TORONTO, Jan. 17, 2012 /CNW/ - Atlanta Gold Inc., (TSXV: ATG; OTCQX: ATLDF) announces that the 17,350 metre (57,000 foot) 2011 core drilling program successfully achieved the following objectives:
- Tested the Shear structure between the Idaho area (west end of the Shear) and the East Extension area (east end of the Shear) to show continuity between the two areas, and to confirm that there is extension to a depth of 900 metres (3,000 feet) and along the strike length of 3,475 metres (11,400 feet):
- Core drilled infill holes confirming the potential for one continuous open pit from the Idaho area through the Buffalo, Monarch and East Extension areas. The surface expression of this portion of the Shear structure has a strike length of 2,135 metres (7,000 feet) and its open-pit portion has been confirmed to a depth of 305 metres (1,000 feet);
- Tested the Shear structure to a depth of more than 900 metres (3,000 feet) with numerous intercepts along the Shear including at the west end of the Shear, the area containing the Idaho Pit;
- Explored splays trending northwest from the main Atlanta Shear and identified higher grade offshoots, and the New North Zones 1 and 2 located approximately 427 metres (1,400 feet) north west of the Atlanta Shear Zone; and
- Confirmed continuity of the main Shear at depth, along strike and with significant widths.
Ernie Simmons, Vice President and COO of the Company stated "It is now time to shift our focus from building the resource to environmental permitting, economic analysis, engineering and development."
An updated NI 43-101 resource estimate is currently being prepared to reflect the results of the 2011 drilling program.
Information of a technical nature in this news release regarding Atlanta has been reviewed by Edward D. Fields who is a designated "Qualified Person" under NI 43-101. Mr. Fields is a Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc.
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 kilometres 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. 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 interpretation of the exploration results received. 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 the accuracy of historical records, the accuracy of the Company's resource estimates and of the geological, metallurgical and price assumptions on which the estimates are based, the availability of adequate financing and the ability to achieve operating cost estimates. 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 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 speculative nature of mineral exploration, development and mining (including uncertainties with respect to the interpretation of geology, continuity, size and grade estimates and recoverability of mineral reserves and resources); insufficient funding or delays in raising additional financing on satisfactory terms; operational and technical difficulties which could increase operating and/or capital costs; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, changes in laws or regulations and the risk of obtaining necessary licenses and permits; fluctuations in resource prices and in currency exchange rates; 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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