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TORONTO, Jan. 21 /CNW/ - Atlanta Gold Inc. (TSXV: ATG) announces that the Company has engaged P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario to complete an independent National Instrument 43-101 Technical Report and Pre-Feasibility Study (the "Study") for its Atlanta Gold Project currently in development near Atlanta, Idaho.
The P&E team mobilized on January 11th and initial schedules indicate that the Study will be completed by the end of the second quarter of 2010. The Study is designed to review and confirm the existing mineral resource estimate, determine preliminary designs, estimate capital and operating costs for a shallow open pit and underground mine with different ore and waste production rates. The Study will include a financial analysis based on reasonable assumptions about each of the foregoing factors and other technical and economic factors. This Study will be the first one to apply current economics to a combined shallow open pit and underground mine operation at Atlanta.
"We are optimistic that the Study will greatly assist us in raising the capital necessary to put the Atlanta Project into production", said Bill Baird, President and CEO of the Company.
The Company is also making preparations for its 2010 trenching and drilling programs to test the potential extension of the existing mineral resource that will be the subject of the Study. The Company is also continuing to secure economic, environmental and technical studies and water rights and permits required to advance the Project to production.
About the Company
Atlanta Gold Inc. (TSXV: ATG) holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,197 acres located 65 miles east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects.
The Company is focused on advancing its core asset, Atlanta, towards mine development and production and on acquiring, exploring and developing other attractive gold projects.
This news release contains forward-looking information and forward-looking statements (collectively "forward looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as "may", "intend", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward looking statements, including with respect to the timing of delivery of the prefeasibility study and the anticipated conclusions thereof, the affect of the prefeasibility study on the Company's ability to raise capital and the continuing progress in obtaining the rights and permits necessary to bring the Atlanta Project into production. Such are based upon assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning a favorable conclusion in the prefeasibility study, the accuracy of the Company's resource estimates and of the geological, metallurgical, operational and gold price assumptions on which the estimates are based, the level and volatility of the gold price, the estimated time required for development of the Atlanta Project and related thereto, the time to obtain all required permits and regulatory approvals, the continued availability of financing, the ability to achieve expected timelines and cost estimates and no significant decline in existing general business and economic conditions. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward looking statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to the speculative nature of mineral exploration, development and mining (including with respect to the interpretation of the geology, continuity, size and grade of mineral reserves and resources and the recoverability thereof); operational and technical difficulties which could escalate operating and/or capital costs; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards; government action or delays in the receipt of governmental approvals, permits and licenses; changes in resource prices and fluctuations in currency exchange rates; the Company's limited financial resources and the availability of financing alternatives; contests to the title of Company property and changes in general economic conditions or conditions in the financial markets; as well as other risks and uncertainties which are more fully described in the Company's annual information form on Form 20-F, annual and quarterly Management's Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward looking statements and accordingly, readers should not place undue reliance on those statements.
Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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SOURCE Atlanta Gold Inc.
For further information: For further information: Atlanta Gold Inc.: Bill Baird, President and CEO, Telephone: (416) 777-0013, Fax: (416) 777-0014, E-mail: firstname.lastname@example.org; CHF Investor Relations: Christopher Haldane, Account Manager, Telephone: (416) 868-1079, extension 237, Fax: (416) 868-6198, E-mail: email@example.com