DENVER, Sept. 7, 2012 /PRNewswire/ -- Discovery Gold Corporation (OTCQB: DCGD) ("Discovery Gold" or the "Company") is pleased to announce that based upon the latest management analysis and discussion of the available historic exploration data from the Edum Banso Gold Project in Ghana, the Company has determined to focus the next phase of exploration programs on two gold targets selected out of the six targets previously identified at the site. In total, the gold zone anomalies at Edum Banso cover an area approximately 5 miles (8km) long and ¼ mile (400m) wide.
"The Edum Banso Gold Project is located within the prolific gold producing Ashanti Gold Belt, in close proximity and with apparent similar geology to several recent discoveries and producing local gold mines, including the Father Brown and Adoikrom deposits currently being open pit mined by Golden Star Resources within just two miles of one of our high-priority targets," noted Discovery Gold's President, Steve Flechner. "These high-priority gold targets were outlined by previous exploration work conducted by global mining giant Newmont and Xtra-Gold Resources several years ago when gold prices ranged as low as $400/oz. Now at today's current pricing of about $1,700/oz., the potential economics of gold mining in this area have grown dramatically in our favor. I look forward to working along with the rest of the Company's expanded team of experts to advance the Edum Banso Gold Project to its full potential."
Discovery Gold is led by a team of veteran mining and corporate finance specialists and is now well positioned to explore and develop Edum Banso's strategic geologic location. The Company has recently professionalized its management team with the additions of Mr. Ralph Shearing as Senior Geological Consultant, Mr. David Cutler as Chief Financial Officer, and Mr. Steve Flechner as President and CEO. Each of the new appointments to the Discovery Gold team brings over 25 years of mining and public company management experience to the Company.
Discovery Gold's Senior Geological Consultant and Director, Mr. Ralph Shearing, explained that "Our job in the field over the near term is to relocate, extend, map, analyse, and augment the historic geophysical interpretations, soil and stream sampling, trenching and pitting, and shallow auger drilling that has already been completed at Edum Banso in order to identify the possible sources of the gold anomalies and then to determine specific targets for a diamond drilling program."
The Company expects that the planned pre-drilling work phase should take about 60 days to mobilize and complete, followed by an additional 30 days for laboratory testing and analysis, after which specific drilling targets will be considered. The Company expects to confirm a start date for this planned pre-drilling work phase over the next 30 days, subject to the successful conclusion of discussions currently underway with interested private investors regarding funding the program.
This press release is not an offer to sell or a solicitation of an offer to buy the Company's securities, nor will these securities be sold in any jurisdiction in which such offer, solicitation, or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
About Discovery Gold Corporation
Discovery Gold Corporation is an emerging U.S. based mineral exploration company offering shareholders the opportunity to participate in the ownership of high-potential international gold exploration and development. The Company's wholly-owned subsidiary company, Discovery Gold Ghana Limited, currently holds a 70% interest (with the opportunity to re-acquire 25% for a 95% interest total) in the exclusive rights to explore the Edum Banso Gold Project within the historic and prolific gold producing Ashanti Gold Belt in Ghana.
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Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be identified by the use of words such as "anticipate", "believe", "expect", "may", "will", "would", "should", "plan", "projected", "intend", and similar expressions. The Company bases these forward-looking statements on current expectations and projections about future events, based on information currently available. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company has no mineral resource or reserve estimate for the Edum Banso Gold Project at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. The Company disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
SOURCE Discovery Gold Corporation