Vancouver, B.C., June 28, 2010. Harvest
Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to announce
that eight reverse circulation drill holes totaling 9,560 feet (2,193
metres) have been completed at its Rosebud Mine project. The drill rig
is currently drilling the ninth hole. Due to drill costs coming in
under budget, the Company expects to exceed the minimum total drill
footage of 10,500 feet announced May 5, 2010. It is anticipated that
approximately twelve holes will be drilled during this Phase I drill
program for a total drilled footage of up to approximately 15,000 feet.
Drilling began on May 20, 2010 and is anticipated to continue through
mid July.
The drill program is designed to test
new high-grade targets developed through the Company’s reinterpretation
of geology near the previously mined ore bodies at Rosebud. Drilling
is also targeting expansion of lower grade bulk tonnage material.
Greg Hill, president of Harvest Gold
Corp. (US) states: “We are very pleased with the pace of work during
our first drill program at Rosebud. The anticipated increased drill
footage enhances our ability to test high-quality drill targets and
increases our opportunity to add value to the Rosebud project.”
The Rosebud property is an advanced exploration project consisting of
54 unpatented mining claims centered on the former Rosebud underground
mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver
between 1997 and 2000. The underground operation mined three
high-grade ore zones, with an average production grade of 0.416 oz
Au/t, 2.42 oz Ag/t. Due to falling gold prices, the cut-off grade was
increased from 0.15 oz Au/t to 0.18 oz Au/ton over the life of the
mine, and mineralized material below the cutoff was not mined. An
in-place, non-43-101-compliant Measured and Indicated Global resource of
242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31
oz Ag/t), was calculated by Hecla at the close of mining in 2000. (This
historical resource estimate was made by a source believed to be
reliable, however the Company has not yet independently verified the
estimate according to CIM standards and thus this historical estimate
should not be relied upon.) The Harvest Gold 43-101 technical report on
Rosebud can be accessed on the website at: http://www.harvestgoldcorp.com.
The Rosebud deposit is a high-grade
low-sulfidation volcanic-hosted precious metals deposit, similar in
origin, geologic setting, and mineralization style to other
low-sulfidation gold deposits in northern Nevada, including the
high-grade multi-million-ounce Sleeper and Midas deposits. The
property is located in a highly mineralized portion of the
Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada’s
(TSX:ANV) Hycroft mine.
The company has an option to acquire a
100% interest in the property, subject to a net smelter royalty.
Greg Hill, Certified Professional
Geologist, the President of Harvest Gold Corp. (US), is the Qualified
Person that has reviewed the contents of this news release.
Harvest Gold Corporation is a mineral
exploration company working in Nevada, USA and Manitoba, Canada. In
Nevada, the Company is exploring the 100% optioned Rosebud Mine
property, and a generative gold property at Garcia Flats in the South
Carlin Trend. In Manitoba, Harvest is exploring one group of claims in
the Rice Lake Gold Belt of south eastern Manitoba and at Assean Lake,
Manitoba.
This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are subject to
various risks and uncertainties. Except for statements of historical
facts, comments that address resource potential, upcoming work
programs, geological interpretations, receipt and security of mineral
property titles, availability of funds, uncertainties of resource and
reserve estimations, and others are forward-looking. Forward-looking
statements are not guarantees of future performance and actual results
may vary materially from those statements. Fluctuations in metals
prices, availability of financing, and general business conditions are
all factors that could cause actual results to vary materially from
forward-looking statements.
On behalf of the
Board of
Directors,
John Roozendaal
President
Harvest Gold Corporation
For More Information
please
contact :
Keith Patey
Director of Communications
Telephone: (604) 986-2020
Toll Free: 1-866-816-0118 |
Andrew Mugridge or
Benjamin Curry
Progressive Investor Relations
Telephone: 604-689-2881
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adequacy or accuracy of
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