Tri-Valley Subsidiary Readies Two Big Gold Projects for Next Stage Exploration
Tri-Valley Corporation (AMEX:TIV) announced that its subsidiary, Select Resources Corporation, is moving ahead to prove up two Alaska gold properties. Select is working to arrange drilling two areas estimated to contain potential multi-million ounce targets. Both properties, Shorty and Richardson, are accessible via all-year highways within 70 miles of Fairbanks.
The 16 square mile Shorty Creek property about 70 miles North of Fairbanks just four miles off of the paved Elliott highway in the Tolovana-Livengood Mining District. It has been described as perhaps Alaska’s best undrilled exploration prospect. An auger geochemical survey by Select over one of four aeromagnetic anomalies outlined a distinct coincident multi-element anomaly characteristic of intrusive related system containing gold, copper, bismuth, arsenic, antimony, tungsten and uranium. Another gold anomaly is also rich in molybdenum.
“We are enthused about this property which has much higher geochem results than the neighboring property on which by International Tower Hill has delineated over 3 million ounces. Both Tower Hill’s and Select’s properties straddle the Livengood placer district whose production approached 500,000 ounces of gold. The Shorty Creek prospect is now ready for the drill bit,” said James G. Bush, Select president of Select Resources.
Some 65 miles south of Fairbanks is Select’s 40 square mile gold exploration prospect in the Richardson Mining District. Field reconnaissance had identified a number of intrusion related gold targets and physical gold has been sampled at 60 locations along a 20 mile swath. The Company believes this suggests the possibility of a huge underlying gold system ready for testing with the drill bit.
“These very large projects could fill the bill for major companies needing to replace their reserve base. We are actively seeking joint venture partners that are looking for early stage multi-million ounce targets for a relatively low entry cost on Alaska’s mining friendly lands. The Richardson and Shorty Creek projects represent the highest level of Tintina gold belt exploration properties and are increasingly attractive as the gold price continues to climb,” Bush said.
“We are convinced these properties offer exceptional upside value for our shareholders and we believe the decline in worldwide gold mining output and central bank selling coupled with, there is increasing demand for the financial safety of gold, portends stronger trends in price increase. We have positioned Tri-Valley Corporation to benefit exceptionally as we prove up these projects,” said F. Lynn Blystone, chief executive officer.
Tri-Valley has been in business as a successful operating company since 1963, and has been a full reporting 12 (g) publicly traded Delaware Corporation since 1972. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol “TIV.” Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2008, and the annual report on Form 10-K for the year ended December 31, 2007.