Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) is pleased to announce that a 2011 follow up drill program (May 12, 2011 news release) is now underway on the 100 per cent owned Afgan-Kobeh gold project located in Eureka county, Nevada. The 25-30 hole 2,500-3,000 metre reverse-circulation drill program, carried out by Drift Exploration Drilling of High River Alberta, is budgeted at $300,000 and is expected to continue through to mid-August.
The drill program will focus on expansion of the recently updated NI 43-101-compliant gold resource of 66,000 ounces Indicated1(3.20 million tons @ 0.021 oz Au/ton) and 55,000 ounces Inferred1 (3.97 million tons @ 0.014 oz Au /ton). The Afgan-Kobeh, Carlin-type gold deposit, remains open to expansion in several areas and these areas, as well as other remote targets both North and South of the known Afgan-Kobeh resource, are the focus of this current drill program.
“Near-surface oxide mineralization and close proximity to infrastructure, together with the current gold price give this project excellent potential to host a low cost, open pit, heap leach gold operation” stated John Watson, President and CEO of NV Gold Corporation “We are confident this drill program will continue to expand and upgrade the resource.”
The Afgan-Kobeh property, located in NE Nevada, 28 miles NW of the town of Eureka, covers 2,180 acres and consists of 109 unpatented claims. The project’s potential is enhanced by its location at the intersection of the Northern Nevada Rift and the Cortez trends between the previously mined Gold Bar deposit (Atlas, U.S. Gold) and the producing Archimedes (Ruby Hill) mine (Barrick Gold).
NV Gold Corporation is focused on maximizing shareholder value through identifying and developing early stage gold and copper deposits.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
1Mine Development Associates, 2011 using a cut-off of 0.006 oz Au/ton
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Investor Relations: Leo Karabelas, Tel: (416) 543-3120 Email: email@example.com
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including a resource estimate and statements regarding the resource at the Afgan/Kobeh project being amenable to heap-leaching, the expansion and upgrading of existing resources, the initiation of a preliminary economic assessment by the Company and the potential of the Afgan/Kobeh project to host an open pit gold operation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include the risk that cyanidation may not achieve acceptable recovery rates on other parts of the resource or that these recovery rates may not be able to be replicated in a commercial scale operation, that additional exploration may not expand or upgrade the resource, that the Company may not pursue a preliminary economic assessment due to disappointing results or financial conditions, that the anticipated economics of the Afgan/Kobeh project will not be sufficiently profitable to warrant commencing production, the uncertainty of continuity of observed mineralization assumed in mineral resource estimates, particularly inferred resources, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
Neither the 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 and accuracy of this release.