Tri-Valley Expands Its Alaska Gold Projects With Acquisition of Shorty Creek Prospect
biz.yahoo.com
Wednesday January 5, 2:06 pm ET
BAKERSFIELD, Calif., Jan. 5 /PRNewswire-FirstCall/ -- Tri-Valley Corporation's (Amex: TIV - News) Mining subsidiary, Select Resources Corporation, has acquired a 34 square mile area of interest on several gold, silver and copper mineralization anomalies surrounding Shorty Creek near Livengood, Alaska. With geologic and geochemical characteristics similar to other mineralized systems in the prolific Tintina Gold Belt such as the Pogo, Fort Knox and Donlin Creek mega deposits, the Shorty Creek prospect also offers large multi target potential. The Tintina Gold Belt stretches from the Klondike in the Canadian Yukon Territory through interior Alaska and terminating in southwestern Alaska and has produced tens of millions of ounces of gold.
The prospect packages are on claims leased from Gold Range Ltd, a private exploration firm headquartered in Fairbanks, Alaska, and come with a collection of data and exploration targets. Indications of mineralization include both copper-gold porphyries and gold systems.
"Our Shorty Creek Prospect is highway accessible year around and adjacent to the TransAlaska Pipeline which bodes well for long term development economics of any viable deposits. We intend to mount an immediate evaluation of the data to identify drill targets," said Harold J. Noyes, president of Select.
Recent work in the vicinity includes drilling by Anglo Gold Ashanti U.S.A., Inc. also in search of large targets.
"The Shorty Creek prospect fits nicely in our criteria for expanding the portfolio of Select Resources. It's a non remote, big target in a historical mining area on mining friendly State of Alaska lands and complements our primary Alaska holding, the 42 square mile Richardson Gold Project," Noyes said.
The Shorty Creek prospect, some 70 miles north of Fairbanks, joins the growing portfolio of Select Resources, which includes the primary 42 square mile gold project holding at Richardson some 70 miles south of Fairbanks and the industrial mineral division some 70 miles east of the Bakersfield, California corporate headquarters.
"It is our intention to rapidly build Select Resources Corporation into a multi project operating company. Then we plan to spin it off to Tri-Valley shareholders with a possible initial public offering to function as a stand- alone company. We believe this approach can deliver better value faster to our shareholders and provide investors a premium avenue to access quality precious and base metal and industrial mineral projects with a quality operator," Blystone said.
The Company is in its 42nd year of business as a successful operating company and for 32 years has been a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Frankfurt Stock Exchange under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are www.tri-valleycorp.com and www.tri-valley.de.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2004, and the annual report on Form 10-K for the year ended December 31, 2003.
For further information, please contact F. Lynn Blystone, President & Chief Executive Officer of Tri-Valley Corporation, +1-661-864-0500, or toll free, +1-800-579-9314, or fax, +1-661-864-0600.
Source: Tri-Valley Corporation
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