Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the "Company") announced today that, in a plebiscite conducted in the Commune of Medel/Lucmagn proposing that the Commune grant a long term exploration permit over the Medel Property to the Company’s wholly-owned subsidiary, SwissGold Exploration AG (“SGE”), the people of the Commune voted against the proposed long term permit by a majority of approximately 2/3rds.
SGE presently holds an exploration permit for the Medel Property that was originally granted in 1986 and is subject to renewal on an annual basis. The Company is very encouraged by its exploration results at the Medel property but felt that before spending significant funds on exploration at the Property it wanted greater security of title. SGE asked the local authority to replace its current permit with a five year exploration permit that was renewable for a further five years at the Company’s request. The local authority felt a plebiscite should be held to approve such a request, and the people of the Commune did not approve it.
John Watson, the President and CEO of the Company, stated: “We are very disappointed with the results of the vote. The Commune of Medel/Lucmagn strongly approved an updated mining law by public vote in 2008 and the Company felt this reflected an acceptance in the Commune of the economic opportunities that mining could bring. With the results of this vote the Company must reassess the future of the project.”
Although the Company still holds an annual exploration permit, the Company will be considering the results of the plebiscite and its next steps over the coming weeks.
On behalf of the Board of Directors,
(sgd.) "John E. Watson"
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.