Lincoln Gold Announces Revised Gold Resource Estimates for Its Pine Grove Property, Nevada
20 Diciembre 2007 - 1:32PM
Marketwired
VANCOUVER, BRITISH COLUMBIA announces that it has revised the
results of its gold resource estimate on the Company's
100%-controlled Pine Grove gold property located in the Pine Grove
Hills, 20 miles south of Yerington, Nevada. These estimates were
originally disclosed in the Company's news release dated October
19, 2007.
The revised resource estimate is compliant with Canadian
National Instrument 43-101 and was prepared by MineFill Services,
Inc. of Vancouver, B.C., Canada in accordance with definitions of
the Canadian Institute of Mining and Metallurgy's Standards on
Mineral Resources and Mineral Reserves adopted in December 2005.
The data base consists of 160 reverse circulation holes totaling
53,000 ft drilled by Teck Resources in the early 1990's. Drilling
was conducted largely on 100 ft to 200 ft centers on two gold
deposits, the Wheeler and the Wilson. The two deposits are about
2,500 ft apart with excellent access. Potential exists for open pit
mining and heap-leach processing.
At a cutoff grade of 0.010 opt gold and high assays capped at
0.5 opt gold, the Wheeler and Wilson deposits presently contain
combined inferred resources of 6.06 million tons grading 0.053 opt
gold containing 320,000 ozs gold.
The Company original reported both indicated and inferred
resources on the Pine Grove Property in its October 19, 2007 news
release. The Company has since downgraded the indicated resources
referred to in that release to inferred resources as the indicated
resources could not be supported as a result of the lack of the
required quality control/quality assurance program. The inferred
resources are referenced in the NI 43-101 compliant technical
report dated September 28, 2007, as amended December 4, 2007,
prepared by David M. R. Stone of Minefill Services, Inc. A copy of
this technical report was filed with the British Columbia
Securities Commission on December 18, 2007. Investors may view the
technical report on the web site of the Canadian Securities
Administrators at www.sedar.com. Investors are cautioned not to
rely on the disclosure of indicated resources included in the
October 19, 2007 news release.
Mineral resources for the Wheeler and Wilson deposits at various
cutoff grades, as presented in the technical report, are summarized
below:
Undiluted Inferred Mineral Resources by Cutoff Grade - Wilson
(assays capped at 0.5 opt)
--------------------------------------------------------------
Cutoff Au Cu Au Cu
(opt) Tons (opt) (%) (oz) (lbs)
--------------------------------------------------------------
0.005 4,647,000 0.018 0.0210 83,531 1,953,000
--------------------------------------------------------------
0.010 2,738,000 0.025 0.0234 69,744 1,284,000
--------------------------------------------------------------
0.015 1,602,000 0.035 0.0252 56,056 807,000
--------------------------------------------------------------
Undiluted Inferred Mineral Resources by Cutoff Grade - Wheeler
(assays capped at 0.5 opt)
--------------------------------------------------------------
Cutoff Au Cu Au Cu
(opt) Tons (opt) (%) (oz) (lbs)
--------------------------------------------------------------
0.005 4,367,000 0.059 0.0432 257,839 3,774,000
--------------------------------------------------------------
0.010 3,321,000 0.075 0.0465 250,236 3,087,000
--------------------------------------------------------------
0.015 2,647,000 0.091 0.0476 241,981 2,520,000
--------------------------------------------------------------
Dr. David Stone, P. Eng., P.E. of MineFill Services, Inc., is a
Qualified Person as defined in NI 43-101, and has prepared and
approved the information contained in this press release.
Lincoln Gold Corp. is a gold exploration company with several
projects in various stages of exploration which includes three
properties in Nevada and the La Bufa property in Mexico.
LINCOLN GOLD CORP.
Paul F. Saxton, President
This Press Release may contain, in addition, to historical
information, forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements are based on management's expectations and beliefs, and
involve risks and uncertainties. These statements may involve known
and unknown risks and uncertainties and other factors that may
cause the actual results to be materially different from the
results implied herein. Key factors that could cause actual results
to differ materially from those described in forward-looking
statements are:
(i) the results of the NI 43-101 report on the Pine Gove
properties may be different than anticipated;
(ii) the inability of the Company to achieve the financing
required to pursue the exploration of the Pine Grove
properties;
(iii) the results of exploration of the Pine Grove properties;
and
(iv) the lack of commercial mineralization on the Lincoln Gold
properties.
Readers are cautioned not to place undue reliance on the
forward-looking statements made in this Press Release.
Contacts: Lincoln Gold Corp. Investor Relations (604) 688-7377
(604) 688-7307 (FAX) Website: www.lincolngold.com
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