GOLDEN, Colo., Oct. 9 /CNW/ -- Atna Resources Ltd. ("Atna") - (TSX: ATN)
has been informed by Yamana Gold Inc. (TSX: YRI) (NYSE: AUY) that it has
commenced a second round of drilling on Atna's Clover project in Elko County,
Nevada. Yamana's program at the Clover project will include up to 10 reverse
circulation rotary drill holes (8,000 to 9,000 feet) to follow-up the
encouraging gold and silver results intersected in the 2007 drilling. In 2007,
Yamana cut several zones of gold mineralization in the Clover Hill target area
-- 35 feet grading 0.321 ounce per ton ("opt") gold and 0.54 opt silver
(hole CV006) and,
-- 25 feet grading 0.03 opt gold and 7.97 opt silver (hole CV007).
The current program will focus on expansion of this zone and test new
target areas on the property.
The Clover project is a low-sulphidation, vein-hosted, epithermal gold
prospect located adjacent to the Midas Trough within the Northern Nevada Rift.
Clover's geologic setting is similar to Newmont Mining's Ken Snyder (Midas)
mine, which is in a similar package of volcanic rocks adjacent to the Midas
Trough 10 miles further east. Additional targets to be tested on the property
include a geophysical anomaly in the Jake Creek structural corridor near the
occurrence of high-grade gold bearing float located one to 1.5 miles north of
the Yamana drilling done in 2007.
Yamana may earn a 51 percent interest in the Clover property by incurring
exploration expenditures of US$3,300,000 and making payments to Atna totaling
$635,000 before June 19, 2010. Yamana may elect to increase its interest to 70
percent by completing a prefeasibility study within 30 months of vesting in
its initial 51 percent interest in the project.
Yamana is a Canadian gold producer with significant gold production, gold
development stage properties, exploration properties, and land positions in
Brazil, Argentina, Chile, Mexico, Central America and the United States.
Yamana is producing gold and other precious metals in addition to significant
copper production. Company management plans to continue to build on this base
through existing operating mine expansions, the advancement of its exploration
properties and by targeting other gold consolidation opportunities in Brazil,
Argentina and elsewhere in the Americas.
Atna is an emerging gold producer with mine development currently
underway at its Briggs Mine in Inyo County, California, and is in the advanced
stages of mine permitting at the Reward project in Nye County, Nevada.
Additionally, Atna holds a 70 percent interest in the Pinson Mine project in
Humboldt County, Nevada where Barrick Gold is investing $30 million to earn an
additional 40 percent interest.
This press release was prepared under the supervision and review of
William Stanley, V.P. Exploration of Atna, a Licensed Geologist, and Qualified
Person with the ability and authority to verify the authenticity and validity
of information contained within this news release.
For additional information on Atna Resources, please visit our website at
This press release contains certain "forward-looking statements," as
defined in the United States Private Securities Litigation Reform Act of 1995,
and within the meaning of Canadian securities legislation, relating to the
timing of placing the Briggs Mine into operation, permitting of the Reward
Project and Barrick Gold earning its earn-in at the Pinson Mine.
Forward-looking statements are statements that are not historical fact. They
are based on the beliefs, estimates and opinions of the Company's management
on the date the statements are made and they involve a number of risks and
uncertainties. Consequently, there can be no assurances that such statements
will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. The Company undertakes
no obligation to update these forward-looking statements if management's
beliefs, estimates or opinions, or other factors, should change. Factors that
could cause future results to differ materially from those anticipated in
these forward-looking statements include: the Company might encounter problems
such as the significant depreciation of metals prices, accidents and other
risks associated with mining exploration and development operations; the risk
that the Company will encounter unanticipated geological factors; the
Company's need for and ability to obtain additional financing; the possibility
that the Company may not be able to secure permitting and other governmental
clearances necessary to carry out the Company's mine development plans; and
the other risk factors discussed in greater detail in the Company's various
filings on SEDAR (www.sedar.com) with Canadian securities regulators and its
filings with the U.S. Securities and Exchange Commission, including the
Company's Form 20-F dated March 25, 2008.
FOR FURTHER INFORMATION, CONTACT:
Valerie Kimball, Investor Relations - (303) 278-8464 or toll free
James Hesketh, President and COO - (303) 278-8464
For further information:
For further information: Valerie Kimball, Investor Relations,
+1-303-278-8464, 1-877-692-8182; or James Hesketh, President and COO,
+1-303-278-8464, both of Atna Resources Ltd. Web Site: http://www.atna.com