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IN THE UNITED STATES/
TORONTO, Nov. 3 /CNW/ - Atlanta Gold Inc. (NEX: ATG.H) announces that it intends to complete surface trenching and near-surface infill drilling programs in 2010 at its Atlanta gold property which is currently under development in Idaho U.S.A.
As previously announced, the March 2009 NI 43-101 Technical Report and Resource Estimate estimated the total Measured and Indicated resource for Atlanta to be 3.0 million tons above cut-off grades of 0.05 ounces per ton (opt) gold for the mini-pit resource and 0.10 opt gold for the underground resource with an average grade of 0.154 opt gold and 0.357 opt silver, that contain 460,338 ounces of gold and 924,700 ounces of silver, respectively, or approximately 472,900 equivalent ounces of gold (including silver resources as a gold equivalent).
The objective of the 2009-2010 exploration programs is to increase the gold mineral resource inventory at Atlanta by approximately 127,100 ounces from 472,900 to 600,000 equivalent ounces of gold by December 31, 2010 by:
a. increasing the size of the near-surface, shallow open-pit resource
which can be mined at a relatively low cost;
b. increasing the size of the sparsely-drilled higher-grade
(0.35+ ounce-per-ton) (12.0+ gram per ton) zones found between the
Monarch and Idaho areas in the west and the East Extension area in
the east at the 900-1,200 foot horizon; and
c. increasing the confidence in the continuity between these
The 2009-2010 exploration programs will include the following:
- 10,000 feet (3,048 metres) of shallow infill core drilling to a depth
of 400 feet (122 metres) on the East Extension, West Monarch and
- 15,000 of 33,000 feet (4,572 of 10,058 metres) of core drilling to an
intermediate depth of 1,500-1,800 feet (457-549 metres) on the East
Extension and Monarch zones. This intermediate drilling is the first
phase of drilling to expand the potential higher-grade resource
(0.35+ opt) (12.0+ gpt) at or below the 750 level;
- survey, sample and assay 2,200 feet (671 metres) of trenches to
further evaluate the near surface potential of the Atlanta Shear
- complete 2,000 samples of the A,B and C horizons on a 25-foot by
25-foot (8-metre by 8-metre) grid
- assay six drill holes from the 2009 surface drilling program;
- subject to obtaining regulatory approvals, commence rehabilitation of
the next 1,475 feet (450 metres) of the 2,275-foot (693-metre) long
historic 900 Adit; and
- 12,000 feet (3,658 metres) of underground NQ drilling from the
historic 900 Adit.
Based on a recent review of historic mining records, the Company has determined that, in addition to the gold and silver mineralization in the 11,400-foot (3,475-metre) long, 100-120-foot (30-37-metre) wide. Atlanta Shear Zone, tungsten was mined at Atlanta in the 1940s. While historical results do not guarantee future results, the Company believes that historical production provides an indicator of exploration potential and the Company is presently investigating the economic potential of mining and processing a tungsten by-product from the Atlanta Shear Zone.
Information of a technical nature in this news release regarding Atlanta has been reviewed by William L. (Bill) Josey who is a designated "Qualified Person" under NI 43-101. Mr. Josey is a registered professional geologist in the State of Arizona.
About the Company
Atlanta Gold Inc. (TSX: NEX.H) holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,197 acres (889 hectares) 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 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 information and statements, including with respect to the planned exploration program and planned enhancement of the gold resource at the Atlanta gold property and the planned investigation of the tungsten potential of the property. 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. Forward looking information and 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 information and 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 limited financial resources and the availability of financing alternatives; the speculative nature of mineral exploration, development and mining (including with respect to the interpretation of geology and the continuity, size, grade and recoverability of mineral reserves and resources); operational and technical difficulties; 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; 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, 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.
Such forward-looking information and statements are based on a number of assumptions, including but not limited to, the timely completion of sufficient financings to fund the Company's capital and operating requirements, the expected timelines necessary to complete and the successful completion of the exploration, development, permitting and pre-production activities, the level and volatility of the price of gold, the accuracy of reserve and resource estimates, the ability to achieve capital and operating cost estimates and general business and economic conditions. Should one or more risks materialize or should any assumptions prove to be incorrect, then actual results could vary materially from those expressed or implied by the forward-looking information.
Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements and information 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 information or 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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THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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: email@example.com; CHF Investor Relations: Christopher Haldane, Account Manager, Telephone: (416) 868-1079, extension 237, Fax: (416) 868-6198, E-mail: firstname.lastname@example.org