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Re: News Releases - Tuesday, September 18, 2007
Tonogold Resources, Inc. Announces Letter of Intent with Centerra
(U.S.) for Tonopah Divide
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LA JOLLA, CA -- September 18, 2007---Tonogold Resources, Inc. (Pink
Sheets: TNGL) ("Tonogold") is pleased to announce that it has entered
into a Letter of Intent dated September 10, 2007, with Centerra (U.S.)
Inc. ("Centerra"), a subsidiary of Centerra Gold Inc. (TSX: CG),
regarding Tonogold's Tonopah Divide project located five miles south of
the town of Tonopah, Esmeralda County, Nevada. Tonogold has granted
Centerra an exclusive right during the 120-day term of the Letter of
Intent to negotiate a definitive Exploration Agreement with Option for
Joint Venture in which Centerra will have the right to earn a 60%
interest in the Tonopah Divide project by incurring $2.7 million in
exploration expenditures over five years, following which a joint
venture will be formed between Centerra and Tonogold. After formation
of the joint venture, Centerra will have an option to earn an
additional 15% interest by spending a further $5.0 million over four
years.
Tonogold leases the Tonopah Divide property from an underlying owner;
the property consists of 37 patented mining claims and 124 unpatented
lode mining claims. During the term of the Letter of Intent, Centerra
will perform due diligence on title to the claims.
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 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),"
"goal" 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 right 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
operation 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:
Contact:
Phillip Winter
858-456-1273
ir@tonogold.com
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Copyright (c) 2007 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 Sep 18, 2007 at 7:08:27 AM Pacific Time
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