DGAP-News: PINESTAR GOLD INC. ANNOUCES THE START OF ACCESS ROAD CONSTRUCTION FOR A SECOND PHASE OF DIAMOND DRILLING AT THE BECKER GOLD-SILVER PROPERTY IN CHILE
(firmenpresse) - EquityStory AG-News: Pinestar Gold Inc. / Key word(s): Contract
PINESTAR GOLD INC. ANNOUCES THE START OF ACCESS ROAD CONSTRUCTION FOR
A SECOND PHASE OF DIAMOND DRILLING AT THE BECKER GOLD-SILVER PROPERTY
IN CHILE
06.02.2012 / 15:30
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VANCOUVER, BC- Pinestar Gold Inc. (TSXV:PNS; Frankfurt: 3PI) ('Pinestar' or
the 'Company') is pleased to announce that it has successfully negotiated
an access agreement with the owners of the surface rights over the Lajualas
gold-silver vein system on the Becker property, located in Chile. The
Company will now immediately start road construction to provide access for
a diamond drill program on the Lajualas system which is expected to start
later this month.
'This agreement is a major step forward in advancing the project. The
Company firmly believes that the Becker vein systems have the potential to
develop high grade gold and silver resources,' said Jeremy Ford, President
and CEO of Pinestar.
Prior trenching of the Lajuelas vein system exposed a swarm of multiple
gold and silver bearing quartz-sulphide veins which vary from 5 to 30
metres wide and are traceable for over 700 metres. Detailed panel sampling
of these veins returned peak gold values of 9.6 g/t over 7.5 metres width
and 14.1 g/t over 3 metres width.
The Becker Gold-Silver Property
The 2,000 hectare Becker property is located 250 kilometres south of
Santiago in the Chilean Coastal Precious Metal Belt and is readily
accessible by paved and good gravel road from the city of Talca, 40
kilometres to the southeast in Region VII, Chile. Pinestar has completed
the option exercise requirements to earn a 51% interest in the Becker
property from Condor Resources Inc. ('Condor'), and holds a further option
to increase its interest in the Becker property to 70% by completing
additional work programs totalling CAN$400,000, issuing an additional
200,000 common shares of Pinestar to Condor, and making an additional cash
payment to Condor of CAN$100,000 on or before June 29, 2012.
Qualified Person
Mr. Terence Walker, M.Sc., P.Geo., is a qualified person within the meaning
of National Instrument 43-101, and has reviewed and approved the contents
of this news release. Mr. Walker is an independent consultant to the
Company. Further information concerning the technical information
contained in this news release and the Becker property can be found in the
NI 43 101 Technical Report on the Becker Epithermal AU - AG Property, Talca
District, Region VII, Chile dated November 9, 2009, prepared by Terence
Walker, which is available under the Company's profile on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information please contact:
PINESTAR GOLD INC.
Jeremy Ford
President, Chief Executive Officer, and Director
Email: pinestargold(at)gmail.com
Tel: +1 (604) 647-4487
Forward-Looking Statements
This release contains 'forward-looking statements' within the meaning of
applicable Canadian securities legislation, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements that address activities, events or developments that
the Company expects or anticipates will or may occur in the future,
including such things as the completion of the above-noted access road,
planned drilling program on the Lajuelas sector of the Becker Property,
other future exploration activities of the Company on the Becker property,
future business strategy, competitive strengths, goals, expansion, growth
of the Company's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration activities
generally, permitting time lines, government regulation of exploration and
mining operations, environmental risks, title disputes or claims,
limitations on insurance coverage, timing and possible outcome of any
pending litigation and timing and results of future resource estimates or
future economic studies.
Often, but not always, forward-looking statements can be identified by the
use of words such as 'plans', 'planning', 'planned', 'expects' or 'looking
forward', 'does not expect', 'continues', 'scheduled', 'estimates',
'forecasts', 'intends', 'potential', 'anticipates', 'does not anticipate',
or 'belief', or describes a 'goal', or variation of such words and phrases
or state that certain actions, events or results 'may', 'could', 'would',
'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and
assumptions, including, the availability of suitable personnel to complete
road-building, drilling and other exploration activities, that equipment
necessary for construction or exploration is available as scheduled and
does not incur unforeseen break downs, the occurrence of suitable weather
conditions to conduct road construction, drilling and other exploration
activities, the results of past drilling and exploration activities, that
contracted parties provide goods and/or services on the agreed timeframes,
that no labour shortages or delays are incurred, that equipment functions
as specified, that no unusual geological or technical problems occur, and
that laboratory and other related services are available and perform as
contracted. Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially different
from any future results, prediction, projection, forecast, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, the interpretation and actual results of
current exploration activities; changes in project parameters as plans
continue to be refined; future prices of minerals; possible variations in
grade or recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour disputes
and other risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well as
those factors disclosed in the company's publicly filed documents.
Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
End of Corporate News
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