Golden Cycle Gold Corporation Announces the Commencement of Exploration Drilling at Its Illipah Gold Prospect in Nevada
28 Abril 2005 - 7:08PM
PR Newswire (US)
Golden Cycle Gold Corporation Announces the Commencement of
Exploration Drilling at Its Illipah Gold Prospect in Nevada
COLORADO SPRINGS, Colo., April 28 /PRNewswire-FirstCall/ -- Golden
Cycle Gold Corporation (PCX:GCGC) has commenced exploration
drilling at its Illipah claim group located in White Pine County,
Nevada. The first phase of the drill program for Illipah consists
of eight reverse circulation drill holes, angled approximately
perpendicular to the envisioned structures. These drill holes are
designed to test the favorable strata-graphic horizons and
structural intersections at depth beneath known gold anomalies on
the surface. Depths of the drill holes generally will range from
800 to 1,500 feet. A budget of approximately $259,000 will fund the
drilling, assaying of samples, personnel, expenses, and application
and filing for an exploration permit and necessary bonding. The
Illipah gold project is situated in eastern Nevada at the southern
extension of the famous Carlin Trend which contains the largest
accumulation of economic gold deposits in North America. The
Company controls 191 unpatented / contiguous lode mining claims
(approximately 3,800 acres) over a six-mile strike length,
containing favorable strata-graphic and structural environments
giving encouragement for the discovery of significant gold
mineralization. The property is subject to a 2% net smelter return
("NSR") royalty on all mineral production. Past production from the
immediate area of Illipah is 37,000 ounces of gold from an open pit
mined in the late 1980's and early 1990's by Alta Gold. The ore was
processed using heap leach technology. This open pit gold
mineralization is envisioned as a surface expression, or "halo,"
over possible deeper seated gold deposits near favorable
strata-graphic contacts and structures. Mr. Donald Gustafson, the
Company's vice president for exploration, believes the geological
similarities between Illipah and Newmont's Rain Deposit located 65
miles north-northwest of the Illipah are striking. The Rain Deposit
originally was mined as an open-pit operation, and is currently
being mined by underground methods. Our goal in Phase One of our
Illipah exploration program is to explore the possibility that
similarities between our Illipah gold prospect and the Rain Deposit
exist. Golden Cycle Gold Corporation is listed on the Pacific
Exchange, trading under the symbol "GCGC" (9,744,250 shares
outstanding). This letter includes forward-looking statements
involving risk and uncertainties that could cause actual results to
vary materially from projected results. These include but are not
limited to changing commodity prices; differences in ore grades and
tons mined from those anticipated; successful mining and milling at
currently planned rates; changes in project parameters as plans
continue to be refined; continued compliance with environmental
permits; the results of current exploration activities and new
exploration opportunities; the conclusion of feasibility studies
currently under way; and the political and economic risks
associated with foreign operations. Please refer to a discussion of
these and other factors in the company's 10-K, 10-Q and other
Securities and Exchange Commission filings which will be provided
to you upon request. DATASOURCE: Golden Cycle Gold Corporation
CONTACT: R. Herbert Hampton, President & CEO of Golden Cycle
Gold Corporation, +1-719-471-9013
Copyright