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Monday, June 29, 2009
Drill
Testing Resumes at La Colorada Gold Mine Project
VANCOUVER, British Columbia, June 29, 2009 -- Pediment Gold Corp. (TSX:PEZ and
OTCBB:PEZGF) (the "Company") is pleased to announce that
exploration and development drilling at its 100%-owned La Colorada Gold
mine project has resumed. Additional supporting bench sampling has also
been completed; results will be reported when available. The
reverse-circulation drill is currently on site to test a number of areas,
and has completed four drill holes to depths of about 60 metres at its
first target. The focus of this short-hole program is to examine areas of
the property containing adjacent workings and anomalous assay results
from prior bench sampling. The objective is to add resources of shallow
mineralization that have potential for mining, using the project's
existing heap-leach facilities.
Drilling was initiated along the south pit wall area of El Creston pit,
collared on the access ramp where prior continuous-chip bench sampling
identified two broad areas of gold mineralization. Targeting in this area
is based on the presence of an unnamed gold-bearing vein extending from
the pit with a length of about 350 metres. The vein has a steep dip and
is parallel to other veins in the Crest�n pit, and parts of it have
workings including a shaft approximately 30 metres deep. The R.C. drill
will continue to drill in the Crest�n pit's margins and easterly
extension before moving to test a series of other shallow targets.
La Colorada is an epithermal-vein type, gold-silver district, which the
Company believes is an outlier of the prolific Sierra Madre Occidental
trend of gold-silver deposits that traverses much of central Mexico. Historic
production from La Colorada has been mainly from underground workings
prior to a cessation of mining during the Mexican Revolution. A total
estimated output based on historic records, including from bulk mining
between the mid 1990's to 2003, is over 3.3 million ounces of gold and 35
million ounces of silver. The project is located within excellent
infrastructure, approximately 40 km southeast of Hermosillo, Sonora
State, Mexico.
In an effort to keep shareholders up-to-date, the Company will be
implementing a section on its website, which will provide general updates
on the progress of the drill program at La Colorada.
Mel Herdrick, the Company's VP of Exploration and a director, is a
Qualified Person as defined by NI 43-101 who has read and approved this
release.
For additional information please contact Gary Freeman or Michael Rapsch
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 commencement of
the drill program at La Colorada. 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.
You can also view this News Release on our website at:
http://www.pedimentgold.com/s/NewsReleases.asp?ReportID=354264
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