Emgold Adds To Property Holdings In GrassValley

Emgold Adds To Property Holdings In GrassValley

VANCOUVER – Emgold Mining Corporation reported that its wholly owned U.S. subsidiary, the Idaho-Maryland Mining Corporation, has entered into a purchase agreement with Whisper Development (US) Corp. to acquire 7.13 acres of land known as the "Whisper Property". The Whisper Property is located at the intersection of Idaho-Maryland and Brunswick Roads in Grass Valley, CA. It overlies part of the mineral rights associated with the Idaho-Maryland Project and is the location of the historic Round Hole Shaft (also know as the Idaho #2 Shaft). The Whisper Property contains the one acre easement that is currently being permitted as part of the Idaho-Maryland Project and identified in the permitting documents at the Round Hole Shaft site.

The Round Hole Shaft is a 5 foot diameter bored shaft that was excavated to a depth of 346 meters (1,134 feet) in 1935-36. It is one of the first, bored shafts in North America and was excavated by the Idaho-Maryland Mining Company using the Newsom Drill. Core from the Round Hole Shaft is located in tourist attractions around Grass Valley including Empire State Park, the Nevada County Fair Grounds, and various locations in Grass Valley and Nevada City. Plans are to use the Round Hole Shaft as a ventilation shaft and escape way for the Idaho-Maryland Gold Mine during operations.

David G. Watkinson, President and COO, stated "We are taking steps to solidify the infrastructure for our Idaho-Maryland Project as we advance towards completion of the Environmental Impact Report for the Idaho-Maryland Project. With this recent land acquisition, Emgold now owns or has an option to purchase more than 146 acres of surface rights and 2,800 acres of mineral rights associated with the Idaho-Maryland Project.

The reopening of the Idaho-Maryland Gold Mine through the Idaho-Maryland Project will bring up to 400 permanent jobs to the City of Grass Valley, California, approximately half of which are expected to be local hires. Including construction jobs, it is expected that there will be over 20 years of employment for in excess of 400 people.

The company’s address is Suite 1400 – 570 Granville Street, Vancouver, BC V6C 3P1, 604.687.4622, fax: 604.687.4212.