Oxide
|
M&I
|
7.24
|
0.928
|
0.216
|
|
INF
|
0.170
|
0.592
|
0.0032
|
|
|
|
|
|
Mixed
|
M&I
|
6.61
|
1.066
|
0.227
|
|
INF
|
0.190
|
0.588
|
0.0036
|
|
|
|
|
|
Sulphide
|
M&I
|
33.5
|
1.018
|
1.096
|
|
INF
|
5.03
|
0.64
|
0.1035
|
San Antonio - Previous Resource Estimate 2008 (0.4 g/t Au cut off)
|
Mineralized
Zone
|
Resource
Category
|
Tonnes
(M)
|
Au Grade
(g/t)
|
Contained
Ounces
(M)
|
|
|
|
|
|
Global
|
INF
|
36.2
|
1.17*
|
1.45
|
|
|
|
|
|
Oxide
|
INF
|
10.91
|
1.1
|
0.400
|
|
|
|
|
|
Sulphide
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INF
|
25.29
|
1.28*
|
1.04
|
*Denotes weighted average grade
between Planes and Colinas zones in first resource estimate
Metallurgical Results
Ongoing metallurgical testing of gold mineralization from San Antonio has
recently been completed by METCON Research of Tucson, Arizona. The latest
phase of metallurgical testing involved open cycle column leach analyses
of 2 composite samples, comprising one each of Sulphide and Mixed
(oxide/sulphide) mineralization, to augment previous Oxide-only leach
tests (announced April 20, 2009).
Combined results of the column leach tests are summarized in the table
below. Cyanide concentration was held at 0.5 g/l for all samples, and
leach time was 111 days for the Oxide samples, 120 days for the Mixed
sample and 102 days for the Sulphide sample. The complete METCON report
will be posted to the website shortly.
Sample
|
Type
|
Crush Size
|
Calculated Head Grade
|
Extraction
|
Consumption
|
|
|
|
Au
g/t
|
Au
%
|
NaCN
Kg/t
|
CaO
Kg/t
|
CL-01
|
Oxide
|
3/8
|
0.87
|
80.65
|
0.06
|
1.80
|
CL-02
|
Oxide
|
1 �
|
0.81
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75.15
|
0.06
|
1.58
|
CL-03
|
Mixed
|
3/8
|
0.85
|
71.87
|
0.33
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1.84
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CL-04
|
Sulphide
|
3/8
|
2.98
|
47.10
|
0.45
|
0.92
|
As seen in the table, Oxide sample gold recoveries ranged from 75 to 81%
(for 1.5 and 3/8 inch crush sizes respectively) and Mixed sample gold
recovery was almost 72%, which are both very encouraging. As is typical
for Sulphide mineralization in column leach testing, results for the
Sulphide sample test were significantly lower at 47%, but additional
testing, evaluating different crush sizes, reagent concentrations and
flow rates, could improve on these results.
Bottle roll tests were also conducted on the Mixed and Sulphide samples
(as part of the column leach test protocol) and those results are
summarized in the following table.
Sample
|
Type
|
Mesh
Size
|
Calculated
Head Grade
|
Extraction
(72 hrs)
|
Consumption
|
|
|
|
Au
g/t
|
Au
%
|
NaCN
Kg/t
|
CaO
Kg/t
|
BR-02
|
Mixed
|
-10
|
0.89
|
79.89
|
0.27
|
2.09
|
BR-03
|
Sulphide
|
-10
|
2.69
|
63.23
|
0.70
|
1.38
|
As seen in the table, bottle roll gold recovery after 72 hrs was 79% for
the Mixed sample and 63% for the Sulphide sample. These positive results
are generally similar to earlier results (reported July 10, 2008) when 72
hour tests returned results ranging from 62-70% recovery for Sulphide
samples and 68-78% recovery for Mixed samples.
Discussion
Gary Freeman, President and CEO of Pediment stated "We are very
pleased that the updated estimate has confirmed a significant 1.64
million ounce gold resource at San Antonio, while maintaining a gold
grade of 1 g/t. As importantly, the Oxide and Mixed contained gold ounces
have increased and metallurgical recoveries for these categories are very
positive. Ongoing metallurgical work continues to address improvements in
Sulphide leaching and/or alternative scenarios for processing of the
Sulphide mineralization. The Company is also making progress in
negotiations for land and water rights and we expect to have agreements
very soon."
The Company is planning further work to characterize mineralization,
including additional column leach tests, grinding and hardness tests, and
gold and sulphide mineralogy, in an effort to refine gold recoveries from
Oxide, Mixed and Sulphide mineralization. Other well known processing methods,
such as grinding and flotation, or Carbon In Pulp (CIP) leaching will
also be evaluated to address Sulphide mineralization specifically. The
Company is also planning a new drill program to begin this fall, to
continue infill drilling and explore the Intermediate Area between Los
Planes and Las Colinas, and to start testing the recently acquired and as
yet untested Triunfo Trend.
Please visit the Company website at www.pedimentgold.com to see new maps and an interactive 3D model of
the San Antonio deposit.
Melvin Herdrick, Vice President of Exploration and Director, is a
Qualified Person as defined by NI 43-101 and has reviewed and approved
this release.
For additional information please contact Gary Freeman or Michael Rapsch
at 604-682-4418.
On behalf of the board,
Gary Freeman
President & CEO
THE TSX HAS NOT REVIEWED OR
ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
This news release contains forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act
of 1933, as amended, Section 27E of the U.S. Securities Exchange Act of
1934, as amended, and within the meaning of Canadian provincial
securities laws applicable to the Company, regarding the progress report
provided on the San Antonio Gold Project. Such statements include,
without limitation, statements regarding the timing of future exploration
activities by the Company, future anticipated exploration program
results, the discovery and delineation of mineral
deposits/resources/reserves, business and financing plans, potential
mining scenarios, the success of mineral processing procedures, business
trends and future operating costs and revenues. Although the Company
believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are
those, which, by their nature, refer to future events. The Company
cautions that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual results may
differ materially from those in forward-looking statements as a result of
various factors, including, but not limited to, variations in the nature,
quality and quantity of any mineral deposits that may be located, the
Company's inability to obtain any necessary permits, consents or authorizations
required for its activities, the Company's inability to produce minerals
from its properties successfully or profitably, to continue its projected
growth, to raise the necessary capital or to be fully able to implement
its business strategies. The reader is referred to the Company's reports,
publicly available through the Canadian Securities Administrators' System
for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com,
and the U.S. Securities and Exchange Commission's Electronic Data
Gathering and Retrieval (EDGAR) System at www.sec.gov, for a more
complete discussion of such risk factors and their potential effects.
This news release contains information with respect to adjacent or
similar mineral properties in respect of which the Company has no
interest or rights to explore or mine. The Company advises that the U.S.
Securities and Exchange Commission's mining guidelines prohibit
information of this type in reports filed with the SEC. Readers are
cautioned that the Company has no interest in or right to acquire any
interest in any such adjacent or similar properties, and that mineral
deposits on adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
All of the Company's public disclosure filings may be accessed via
www.sedar.com and www.sec.gov, and readers are urged to review these
materials, including any technical reports filed with respect to the
Company's mineral properties.
This news release is not, and is not to be construed in any way as, an
offer to buy or sell securities.
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