RICHMOND, BC, March 2 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX-V: TLG)
is pleased to report on work in the next steps in moving to production.
The Contractor for the next phase of underground work at Skukum Creek is
presently excavating drifts and raises on the Rainbow Two and Berg zones
outlined in the diamond drilling program. This work will allow the Company to
estimate resources in the measured and indicated categories on these zones. It
will also provide essential information on appropriate mining methods for the
zones. As well, three crosscuts are being driven north from the Ridge Access
Drift to provide a platform for additional drilling on the vertical extensions
of the Rainbow Two and Berg zones.
As part of the Quality Assurance program on assays received for samples
from the drilling program, check samples were sent to an independent
laboratory. A number of the results were significantly different (and mostly
higher) from the original results. This necessitated sending samples to a
third lab for confirmation. The results from the third lab generally confirmed
the original results. This has delayed the up-dating of the mineral resource
estimate. A preliminary resource estimate is now being prepared by the
The Company will then be in a position to award the contract for the full
Feasibility Study, based on the technical information being developed and
using prices of US$475 and US$7.50 for gold and silver respectively. Work is
currently underway on various aspects of the feasibility study to provide the
additional technical information necessary to refine the project. As presently
envisaged, the Feasibility Study will be based on a lower cut-off grade of
4g/t gold equivalent, an annual throughput in the plant of 300,000 tonnes per
year, with projected annual production of close to 50,000 troy ounces of gold
and of 1,200,000 troy ounces of silver.
The Company has a booth (#2535) in the Investors Exchange at the
Prospectors and Developers Convention (PDAC) in Toronto from March 4 to 7,
2007. Shareholders and Investors in the Toronto area are invited to drop by to
meet with us.
About Tagish Lake Gold Corp.
Tagish Lake Gold Corp. explores for and develops high grade gold-silver
mineral deposits in the Yukon Territory of Canada. The Company is currently
focused on its wholly owned, 178 km(2) Skukum Mineral District located 80 km
by road south of Whitehorse. The Skukum Mineral District hosts the Skukum
Creek gold-silver deposit and the Goddell Gully gold deposit, with a currently
defined measured plus indicated resource of 1,120,000 tonnes grading 8.0 g/t
Au and 153.1 g/t Ag (MineTech June 2003, available on Sedar); and the Mt.
Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
This news release includes certain forward looking statements in respect
to various issues including upcoming events. These forward looking statements
are based upon current expectations which involve risks and uncertainties that
could cause actual outcomes and results to differ materially. Mineral
exploration is subject to a high degree of risk, which even a combination of
experience, knowledge, and careful evaluation may fail to overcome.
Exploration activities are also expensive. The Company will therefore require
additional financing to carry on its business, and such financing may not be
available when it is needed. The Company disclaims any obligation to revise
any forward looking statements as a result of information received after the
fact or regarding future events.
For further information:
For further information: visit the Company's website at
www.tagishgold.com, or contact: Tagish Lake Gold Corp.: Robert (Bob) Rodger,
President, (604) 273-6477, Fax: (604) 248-2996, www.tagishgold.com; Renmark
Financial Communications Inc.: Barbara Komorowski:
email@example.com; John Boidman: firstname.lastname@example.org,
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com; Should you wish
to receive Company news via email, please email email@example.com and
specify "TLG News" in the subject line.