(TSX.V: TLG)
RICHMOND, BC, Nov. 23 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX.V - TLG) wishes to report on progress in moving the Company forward to its objective of production from the high grade Skukum Creek gold-silver deposit.
Diamond Drill Program
The Contractor has commenced the next phase of drilling underground, a 5,000m program, on the 1300m level with an experienced crew of drillers. The first three holes tested the western extension of the Rainbow Two and Berg zones. The holes currently being drilled will outline the upward and downward extension of these zones.
Mineral Process Testing
The third report on process testing has been received, later than scheduled. The testing has confirmed the selected process route of producing a bulk concentrate followed by leaching of the concentrate. Overall, gold recovery is expected to be 87 %. Certain selected tests, including gravity concentration, are being conducted to examine ways of increasing silver recoveries as well as gold recoveries.
Feasibility Study
In part because of the delays in receiving the mineral process testing reports, the schedule for the feasibility study by consulting firm, Genivar, has been extended, with the draft technical report on feasibility now expected in four months.
Environmental Assessment Report
Work on the Environmental Assessment report is well underway, and the Company expects the report to be available by year-end.
Corporate
The Company's CFO, Denis Lampron, presented to an interested audience at the China Mining Forum held in Beijing last week.
The Economic Development Department of the Government of the Yukon has agreed to provide an initial contribution of C$100,000 toward the cost of the Feasibility Study.
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.