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Wednesday, August 12, 2009
Pediment
Gold Reports Positive Bench Sample Results from La Colorada, Mexico
View News Release in PDF Format
Vancouver, BC, August 12, 2009 - Pediment Gold Corp. (TSX:PEZ,
OTCBB:PEZGF, Frankfurt:P5E.F) (the "Company") is pleased to
announce results from a recently completed bench sampling program at the
Company's wholly owned La Colorada Gold Mine, in Sonora Mexico.
A total of 3,467 rock chip samples were collected from the historic El
Creston, La Colorada and Gran Central pits, intersecting numerous zones
of prominent quartz vein, iron oxide and sulphide mineralization exposed
in the pit walls. The results are summarized in the table below and maps
showing the sample locations are available on the Company website at
www.pedimentgold.com.
Total Samples
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3467
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Highest Gold Value
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288
g/t over 2m
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Values > 10 g/t Au
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16
samples
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Average
48.6 g/t Au
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Values 5 > 10 g/t Au
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26
samples
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Average
7.0 g/t Au
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Values 1 > 5 g/t Au
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201samples
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Average
2.1 g/t Au
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Average of all samples
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499
ppb Au
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As shown in the table, 16 samples (approximately 6% of those samples over
1 g/t Au) returned grades exceeding 10 g/t Au; 26 samples (approximately
11% of those over 1 g/t) ranged between 5 and 10 g/t Au; and 201 samples
(approximately 83%) ranged between 1 and 5 g/t Au. The highest gold
grades encountered included 288 g/t Au and 104 g/t Au over 2 metre sample
widths, taken from prominent vein zones at lower elevations in the El
Creston pit.
The samples were generally continuous and varied from 0.4m to 4.0m in
width, but averaged about 2 metres. Because of the great variation in
orientation between the veins and pit walls, these are not true widths
and composite widths have not been calculated. Maps posted on the website
show that most veins in the La Colorada mine area have an east-northeast
strike and dip between 45 and 55 degrees to the north, with the exception
of a subvertical vein in the southern part of El Crest�n pit. The veins
zones typically vary in width from about 5 metres to approximately 40 metres.
As shown on the maps, most of the higher grade bench sample results
reflect known vein zones visible within the pits. Wide areas are
anomalous in gold, but the highest grade samples are generally restricted
to discrete structures. In the Gran Central pit for example (Map 1), higher grade samples (up to 6.6 g/t Au) are
clustered in the eastern and southwestern pit walls. At La Colorada (Map 2), the best grades (up to 8.9 g/t Au) are
clustered on the eastern wall, and across a narrow slot in the far
western pit area, corresponding to the La Colorada North Vein. At El
Creston (Map 3), the highest grade samples (up to 288 g/t Au)
cluster along slots in the southern and eastern pit walls, known as the Creston
North and South Veins. These results indicate that significant
mineralization was left behind by previous open pit mining, and suggest
that good potential exists within the pit walls and along discrete
structures for discovery of additional mineralization, which may be
amenable to open pit and/or underground mining respectively.
The bench sampling program was conducted as one of the first steps
towards identifying additional resources at the mine, and providing
targets for follow up drilling. Historic underground production to 1914
was reported as more than 3 million ounces gold, and subsequent open pit
heap leach operations by Eldorado Gold produced more than 300,000 ounces
gold between 1993 and 2000. At that time, Eldorado estimated that some
600,000 oz gold remained, but this resource is not 43-101 compliant and
has not been verified by a qualified person. The Company is therefore
conducting more detailed work, including the ongoing RC and core
drilling, which is intended to assess the historic estimate, test new
zones identified by Pediment's bench sampling, and evaluate both shallow
low grade and deeper high grade mineralization targets.
The previously announced drilling programs are continuing on schedule,
with some 50 RC and 5 core holes completed to date. Bench samples were
analyzed at ALS Chemex. Current RC and core samples are being analyzed by
Inspectorate Labs, with sample prep conducted in Hermosillo MX, and fire
assays performed in Reno NV. Pediment adheres to a strict QA/QC program
utilizing standards, blanks and check samples. Results will be reported
as they become available.
Melvin Herdrick, Vice President of Exploration and Director, is a
Qualified Person as defined by NI 43-101 and has reviewed and approved
this release.
For additional information please contact Gary Freeman or Michael Rapsch
at 604-682-4418.
On behalf of the board,
Gary Freeman
President & CEO
THE
TSX HAS NOT REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE
This
news release contains forward-looking statements within the meaning of
Section 27A of the U.S. Securities Act of 1933, as amended, Section 27E
of the U.S. Securities Exchange Act of 1934, as amended, and within the
meaning of Canadian provincial securities laws applicable to the Company,
regarding the results received from bench samples at La Colorada. Such
statements include, without limitation, statements regarding the timing
of future exploration activities by the Company, future anticipated
exploration program results, the discovery and delineation of mineral
deposits/resources/reserves, business and financing plans, potential
mining scenarios, the success of mineral processing procedures, business
trends and future operating costs and revenues. Although the Company
believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate and similar expressions, or are
those, which, by their nature, refer to future events. The Company
cautions that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual results may
differ materially from those in forward-looking statements as a result of
various factors, including, but not limited to, variations in the nature,
quality and quantity of any mineral deposits that may be located, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its activities, the Company's inability to
produce minerals from its properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to be
fully able to implement its business strategies. The reader is referred
to the Company's reports, publicly available through the Canadian
Securities Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange
Commission's Electronic Data Gathering and Retrieval (EDGAR) System at
www.sec.gov, for a more complete discussion of such risk factors and
their potential effects.
This news release contains information with respect to adjacent or
similar mineral properties in respect of which the Company has no
interest or rights to explore or mine. The Company advises that the U.S.
Securities and Exchange Commission's mining guidelines prohibit
information of this type in reports filed with the SEC. Readers are
cautioned that the Company has no interest in or right to acquire any
interest in any such adjacent or similar properties, and that mineral
deposits on adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
All of the Company's public disclosure filings may be accessed via
www.sedar.com and www.sec.gov, and readers are urged to review these
materials, including any technical reports filed with respect to the
Company's mineral properties.
This news release is not, and is not to be construed in any way as, an
offer to buy or sell securities.
View News Release in PDF Format:
Associated File: http://www.pedimentgold.com/i/pdf/2009-08-12_NR.pdf
65 KB in size, approx. 13 seconds to download at 56.6Kbps
You can also view this News Release on our website at:
http://www.pedimentgold.com/s/NewsReleases.asp?ReportID=359579
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