Lone Star Gold Inc. Provides 3-Month Work Timeline on Gold-Silver Project & Exercises $200K Draw Down Against $15 Million Line of Equity
(firmenpresse) - ALBUQUERQUE, NM -- (Marketwire) -- 10/19/11 -- Lone Star Gold Inc. (OTCBB: LSTG) ("Lone Star" or "the Company") is pleased to provide a 3-month 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. Lone Star has a 70% Working Interest in the La Candelaria project.
The Company been conducting its own study of the La Candelaria property as due diligence toward verifying the findings of the property's initial report. Once all the new data has been analyzed, the Lone Star team will map a core drill program scheduled for early fall 2011. Currently, the Company's onsite ground crews are constructing a new prepping area and are developing better access roads for Lone Star's initial 10-15 drill targets on the property.
3-MONTH WORK TIMELINE
Currently: Team on Site collecting further quartz samples on Southern Zone.
W/C Oct. 17: Pre-Sourced Drill to be purchased.
W/C Oct. 17: Samples to be Crushed & Split with samples sent to labs for testing.
W/C Oct. 31: Results due back on initial samples collected.
Nov. 1-10: Following Sample review, 10-15 Drill Targets to be identified and drilling team to commence work on property (200 Meters).
Dec. (MID): Drill Core Samples expected back.
Jan. (MID): Beginning of 2nd year Work Commitment Payments due.
Jan. (MID): 3-5 DEEP HOLE (600-700 Meters) Targets identified and actioned.
To help fund these exploration activities, Lone Star has exercised a $200,000 Put Notice (i.e., draw down request) against the USD$15 million line of equity agreement the Company entered into on August 26th, 2011. According to the terms of the agreement, Lone Star is to specifically use the proceeds from the financing to fund operating expenses, working capital and general corporate activities related to the exploration and development of the Company's La Candelaria gold and silver mining project.
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.
"Our preliminary exploration on the La Candelaria Project has been going on for some time already, so this $200K draw down will enable us to continue with those onsite efforts and any related activities, such as lab analysis, data interpretation, infrastructure development, and exploration planning and mapping," 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.
ON BEHALF OF THE BOARD OF DIRECTORS,
Lone Star Gold, Inc.
Daniel Ferris, Company President
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: 19.10.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 77816
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