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Re: News Releases - Thursday, August 07, 2008
Tonogold Resources Announces 2nd Quarter Exploration Update for
Tonopah Divide
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La Jolla, California. August 7, 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 June 30,
2008. Key points of interest are as follows:
1) Data Compilation. Centerra continues to compile and digitize
historical data including drill hole and surface sample data. A
detailed topographic map and series of orthophotos were constructed
from Echo Bay air photos and new ground control. Digitizing of
historic sample locations and geology onto the new topographic base is
underway. Aster satellite images of the area were purchased.
2) Geophysics. The aeromagnetic survey by Edcon-PRJ was completed. A
strong magnetic low that corresponds approximately with the
district-scale alteration event dominates the property. Zonge
Geosciences was contracted to perform an IP-resistivity survey over the
central portion of the project area which is 40% complete.
3) Geochemistry. 225 additional rock samples were collected in the
second quarter 2008 for a total through June 18 of 353 samples.
Analytical results confirm that gold and silver anomalous rock is
widespread over much of the property with the better values focused in
specific structures.
4) Geology. Geologic mapping was carried out in conjunction with
sampling throughout the second quarter and more comprehensive sampling
began in June. Four principal target areas have been identified.
Centerra's plans for the third quarter 2008 include: completing the IP
survey, completing critical geologic mapping, planning the initial
drilling program, filing the drilling permit, and engaging the drilling
contractor subject to availability.
Tonogold Resources, Inc. is a minerals exploration company based in La
Jolla, California with properties in Alaska and Nevada. 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, 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
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 Thu Aug 7, 2008 at 6:29:31 AM Pacific Time
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