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TORONTO, Nov. 27, 2013 /CNW/ - Atlanta Gold Inc. (TSXV: ATG; OTCQX: ATLDF) (the "Company") announced that its subsidiary, Atlanta Gold Corporation ("AGC") has completed the initial surface trench excavation at the Monarch Shaft, located at the Atlanta property in Elmore County, Idaho.
Using a Caterpillar 330 excavator, an estimated 30,000 tons of highly diluted material was exposed. More than 230 samples were taken from the excavated material that en masse will comprise the foundation of the mined ore pad upon which higher grade materials will be stockpiled when excavation continues. Assay results from the samples will be used to calculate the number of mineralized ounces comprised in the pad's 2014 foundation. The samples will be processed by Inspectorate America Corporation in Reno.
The surface sample area has identified the proposed bulk sample excavation area as planned for next year.
Wm. Ernest Simmons, President and CEO stated, "The 800' length x 65' width sample area exposed numerous Northwest trending splays which had been identified by previous surveys and sampling. Next year we expect to begin testing the gravity recovery potential from this defined surface trench area during the first phase of trench sampling at the Atlanta project."
About the Company
Atlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres (8.74 square kilometres) located 90 air kilometers 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.
This news release contains forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities laws, including with respect to excavation of a bulk sample and testing of the gravity recovery potential, and the respective timing thereof. Such are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant. These assumptions include the continued availability of sufficient funding, the availability of adequate equipment and manpower and the ability to achieve operating and cost objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the Company's and AGC's limited financial resources and their ability to raise sufficient funds on a timely basis to fund the capital and operating expenses necessary to carry out its planned initiatives; operational and technical difficulties which could delay or prevent completion of its initiatives; fluctuations in resource prices and currency exchange rates; the speculative nature of mineral exploration and mining (including with respect to the interpretation of geology, continuity, size and grade estimates and the recoverability of resource estimates); operational and technical difficulties which could increase operating and/or capital costs; changes in general economic conditions and in the financial markets; as well as other risks and uncertainties which are more fully described in the Company's 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:
Atlanta Gold Inc.:
Wm. Ernest Simmons
President and CEO
Email: [email protected]
Atlanta Gold Inc.
Telephone: (416) 777-0013
Fax: (416) 777-0014
Email: [email protected]
CHF Investor Relations
Director of Operations
Telephone: (416) 868-1079 ext. 225
Fax: (416) 868-6198
Email: [email protected]