(TSX.V: TLG)
RICHMOND, BC, Sept. 20 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX.V - TLG) wishes to report on progress in moving the Company forward to its objective.
Production Objective
The Company continues to pursue it's objective of production from the high grade Skukum Creek gold-silver deposit. Permitting is the key to moving to this objective.
Environmental Assessment Report
Work on the Environmental Assessment report is well underway, and the Company expects to initiate permitting for production this fall.
Feasibility Study
The consulting firm, Genivar, now has the resource information necessary to determine the mining aspects of the project. The mineral process testing currently underway at Process Research Associates is expected to be finished by month end. A draft technical report on feasibility is expected in two months.
Work Program
The underground work program on the 1300 m level is essentially complete. Systematic sampling of the drifts on the Rainbow Two and Berg zones should be complete by month end. Results from most of the assays for this sampling are pending.
The surface preparation work for the new portal at the 1100 m elevation is also essentially complete, with a rock face established for the adit. The contractor has been placed on standby until work is undertaken on the lower adit.
Financing
The Company has been assessing alternate means of financing, and fully expects that one or more of the alternatives to equity financing will provide a significant portion of the funds required for construction.
In the interim, a private placement of flow-through shares will be issued shortly to facilitate additional exploration work at Skukum Creek, initially diamond drilling to test the extensions of the Rainbow Two and Berg zones.
Mr. Robert Rodger, President of the Company, stated: "We are currently in the greatest bull market ever seen for gold and silver. The Company will move decisively towards its objective to benefit from this market."
About Tagish Lake Gold Corp.
Tagish Lake Gold Corp. explores for and develops high grade gold-silver mineral deposits in the Yukon Territory of Canada. The Company is currently focused on its wholly owned, 178 km2 Skukum Mineral District located 80 km by road south of Whitehorse. The Skukum Mineral District hosts the Skukum Creek gold-silver deposit, the Goddell Gully gold deposit and the Mt. Skukum gold deposit.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE.
This news release includes certain forward looking statements in respect to various issues including upcoming events. These forward looking statements are based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. Mineral exploration is subject to a high degree of risk, which even a combination of experience, knowledge, and careful evaluation may fail to overcome. Exploration activities are also expensive. The Company will therefore require additional financing to carry on its business, and such financing may not be available when it is needed. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.