Capital Hill Acquires Smokey Valley Gold Deposit; Positive Results
June 27 2005 - 4:01PM
Business Wire
Capital Hill Gold, Inc. (OTCBB:CHGI) reports that the Company has
acquired a 100% interest in the Smokey Valley gold project (Lander
County, Nevada) from Salzburg Holdings LLC ("Salzburg"). The Smokey
Valley project covers eight unpatented lode-mining claims on
Federal lands administered by the Bureau of Land Management
("BLM"). Field observations have identified both upper and lower
plate rocks and jasperiods on the property, which, in conjunction
with USGS geochemical and geophysical work and privately funded
geophysical surveys, suggests that the area of interest could host
a major gold deposit. A nearby high-grade underground gold mine was
developed by two adits and about 600 meters of underground
workings. The Company's geologists are targeting a Sleeper-type
gold deposit. The Smokey Valley project encompasses the core of a
much larger gold project that was previously staked by a major gold
mining company when gold prices were in the $275/oz range. The
prior lessor never drilled the property, and after two years,
allowed the claims to lapse. Capital Hill plans to immediately
begin exploration work on the Smokey Valley project. Geologic
mapping and sampling will be undertaken in conjunction with
geophysical surveys to identify areas for trenching and drilling
later this summer. Terms of the acquisition call for a $4,500
payment to Salzburg for reimbursement of staking costs; Capital
Hill will be responsible for making all future state, county and
federal (BLM) payments. There are no minimum annual work
commitments or other property payments on the Smokey Valley
property. Salzburg retains a one percent Net Smelter returns
royalty (1% NSR), capped at $2 million, which Capital Hill may
re-purchase for $1 million at any time prior to June 30, 2010.
About The Company Capital Hill Gold's strategic objective is to
obtain controlling interests in gold and silver properties with
excellent exploration potential for economically significant to
world-class ore deposits. CHGI intends to acquire mineral
exploration properties primarily through the filing of concessions
on its own account and in partnership with Mexican prospectors as
well as by optioning exceptional properties at reasonable costs
relative to the property's potential and the financial capabilities
of the company. On behalf of Capital Hill Gold, Inc. Dan Enright,
President This press release contains statements, which may
constitute "forward-looking statements" within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those contemplated by such forward-looking
statements. Important factors currently known to management that
could cause actual results to differ materially from those in
forward-looking statements include fluctuation of operating
results, the ability to compete successfully and the ability to
complete before-mentioned transactions. The company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
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