2014

Star Gold Corp (SRGZ) Update for 1st Half 2012

COEUR D'ALENE, Idaho, June 10, 2012 /PRNewswire/ -- Star Gold Corp. ("Star Gold" or the "Company") (OTC Markets: SRGZ) is pleased to provide the following corporate update:

Star Gold Corp (SRGZ) Update for 1st Half 2012

  • Completed Technical Report on Longstreet Project
  • Designed 2 Phase Drilling Program for Longstreet
  • Drilling commenced Phase 1 at Longstreet
  • Further staking for Longstreet leach pad position progressing
  • Excalibur Drilling Planned for August
  • Field work at Jet property underway
  • Small internal capital raise completed enabling drilling for Phase 1 and Phase 2 at Longstreet and will provide capital to perform a drilling program at Excalibur which will represent the final expenditure payment on that property and allow us to acquire title to Excalibur

Detail

Completed Technical Report on Longstreet Project

The drill holes that Star Gold completed in late 2011 were examined along with the historical data and modeled into a comprehensive Technical Report released 23rd April 2012. It is available on the Star Gold website http://www.stargoldcorp.com/investor-relations/. Management was encouraged as the author concluded:

"there is a strong possibility of discovering multiple economic, open pitable, heap leachable, deposits grading +0.04 oz/ton (+1.4 g/t) gold with significant silver credits at Longstreet." (Page 19)

Designed a Two Phase Drilling Program for Longstreet

Leach pads with oxidized mineralization like Longstreet hold an advantage that the leach pad can be scaled to various sizes and be economical at each level of tonnage processed. The challenge at Longstreet is to determine what level Star Gold deems reasonable as the size of oxidized mineralization and the resulting size of leach pad. In order to determine this Management designed a two stage program which has as its focus to increase the amount oxidized mineralization in three ways:

a. going deeper at Main and to drill core holes to see where the potential sulfide boundary lies

b. begin to explore North target

c. examine the base of Main at Opal Ridge

At the conclusion of the Phase 2 program, management expects to be in a position to determine the proper size for a leach pad operation.

Phase 2 of our drilling program commenced at Longstreet on  June 18, 2012. As of July 9th, we had completed 4 holes of approximately 500ft in length. Further, staking for leach pad positioning has been considered and is in progress.

Excalibur

A 5 to 10 hole drill program has been designed for Excalibur. This is to explore ground at the southern end of the property and near the Moho vein.

At the completion of this program, Star Gold will be the sole 100% owner of the Excalibur property.

Corporate Issues and Liquidity

Star Gold continues to evaluate its options relative to expanding its shareholder base and accessing additional capital and equities markets.

On June 18 2012, Star Gold closed a small round of financing. Most of the participants were Board members.  Management expects this amount together with the current cash position and future exercise of warrants to be sufficient to complete Phases 1 and 2 at Longstreet and to complete the final expenditure required at Excalibur.

Investor Contact
David Segelov – President
Office:  208-664-5066
Cell:  646-626-3356
dsegelov@stargoldcorp.com
Send your requests to info@stargoldcorp.com

CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES

This Press Release and other information that may be released by the Company in the future uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this Press Release and in press releases by the Company in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC.

The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended. These definitions differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7 under the United States Securities Act of 1933, as amended (the "Securities Act"). Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.

Subject to the forgoing Cautionary Statement, the following are the definitions of the terms used in the Longstreet NI 43-101 Report:

NI 43-101 Definitions:




Indicated mineral resource

The term "indicated mineral resource" refers to that


part of a mineral resource for which quantity, grade or


quality, densities, shape and physical characteristics


can be established with a level of confidence


sufficient to allow the appropriate application of


technical and economic parameters, to support mine


planning and evaluation of the economic viability of


the deposit. The estimate is based on detailed and


reliable exploration and testing information gathered


through appropriate techniques from locations such as


outcrops, trenches, pits, workings and drill holes that


are spaced closely enough for geological and grade


continuity to be reasonably assumed.



Inferred mineral resource

The term "inferred mineral resource" refers to that


part of a mineral resource for which quantity and


grade or quality can be estimated on the basis of


geological evidence and limited sampling and


reasonably assumed, but not verified, geological and


grade continuity. The estimate is based on limited


information and sampling gathered through


appropriate techniques from locations such as


outcrops, trenches, pits, workings and drill holes.



Measured mineral resource

The term "measured mineral resource" refers to that


part of a mineral resource for which quantity, grade or


quality, densities, shape and physical characteristics


are so well established that they can be estimated with


confidence sufficient to allow the appropriate


application of technical and economic parameters to


support production planning and evaluation of the


economic viability of the deposit. The estimate is


based on detailed and reliable exploration, sampling


and testing information gathered through appropriate


techniques from locations such as outcrops, trenches


pits, workings and drill holes that are spaced closely


enough to confirm both geological and grade


continuity.

 


About Star Gold Corp.
Star Gold is a gold exploration/development company formed in 2006 for the purpose of evaluating, acquiring and developing Gold projects in United States with a focus on Nevada. Star Gold develops properties that are 100% owned.

For more information please visit www.stargoldcorp.com.

Disclaimers
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.



RELATED LINKS
http://www.stargoldcorp.com

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