Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company” or “NVX”) announces today that it has completed the field portion of its 2011 Surselva gold exploration program in Canton Graubunden, southeastern Switzerland. Primary exploration focus was on the Medel permit area, covering approximately 129 square kilometers. The Company agreed terms for the acquisition of the Medel permit in August, 2011, and the Company initiated field activities in September.
Exploration activities in Switzerland were conducted by SwissGold Exploration AG, a wholly-owned subsidiary of NVX. The first field visit to the property by John E. Watson, CEO, Quinton Hennigh, and Odin Christensen, all directors of NVX, was in July, at which time a preliminary exploration program was outlined. The SwissGold Exploration team of Swiss, Canadian and United States geologists and field staff, coordinated by Odin Christensen, completed a program of geological reconnaissance and geochemical sampling in September and October. Exploration activities were conducted on and adjacent to the Medel permit area.
Company geologists were exploring a number of gold occurrences in the crystalline basement rocks of the Tavetsch and Gotthard massifs. Historic work and current exploration have defined an area of particular interest, measuring about 2 kilometers square, within Val Plattas. The Val Plattas prospect area lies within a larger east-west zone of gold occurrences extending at least 7 kilometers.
The field teams used a NITON field-portable x-ray fluorescence analyzer for rapid determination of 33 chemical elements. The trace concentrations of each element or combinations of elements were interpreted to assess the bedrock character, its geological history and mineral potential.
A total of 309 rock samples were collected, both on the Medel ermit area and adjacent ground. Additionally, a soil geochemical program was completed, with soil samples collected at 50-meter spacings on 11 sample lines for a total of 279 samples testing 13.4 line kilometers. All rock and soil samples have been submitted to ALS Scandinavia AB in Pitea, Sweden, for sample preparation and analysis. Analytical work remains incomplete at this date. The Company expects to release sampling results in February, 2012.
Company technical personnel are currently compiling historical exploration information and results from the 2011 field program into a Geographical Information System for critical interpretation. NVX anticipates an aggressive exploration program on the Surselva project in 2012, likely to include continuing geological reconnaissance, geochemical surveys and diamond core drilling.
A National Instrument 43-101 Technical Report on the Surselva project is currently being prepared by Mine Development Associates, “MDA” of Reno, Nevada. Michael Gustin of MDA, an independent Qualified Person under NI 43-101, visited the property in September, reviewed the program, and has approved the information disclosed in this release.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
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Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the geological potential of the properties and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.