California Gold Reports On Freeport Gold Project

 

TORONTO - California Gold Mining Inc. reported the first mineral resource estimate for its flagship Fremont gold project in Mariposa County, California. The resource estimate consists of the Pine Tree-Josephine zone only, that covers a strike length of roughly one kilometer, out of a total strike of four kilometers over which the Mother Lode shear zone is interpreted to extend on the Property.

CGM's President & CEO, Vishal Gupta, stated, "This is a very high quality initial resource that increases our confidence that Fremont will prove to be one of North America's best developing gold projects. This resource surpassed our expectations and compared favorably to the historical open pit resource at Pine Tree-Josephine. California Gold has a vast trove of historical assay data from deep mineralization at Pine Tree-Josephine that indicates extension of the mineralized zone well below the depth of today's resource estimate. We believe there is substantial deep mineralization at Pine Tree-Josephine that is yet to be drilled in order to establish a resource."

He said, "It is important to note that 60% of the total resource is in the Indicated category. This, together with our successful exploratory drilling of new zones this past year, including the Queen Specimen zone, strongly suggests that the potential for resource expansion is high. Today's NI 43-101 resource estimate is a major milestone for California Gold.”