Coral Gold Resources Ltd.: Barrick to Begin Drilling on Norma Sass, Cortez Gold Trend, Nevada
September 29 2009 - 5:30AM
Marketwired
Coral Gold Resources Ltd. ("Coral") (TSX VENTURE: CLH)(OTCBB:
CLHRF)(BERLIN: GV8)(FRANKFURT: GV8) is pleased to announce that
Barrick Cortez Gold Mines ("Barrick") have notified Coral that the
planned drilling program at Coral's 2/3 owned Norma Sass property
(Levon Resources Ltd. 1/3) will commence in the first week of
October.
The current proposed drilling will consist of two mud rotary
holes with target depths on the order of approximately 1,800 to
2,000 feet to test structural and geochemical targets in the Lower
Plate carbonate sequence, with the potential to go deeper as the
rock dictates.
The Norma Sass property is situated in the Crescent Valley,
Nevada, USA approximately 1 mile south west of Barrick's former
producing Gold Acres, open pit mine and two miles west of Barrick's
currently producing Pipeline Mine.
Barrick is currently earning an interest of up to 75% in the
Norma Sass property under the terms of the September 28, 2008
agreement.
Barrick may earn a 60% interest by incurring total exploration
expenditures of at least US$3 million in annual installments by
December 31, 2014. Barrick may earn an additional 10% (for an
aggregate interest of 70%) by incurring an additional US$1.5
million by December 31, 2015. Barrick may earn an additional 5%
(for an aggregate interest of 75%) by carrying Coral and Levon
through to commercial production.
Alternatively, at the time of earning either its 60% or 70%
interest, Barrick may be given the option to buy-out Coral's and
Levon's joint interest by paying US$6 million and granting them a
2% net smelter return royalty.
The drill contractor is Lang Exploratory Drilling of Elko,
Nevada using an LM120 rig.
The program is expected to take six weeks.
This news release is prepared by Chris Sampson, P.Eng, Qualified
Person for NI43-101 and VP Exploration of Coral.
Coral is a natural resources company, primarily engaged in the
acquisition, exploration and development of natural resources
properties, focusing on gold exploration. Its principal business
activities have been the exploration of mineral properties located
in Nevada, USA, including the Robertson Property, Norma Sass
Property, and Ruf Claims.
ON BEHALF OF THE BOARD
David Wolfin, President
This release contains statements that are forward-looking
statements and are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk
Factors" and elsewhere in the Company's periodic filings with
Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based
on information currently available. The Company does not assume the
obligation to update any forward-looking statement.
The TSX Venture Exchange has not reviewed and does not accept
the responsibility for the accuracy or adequacy of this
release.
Contacts: Coral Gold Resources Ltd. David Wolfin President (604)
682-3701 (604) 682-3600 (FAX) ir@coralgold.com
www.coralgold.com
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