![http://harvestgoldcorp.com/rosebudexecutivesummary-may14.jpg](http://harvestgoldcorp.com/rosebudexecutivesummary-may14.jpg)
Dear Harvest Gold followers,
Today, we have announced two important steps that will help
build Harvest Gold's value. (see both releases below).
This morning's release introduced our newest Director, Bob Cuffney,
from Reno, Nevada.
Bob had a long stint with White Knight Resources until US Gold
came to town about two years ago, and absorbed four advanced exploration
companies, including White Knight. We were fortunate to be introduced to
Bob last year when we were looking for a respected, knowledgeable
geologist to write our 43-101 Technical Report on our Rosebud Mine
property. During that process, I was able to visit Reno
and Rosebud to meet with Bob and Greg Hill. Bill McWilliam and Mark Fedikow
joined us to discuss the project's potential. I also got to
watch the guys work the rocks. Field visits and long drives are great ways
to get to know people and I left that trip convinced Bob
was someone who could help us move to bigger opportunities. Greg
and the team, agreed.
So, as I said in the release, we are a better Company today, than we
were yesterday, and we are all very excited to get things in motion, again.
And that leads to our second release, from this afternoon. We are
formally beginning the process of finding a JV partner to drill
Rosebud. The release contains highlights from the Executive Summary (which
is on the website and linked below). The full document is being
delivered to Companies who express a serious interest in the project and
Greg, Bob and I will begin meetings next week in Nevada.
We have not imposed a deadline on the search, as finding the right
partner is clearly our most important task.
Our market cap, at .06, is less than 3 million dollars (Cdn).
It has been a busy week with news from each of our three companies.
I hope each "blast" has provided you with the sense that each
company is moving forward and that our plans are focused and designed
to build value for you.
Please stay in touch.
Best Regards,
Rick Mark
CEO Harvest Gold Corp.
HARVEST GOLD ANNOUNCES ITS PLAN
TO SEEK A JV PARTNER FOR ITS 100% OWNED ROSEBUD MINE PROJECT; EXECUTIVE
SUMMARY POSTED ON WEBSITE
Vancouver, B.C., May 14,
2009. Harvest Gold Corporation (TSX.V: HVG) (the �Company�) is pleased
to announce that it has released an Executive Summary of its Rosebud Mine
Property to introduce the Property to potential Joint Venture partners.
Harvest
Gold is seeking a joint-venture partner to explore the Company�s Rosebud property
in Pershing County, Nevada.
The Rosebud property is an advanced exploration project consisting of 54
unpatented mining claims centered on the former Rosebud underground mine,
which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997
and 2000. The underground
operation mined three high-grade ore zones, with an average
production grade of 0.416 oz Au/t, 2.42 oz Ag/t. Due to falling gold prices,
the cut-off grade was increased from 0.15 oz Au/t to 0.18 oz Au/ton over
the life of the mine, and mineralized material below the cutoff was left
unmined. An in-place, non-43-101-compliant inferred resource of
242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31 oz
Ag/t), was calculated by Hecla at the close of mining in 2000. (This
historical resource estimate was made by a source believed to be reliable
however the Company has not yet independently verified the estimate
according to CIM standards and thus this historical estimate should not be
relied upon.)
The
Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious
metals deposit, similar in origin, geologic setting, and mineralization
style to other low-sulfidation gold deposits in northern Nevada,
including the high-grade multi-million-ounce Sleeper and Midas
deposits.� The property is located in
a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5
miles south of Allied Nevada�s Hycroft mine.� The Hycroft mine has produced more than 1
million oz Au from low-grade disseminated ores, and production recommenced
in 2008 with reserves of 1.9 million oz Au, 22 million oz Ag.�
The
Company believes that the Rosebud Mine property has excellent potential for
discovery of additional high-grade gold/silver deposits as well as
potentially bulk-mineable stockwork/disseminated mineralization. Harvest
Gold has compiled, computerized, and reinterpreted a large volume of data
gathered by the former operators of the mine (LAC, Equinox, Hecla,
Newmont).
Based on
this work, the Company has developed a new structural model for the
deposit.� Using this model, combined
with new geological mapping and soil sampling results, the Company has
generated numerous new exploration targets. A preliminary Phase I drilling
program, designed to explore for high-grade shoots similar to the Chimney,
high-grade veins within the unconformity zone, and bulk mineable
stockwork/disseminated mineralization is proposed.
Harvest
Gold is offering select exploration companies the opportunity to earn into
the Rosebud project through funding of the Phase I exploration
program.� The proposed exploration
program consists of additional geologic mapping and 3-D modeling to refine
the drill targets, followed by an aggressive drilling program.� The drilling program is designed to test
a number of exploration targets with the goal of discovering one or more
high-grade gold zones with good size potential, including high-grade
chimneys, bulk-minable stockwork/disseminated zones, and high-grade veins
at depth.
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