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Re: News Releases - Wednesday, April 23, 2008
Tonogold Resources Announces Exploration Update For Tonopah
Divide
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La Jolla, California. April 23, 2008. Tonogold Resources, Inc. (PINK
OTC: TNGL) announces an exploration update for the Tonopah Divide Gold
Project located five miles south of the town of Tonopah, Esmeralda
County, Nevada.
On March 19, 2008, Tonogold announced an Exploration and Option
Agreement for the Tonopah Divide Project with Centerra (U.S.), Inc., a
subsidiary of Centerra Gold, Inc. whereby Centerra may earn a 60%
interest in the Project for expenditures totaling $2.7 million over a
five year period. Centerra is to provide quarterly progress reports to
Tonogold about the ongoing Tonopah Divide exploration program.
Tonogold has received Centerra's report for the quarter ending March
31, 2008. Key points of interest are as follows:
1) Data compilation. Centerra received historical exploration data
from Tonopah Divide Mining Company and is evaluating and compiling the
data. Selected geological and geophysical data are being entered in
digital format for inclusion in a GIS program.
2) Geophysics. A detailed, low-elevation, aeromagnetic survey is in
progress and was 75% complete at the end of the quarter.
3) Geochemical sampling and geologic mapping. A total of 127 surface
samples from outcrops exhibiting alteration, structural zones and
historic mine dumps were collected as the initial part of an ongoing
program to confirm the gold tenor and geologic framework of the
property.
Gold assay results confirm the property's potential: 93 samples (73%)
were anomalous (greater than 0.1 ppm gold), 33 samples (26%) were
moderately anomalous (greater than 1.0 ppm gold), and 13 samples (10%)
were highly anomalous (greater than 3.0 ppm gold).
Silver assay results were also anomalous: 37 samples (29%) were greater
than 10 ppm silver and 15 samples were greater than 50 ppm silver (1.5
oz/ton Ag).
The highest assay results, obtained from samples from historic mine
dumps, reached 84 ppm gold and 581 ppm silver.
Jeff Janda, Tonogold's President, commented: "Centerra has made rapid
progress in the first quarter and is developing the understanding of
the property necessary for a successful exploration program."
Tonogold Resources, Inc. is a minerals exploration company based in La
Jolla, California with properties in Alaska and Nevada. The company
also has a project office in Carson City, Nevada. For more information
on the Company visit their website http://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 rights 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
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.
Contact:
Phillip Winter
Jeff Janda
858-456-1273
ir@tonogold.com
http://www.tonogold.com
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Copyright (c) 2008 TONOGOLD RESOURCES, INC. (TNGL) All rights
reserved. For more information visit our website at
http://www.tonogold.com/ or send mailto:ir@tonogold.com
Message sent on Tue Apr 22, 2008 at 1:07:35 PM Pacific Time
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