TSX-V Symbol: GOT
VANCOUVER, Oct. 26 /PRNewswire/ - Golden Touch Resources Corp. (formerly known as GFE Capital Corp.) (TSX-V Symbol: GOT) along with New World Resource Corp. ("New World" or the "Company") announces the mobilization of a drill rig and crew to the Long Valley project in Nevada. The minimum 1,200 metre / four hole drill program will commence immediately and will test the projected structural extension from the Bald Mountain gold camp.
Long Valley Project
The Long Valley project (the "Project") encompasses a total 2,123 hectares and covers a portion of what is believed to be the projected structural extension of an important north-northwest trending structure on the edge of the pediment. The Bald Mountain, Alligator Ridge area is an established gold producing region of Eastern Nevada actively being explored by Barrick Gold U.S. Inc. Past production and current proven and probable resources from this camp account for approximately 7.5 million ounces of gold.
A ground magnetic survey indicates a strong northwesterly trending structure intersected by at least two northward striking structures. The intersection of these orientated structures is well known to be an important gold mineralizing control within the Bald Mountain property immediately to the north. The Long Valley project was previously thought to be covered by younger, post-mineralization volcanics. However, New World's prospecting has revealed outcrops of silicified breccias similar to those found in the nearby Alligator Ridge gold deposit.
Under an Earn-In Agreement, approved by the TSX Venture Exchange, Golden Touch Resources Corp. has the right to acquire up to 80% interest in the Project by issuing shares to New World and incurring expenditures on the Project over 42 months.
On Behalf of the Board of Directors
Golden Touch Resources Corp.
David Schmidt, President
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, statements regarding the extent and timing of its exploration programs, exploration program budgets and exploration results. This forward-looking information is given as of the date of this news release. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information contained herein. While the Company has based this forward-looking information on its expectations about future events as at the date that such information was prepared, the information is not a guarantee of the Company's future performance and is subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Such factors and assumptions include, amongst others, the effects of general economic conditions, the price of lithium, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are also known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others, risks relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Bolivia; potential defects in title to the properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to update or alter any forward-looking information except as required under applicable securities laws.
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SOURCE Golden Touch Resources Corp.