Consolidated Goldfields Resumes Evaluation of its Pyramid Mine

RENO, Nev., Oct. 19 /PRNewswire-FirstCall/ -- Consolidated Goldfields Corporation (Pink Sheets: CDGF) is pleased to announce that the company will be resuming evaluation of the Pyramid Mine in Churchill County, Nevada. The Pyramid Mine is a high-grade underground gold-silver-lead-zinc stockwork-vein system hosted in altered volcanic rocks within the prolific Walker Lane structural zone.

As previously reported, samples were collected by the company from both the surface and underground throughout the claim block to initiate field exploration. Assays were completed by Inspectorate Laboratories in Reno, Nevada.

Surface results ranged from a high of 0.823 oz/ton gold, 177.9 oz/ton silver, 11.5% lead, 6.9% zinc to a low of 75 ppb gold, 15.2 ppm silver, 1,212 ppm lead and 526 ppm zinc. Underground assays were significantly higher ranging from a maximum of 1.505 oz/ton gold, 261.3 oz/ton silver, 15.0% zinc, 9.8% lead to a low of 10 ppb gold, 8 ppm silver, 211 ppm zinc and 99 ppm lead. The table below illustrates the more significant underground results:

    Sample      Gold oz/ton      Silver oz/ton         Zinc %         Lead %
    ------      -----------      -------------         ------         ------
    289820         0.812             223.3               9.8%           9.7%
    289821         0.273             132.7               2.1%           2.8%
    289822         0.635             130.2              10.1%           5.1%
    289823         0.549             104.1               5.2%           3.5%
    289824         1.505             261.3              15.0%           9.8%

In addition, two bulk samples were collected underground to conduct scoping-study gravity and flotation metallurgical testing to determine the best method for concentrating mineralized material. McClelland Labs, Inc. of Reno, Nevada conducted the metallurgical test work and preliminary results revealed especially positive results for flotation concentration. Precious metals reporting to rougher lead concentrates indicated recoveries greater than 94% for gold and 96% for silver.

Consolidated Goldfields had also contracted two underground mining consultants to conduct an initial underground evaluation of the Pyramid Mine. Preliminary assessment of the existing underground workings, ground conditions and exposed precious and base metal mineralization were deemed favorable and additional work is currently being planned for the purpose of providing preliminary capital costs and mine plan for rejuvenating underground operations.

Certain information contained in this news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    For further information, please contact:

    Consolidated Goldfields Corporation
    Thomas Callicrate, President & CEO
    (775) 829-4507

SOURCE Consolidated Goldfields Corporation