VANCOUVER, Nov. 16 /CNW/ - Atna (TSX:ATN) is pleased to announce that
Meridian Gold Inc.(TSX:MNG, NYSE: MDG), began drilling on Atna's Clover
project, Elko County, Nevada, on November 14th. Yamana Gold Inc. (TSX:YRI,
NYSE: AUY) currently owns approximately 90% of Meridian Gold and is in the
process of acquiring the balance of Meridian shares not already own by way of
a plan of arrangement. Meridian informed Atna that a reverse circulation drill
is targeting high grade epithermal vein zones and structures in the southern
portion of the claim block. The holes will follow-up on previous high grade
drill intersections and explore new structural targets.
Meridian plans to drill approximately 12,000 feet in 11 holes and will
continue to work through the remainder of the fourth quarter 2007. Atna's
President and CEO, David Watkins, stated, "We are pleased that Meridian has
planned an aggressive drill program at the Clover project, targeting
high-grade mineralization typical of bonanza vein systems in the area.
Meridian has an impressive track record of discovery in a similar geological
setting at its El Pensn mine in Chile and has an experienced geologic team on
the Clover project."
The Clover project is a low-sulphidation, vein-hosted, epithermal gold
prospect located in Nevada's Midas mining district within the prospective
Northern Nevada Rift. Clover's geologic setting is similar to Newmont Mining's
Ken Snyder (Midas) mine (1999 published reserves of 2.8 M tons averaging 34.7
g/t Au, 399 g/t Ag). Clover has several targets that require follow-up work
including a geophysical anomaly in the Jake Creek structural corridor near the
occurrence of high-grade (30.9 g/t) gold bearing float and at the south end of
the property where high-grade gold intersections (25.3 g/t over 9.7m, 7.9 g/t
over 7.6m, and 10 g/t over 3m) were identified from previous drilling.
Under the terms of the agreement Meridian can earn a 51% working interest
in the Clover project by making a cash payment of US$135,000 and exploration
expenditures of US$300,000 in the first year, and paying an additional
US$500,000 and incurring exploration expenditures of US$3,000,000 over the
following three year period. Meridian can earn an additional 19% interest by
completing a pre-feasibility study within 30 months of the initial earn-in.
This press release was prepared under the supervision and review of
William Stanley, V.P. Exploration of Atna, a Licensed Geologist, and Qualified
Person with the ability and authority to verify the authenticity and validity
of information contained within this news release.
For further information:
For further information: and the forward looking statement, please visit
our website, www.atna.com, or contact: ATNA RESOURCES LTD., Kendra Johnston,
Investor Relations Manager & Geologist, Tel: (604) 684-2285, E-mail: