COEUR D'ALENE, Idaho, May 24, 2013 /PRNewswire/ -- Star Gold Corp. ("Star Gold" or the "Company") (OTCQB: SRGZ) announced today the recent issuance of 4,152,640 of its shares of common stock pursuant to the exercise of warrants the Company originally issued in connection with a private placement conducted in February 2012. The warrants were exercised at US$.15 per share and resulted in the Company receiving total proceeds of US $622,896. As of May 23, 2013 there are outstanding a total of 30,612,501 shares of the Company's common stock.
The proceeds from the exercise of warrants will be used for the ongoing 2013 drilling program on the Company's Longstreet Gold Project in Tonopah, Nevada and for general working capital.
"This capital will allow us to continue the drill program recommended in the Company's technical report issued by Agnerian Consulting in Toronto released on February 5th, 2013," said David Segelov, Chief Executive Officer of Star Gold Corp. "Star Gold intends to advance the Longstreet Gold project through further drilling and metallurgy work culminating in a Preliminary Economic Assessment anticipated by the end of 2013."
Of 9,000,000 warrants originally issued, shareholders exercised 8,893,234 (98.8%) including 2,195,973 exercised by Company directors and officers.
About Star Gold Corp.
Star Gold is a gold exploration/development company with 113 unpatented claims and located within the Walker Lane belt. The Company is currently focused on developing its flagship project, Longstreet Gold Project The Longstreet Gold Project is located 48 kilometers southeast of the Round Mountain Mine in Nye County, Nevada.
The Company's Technical report issued by Agnerian Consulting is available at: http://www.stargoldcorp.com/longstreet/index.php
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings.
SOURCE Star Gold Corp.