MANCHESTER, UK, Jan. 26, 2011 /CNW/ -- Gunpowder Gold Corporation (Gunpowder or "the Company") (OTC Bulletin Board: GUNP) is pleased to announce that it has entered into an Option Agreement with Horizon Exploration Inc. ("Horizon"), whereby Horizon has granted the Company the sole and exclusive right and option to acquire an undivided 100% right, title and interest in and to the Dome Rock property subject only to a royalty located in La Paz County, Arizona.
The 1,280 acre Dome Rock property, consists of 62 unpatented mining claims in the Dome Rock Mountains in the northwest area of the State of Arizona, in the fairway of the world famous Walker Lane Gold Trend. The Walker Lane has historically produced over 50 million oz of gold and 400 million oz of silver.
Dome Rock lies in the historic Plomosa District, 5 miles north of the town of Quartzite, Arizona and approximately 150 miles southeast of Las Vegas, Nevada. This region's Lode and Placer gold has been heavily sought after since the 18th century, and based on historical records and data from former claim holders, the Company believes this property has the potential to host a significant gold deposit.
Dome Rock is just 9 miles south of the famous Copperstone mine which is located at the Northern tip of the Dome Rock Mountain chain. To this day, Copperstone lays claim to the largest gold discovery in Arizona in recent history. Cyprus Gold's profitably open pit mined 500,000 oz of gold. American Bonanza Gold Corporation is presently exploring the remaining underground resource, which contains a 0.363 oz/t oxide gold resource with 313,000 ounces of gold in the Measured and Indicated categories and 256,000 ounces of gold in the Proven and Probable Mineral Reserves category.
The Company plans to utilize all historical work performed to date in the region and to conduct sedimentary rock sampling and assaying, for the purpose of developing a detailed exploration program.
About The Company
Gunpowder Gold Corporation is a gold exploration company in pursuit of high impact gold projects in the Walker Lane Trend, as it extends into Arizona. The company has developed a portfolio of strategically-located claim blocks in the fairway-tract of the trend, known as the Dome Rock Project. Dome Rock is nine miles from American Bonanza's Copperstone mine, the largest gold discovery in Arizona's recent history. The Copperstone open pit and underground workings are located at the northern tip of the Dome Rock Mountains in southwest Arizona.
Shareholders and the public are encouraged to visit www.GunpowderGold.com for more information and to request an Investor Package.
Safe Harbor Statement:
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's website at www.sec.gov.
Contact: Investor Relations 1-800-481-0604
SOURCE Gunpowder Gold Corporation
For further information: Investor Relations, 1-800-481-0604, for Gunpowder Gold Corporation Web Site: http://www.GunpowderGold.com