|
|
Pilot Gold Inc. (PLG-TSX)
("Pilot Gold" or the "Company")
announces that High Desert Gold Corporation (HDG-TSX:V) ("HDG") has
completed its earn-in option on the Gold Springs gold project on the Nevada-Utah border ("Gold
Springs"). The Option and Earn-in Agreement dated January 10, 2010 (the
"Earn-in Agreement") called
for HDG to incur $1 million in exploration expenditures and pay $160,000
to Pilot Gold. These obligations have been met, and
a notice of completion confirming
HDG's earn-in has been provided to, and acknowledged
by Pilot Gold. Pilot Gold has elected to participate at a 40%-interest in a newly established jointly-owned company called Gold Springs LLC. On closing
of the earn-in, and signing
of an operating agreement, each company's
respective interests in Gold Springs will be conveyed
to Gold Springs LLC.
To date, HDG has completed 16 RC holes totalling 1,569 metres and two diamond drill holes totalling 276 metres, together with a property-wide ZTEM geophysical survey at Gold Springs. Early assay results from RC drilling are expected to be available by late July.
"We are pleased to be working with
HDG to advance the Gold Springs property,"
says Matt Lennox-King, Pilot Gold's
President and CEO. "Together
with our Brik, Easter and Stateline properties, Gold Springs provides
the Company with a
dominant position in the emerging Stateline District."
Pilot
Gold's Nevada exploration platform
includes Regent, Brik and
Viper, three gold-mineralized, low-sulphidation epithermal systems; and New
Boston, a copper-molybdenum porphyry
prospect. Drilling is currently underway at all four projects. The Company also has a pipeline of
six additional properties
in Nevada with compelling
drill targets to sustain
future growth.
ABOUT
PILOT
GOLD
Pilot
Gold is a gold exploration company
focused on advancing Halilaga, TV Tower and Regent -
three strategic gold and copper-gold projects located in Turkey and Nevada.
For more information, visit www.pilotgold.com
or contact:
Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Development
Phone 604-632-4677 or Toll Free 1-877-632-4677
info@pilotgold.com
Except for the statements of historical fact contained herein, certain information presented
constitutes "forward-looking
information" within the meaning
of applicable Canadian securities laws. Often, but not always, forward-looking
information can be identified by the use of words such as "plans", "planning", "planned", "expects"
or "looking forward",
"does not expect",
"continues", "scheduled",
"estimates", "forecasts",
"intends", "potential",
"anticipates", "does
not anticipate", or "belief",
or describes a "goal", or variation of such words and phrases or state
that certain actions, events
or results "may",
"could", "would",
"might" or "will"
be taken, occur or be achieved.
Such forward-looking
information, including, but not limited
to, information with respect to exploration results, the timing and success
of exploration activities generally,
permitting timelines, government regulation of
exploration and mining operations,
environmental risks, title disputes or claims, limitations on insurance coverage, potential quantity and/or grade
of minerals, potential
size of mineralized zone, potential
expansion of mineralization, potential
type of mining operation,
timing and possible outcome of any
pending litigation,
timing and results of future resource
estimates or future economic
studies and the timing and results
of any future development
programs involve known
and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement
of Pilot Gold to be materially
different from any future results, performance
or achievements expressed
or implied by such forward looking information. Such factors include, among others, risks related to the interpretation
and actual results of current exploration and development
activities; changes in project
parameters as plans continue to be
refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties
to perform; labour disputes and other
risks of the mining industry; delays in obtaining governmental approvals or financing or in
the completion of exploration, as well as those factors discussed in the
section entitled "Risk
Factors" in the Company's
Amended Annual
Information Form for the year
ended December 31, 2010 dated May 12, 2011 (amended June 7, 2011), which is available under Pilot Gold's SEDAR
profile at www.sedar.com.
Although Pilot Gold has attempted
to identify important factors
that could cause actual actions, events or results to differ materially from those described in forward-looking information, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate
as actual results and
future events could differ materially from those anticipated
in such statements. Pilot
Gold disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result
of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking information.
|
|