Lone Star Gold Inc. Provides Early 2012 Timeline on Gold-Silver Project & Other Due Diligence Activities
(firmenpresse) - ALBUQUERQUE, NM -- (Marketwire) -- 12/28/11 -- Lone Star Gold Inc. (OTCBB: LSTG) ("Lone Star" or "the Company") is pleased to provide a work timeline for the Company's La Candelaria gold-silver project, which comprises ~1,976 acres (~800 hectares) of mining concessions located roughly 125 miles (200 km) southwest of the capital city of Chihuahua State, Mexico and of the continued due diligence of San Antonio del Potrero mine tailings project in the city of Hidalgo Del Parral, also in the state of Chihuahua.
INITIAL 2012 COMPANY TIMELINE:
Currently: 200 Meter Drill Core Samples expected back. (Candelaria).
Jan. (EARLY): 10 holes to be Augured to acquire 40 undisturbed samples at depths of 20-25 meters. (Tailings due Diligence).
Jan. (EARLY): Results from Ocampo Due Diligence due to be received from ALS CHEMEX.
Jan. (EARLY): Results from Candelaria 10 Drill Targets due to be received from ALS CHEMEX.
Jan. (EARLY): Lone Star Drill to be moved to San Antonio del Potrero mine tailings.
Jan. (MID): Beginning of 2nd year Work Commitment Payments due. (Candelaria).
Jan. (MID): 3-5 DEEP HOLE (600-700 Meters) Targets identified. (Candelaria).
Jan. (MID): 3-5 DEEP HOLE (600-700 Meters) Drilling to commence. (Candelaria).
Jan. (MID): Lone Star US management to visit properties.
Jan. (END): Ocampo Project LOI Period Ends - Decision regarding Definitive Agreement to be issued.
Jan. (END): Tailing Project LOI Period ends - Decision regarding Definitive Agreement to be issued.
Feb. (All): Further property to be sourced and LOI entered for a Due Diligence period.
To help fund these exploration activities, Lone Star exercised a 3rd $200,000 'Put Notice' ($600,000 drawn in total to date), against the USD$15 million line of equity agreement the Company entered into on August 26th, 2011. Recent funds were received on Dec 27th, 2011 and in return for the draw down 273,972 Lone Star shares will be issued to North American Gold today. The equity financing agreement does not involve any debt. Rather, the terms of the agreement give Lone Star the option to draw down from the $15 million amount as and when needed in the amount of $100,000 or multiples thereof.
The Company has an option to purchase a 65% interest in the San Antonio del Potrero mine tailings project in the city of Hidalgo Del Parral. Lone Star is currently in a 60-day due diligence period for the project which ends on the 28th of Jan 2012, during which time a total of 10 holes will be augured to acquire 40 undisturbed samples at depths of 20-25 meters to provide confirmation of the property's estimated resource as provided to Lone Star by the current owners (i.e., 1.2 million tons of mine tailings which show potential for Silver recovery and additional bi-products including Gold, Zinc and Lead). The company is confident that results will be positive, and upon receiving these results it is likely a Definitive Agreement will be signed prior to the LOI closing date.
"I'm incredibly excited about all our projects going into next year. 2011 has seen incredible progress with our operations in Mexico and I'm looking forward continuing to build our property portfolio in Mexico and potentially see revenue from one of the projects within the first quarter of 2012," commented Daniel Ferris, Lone Star Gold's Company President.
ADDITIONAL INFORMATION
To learn more about the La Candelaria Project, the Company, and regular news updates, visit Lone Star Gold's official website: .
ABOUT LONE STAR: Lone Star Gold, Inc. is a publicly traded (OTCBB: LSTG) gold exploration and development company based in Albuquerque, New Mexico. The Company's aggressive acquisition and exploration approach is strategically focused on proven, stable precious metal regions in America and Mexico. Currently, Lone Star has a 70% Working Interest in concessions covering 800 hectares in the La Candelaria project in Chihuahua, Mexico, which the Company is evaluating to determine the potential sites that represent the best potential for silver and gold deposits. Lone Star also has an option to purchase a 70% interest in the Ocampo Project, a 570-hectare gold-silver project in Chihuahua State, Mexico and an option to purchase a 65% interest in the San Antonio del Potrero mine tailings.
ON BEHALF OF THE BOARD OF DIRECTORS,
Lone Star Gold, Inc.
Daniel Ferris, Company President
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at .
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Lone Star Gold, Inc.'s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to Lone Star Gold, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Lone Star Gold, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Lone Star Gold, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Lone Star Gold, Inc.
6565 Americas Parkway NE, Ste 200
Albuquerque, New Mexico
87110
USA
Toll Free: 1-800-986-9358
E-mail:
Web:
OTCBB: LSTG.OB
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Datum: 28.12.2011 - 13:53 Uhr
Sprache: Deutsch
News-ID 100025
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