Feb. 9, 2011 (Newsfile Corp.) --
Vancouver, British Columbia--(February 9, 2011) - Newton Gold (TSXV:NWG) Corp (TSX.V: NWG)("Newton Gold" or the "Company") is proud to be trading under our new name and symbol that fully captures the spirit of the Company.
The Company currently has 20,554,268 shares issued and outstanding with sufficient capital to fund its current budgeted exploration commitments. The exercise value of current outstanding warrants totals $2,750,000.
Newton Gold's new management team has been busy on multiple fronts with regards to the Company's two wholly owned projects as summarized below:
Newton Mountain
The Company is expecting an update from Amarc Resources Ltd. (OTCBB:AXREF) (TSXV:AHR) (TSX.V: AHR) regarding its ongoing exploration of the property, which includes a 28 hole (approximately 10,000 metre) drill program. This update is expected to include a current total of the $5 million in expenditures required to be spent under the Option Agreement.
Amarc has identified on two square-kilometres of an eight square-kilometer target the potential for ore-grade gold intercept over broad intervals. Newton Mountain may host a large, open-pit style bulk-tonnage gold-copper porphyry resource.
Chuchi
The Company is currently producing an updated 43-101 technical report on the 100% owned, 9,700 hectare Chuchi property. The Chuchi property, located in central British Columbia, 36 km southeast of the Mt. Milligan project has "the presence of a substantial porphyry copper-gold deposit established by several drill holes; however the full extent of the mineralized zone is not known and remains unexplored..." (June 2005 Summary Report prepared for the Company by Rebagliati Geological Consulting Ltd.) The Company's management team is working on acquiring the previous drill results and may conduct a preliminary work program to include geological, geochemical and IP surveys.
New Website
Newton Gold is creating its new website. Investors can view the Company's information, contacts and corporate presentation at www.newtongold.com.
About Newton Gold Corp
Newton Gold Corp is a British Columbia focused exploration company with two wholly owned advanced exploration projects: the Newton Mountain property (Au-Cu porphyry) 35 km north of Taseko Mine's Prosperity (formerly Fish Lake) Au-Cu project ; and the Chuchi property (Cu-Au porphyry) 30 km NW of Terrane's Mt. Milligan project.
The wholly owned Newton Mountain property is currently optioned to Amarc Resources Ltd. Amarc is aggressively drilling our Newton Mountain property with two drills as part of their fully funded 28 hole drill program designed to follow up on the major discovery made in 2009 that included:
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189 meters grading 1.56 g/t gold, including 99 metres grading 2.76 g/t gold in hole 9004; and
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138 metres grading 0.74 g/t gold, including 63 metres grading 1.17 g/t gold in hole 9014
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark A. McLeary"
President
For more information, please contact:
Mark A. McLeary
President/CEO
Telephone: 604-678-2531 x 226
Email: mark@silversunresource.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
