Crown Gold LOI With Argentium Lapses
27 10월 2011 - 6:22AM
Marketwired
Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:CWM)
reports that its letter of intent with Argentium Resources Inc.
("Argentium") dated September 16, 2011 has lapsed. (See Crown's
news release dated September 19, 2011).
Stephen Dunn, CEO of Crown, said, "We are disappointed that we
were not able to complete this transaction. However, the management
team at Crown is now working on identifying other strategic
partners and other sources of financing to take the Monte Cristo
property forward. Discussions with Argentium are also
continuing."
About Crown
Crown Gold, formed last year by the amalgamation of Crown
Minerals and Gold Summit, is exploring for high grade gold and
silver deposits in Nevada and Ontario.
In Nevada, Crown has NI 43-101 compliant inferred resource at
Monte Cristo of 3,158,347 tonnes at a grade of 3.02 g/t gold at a
0.5 g/t gold cut-off, a total of 306,000 ounces. At Sugarloaf Peak,
the Tip Top Mine has a 43-101 compliant indicated resource of
353,100 tonnes at a grade of 3.27 g/t gold at a 1.0 g/t gold
cut-off, a total of 37,000 ounces. In addition, an inferred
resource amounts to 293,500 tonnes at a grade of 2.47 g/t gold,
also at a 1.0 g/t cut-off, a total of 23,000 ounces.
Crown's three other Nevada properties, Blue Sphinx, Gold Springs
and Black Warrior, all contain well-defined and essentially,
undrilled, targets. Gold Springs, has silver values in surface rock
samples that range between 575 g/t (16.8 opt) and 350 g/t (10.2
opt) silver along a 4 km prominent vein outcrop. A second, poorly
exposed, sub parallel vein to the east assayed 33 g/t gold over a
1.3m true width channel sample. Recent work at Black Warrior
confirmed silver values as high as 14.4 ounces per ton (496
grams/tonne) with 0.07 opt (2.4 g/t) gold over 0.6 meter in channel
chip sampling (see news release of June 7, 2011). The work was
undertaken to confirm the previous reports of grades of 20 opt (685
g/t) silver in hand-sorted ore sent to the old Sunshine mill at
Silver Peak in 1983. (The 1983 reports are not compliant with the
requirements of NI 43-101 and, accordingly, cannot be relied
upon.)
In Ontario, surface work is now proposed at Crown's McKenzie
Island property at Red Lake to evaluate the gold bearing, east-west
striking, McAndrews trend where sheeted quartz carbonate veining is
described in old workings. Drilling along the north west striking
Bishops Break trend earlier this year yielded promising results,
including 75 g/t (2.2 opt) gold over 0.91m (3 feet). In
northeastern Ontario, Crown holds three other strategic land
positions including one adjacent to Trelawney's Cote Lake discovery
near Gogama.
Larry Kornze, Senior Consultant to Crown Gold and a registered
Professional Engineer/Geologist, is designated as the Qualified
Person under National Instrument 43-101 and has reviewed and
approved the technical contents of this news release.
This press release contains forward-looking statements within
the meaning of applicable Canadian and U.S. securities regulation,
including statements regarding the future activities of the
Company. Forward-looking statements reflect the current beliefs and
expectations of management and are identified by the use of words
including "will", "anticipates", "expected to", "plans", "planned"
and other similar words. Actual results may differ significantly.
The achievement of the results expressed in forward-looking
statements is subject to a number of risks, including those
described in the Company's management discussion and analysis as
filed with the Canadian securities regulatory authorities which are
available at www.sedar.com. Investors are cautioned not to place
undue reliance upon forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 361-2827 Crown Gold Corporation Dr. Anthony Taylor
Executive Chairman (775)
284-7200info@crowngoldcorp.comwww.crowngoldcorp.com
Crown Mining (TSXV:CWM)
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