May 11, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- White Tiger Gold Ltd. (TSX:WTG) ("White Tiger Gold" or the "Company") announced today the details of a 40,000 metre drilling program which will commenced this month on the Nasedkino and Uryum licence areas located in southern Siberia, Russian Federation.
- Three diamond drill rigs have been mobilized to site and in-fill drilling is underway at the Zhelanny deposit. The drilling program is being managed by LLC Urangeo-Amur ("Urangeo"), a State-owned exploration company based out of Moscow. Urangeo has extensive drilling experience working throughout Russia.
- The drilling program comprises 40,000 metres, with 25,000 metres on the Nasedkino licence area and 15,000 metres on the Uryum licence area. In addition to the drilling program, a total of 6,700 metres of trenching will be completed on each of the two licence areas.
- The current Canadian National Instrument 43-101 ("NI 43-101") compliant open-pit resource for the Pridolinny, Zhelanny and Gora 5 deposits was calculated by SRK Consulting (U.S.) Inc and reported in "Nasedkino Project, Chita Region, Russian Federation – Mineral Resources NI 43-101 Technical Report" dated November 22, 2010 and prepared by Stanley C. Bartlett of Micon International Co Limited and Jeffrey Volk, Dorinda K. Bair and Eric Olin of SRK Consulting (U.S.) Inc., which is available on the Company's SEDAR profile at www.sedar.com:
|Nasedkino Mineral Resource Statement* as at 24 th September 2010|
|* Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grade is based on and assumed metal price of US$1,200/oz of gold, operating costs estimates, royalty and a metallurgical recovery of 87% for gold. Copper and silver were not used in the pit limits optimisation for reporting mineral resources.|
|† Reported as contained within a potentially economically mineable open pit at a cut-off grade of 0.6272 g/t Au.|
- The drilling program at the Nasedkino licence area will be predominantly dedicated to in-fill drilling on the three resource areas, for the purposes of converting the historical Russian C1+C2 reserves into NI 43-101 compliant estimates of measured and indicated mineral resources. In addition, the Company believes that such drilling may extend these resource areas since gold mineralization at each deposit is open along strike and down-dip.
- Previous exploration on the Nasedkino licence area has defined 24 copper and gold soil anomalies. Many of these are located in proximity to the three known gold resources but have not been drilled.
- At Gora 5, a strong Induced Polarization ("IP") chargeability anomaly is coincident with known sulphide-rich gold mineralization. The anomaly is traced along strike for 1.8 km. Only 900 metres of this anomaly has been drill tested.
- Other significant IP chargeability anomalies remain untested at Zhelanny, Gora 4, Gora 3, Shtokverkovy and the Northwest prospects.
- The drilling program at the Uryum licence area will test 7 coincident geochemical/geophysical targets.
- Such drilling program will use ALS Laboratory Group ("ALS") in Chita for sample preparation and analytical services. ALS is an independent, internationally accredited minerals laboratory with 15 offices in Australasia including two in Russia.
- The drill core and trench samples will be prepared on site by ALS and the pulps sent to the ALS laboratory facility in Chita. The samples will be analyzed by two methods: fire assaying for gold using a 50 gram charge and ICP-AES for 33 elements including copper and silver.
"The objective of this drill program is to expand the resources along strike and down-dip from the existing open-pit resources and in addition test a number of new targets," said Geoffrey Cowley of White Tiger Gold Ltd. "We expect to complete this aggressive drill program by the end of the year with the objective of completing an updated NI 43-101 resource estimate in early 2012."
Mr. Stanley C. Bartlett, PGeo., Managing Director for Micon International Co Limited, is independent of the Company and a qualified person within the meaning of NI 43-101 and has prepared or supervised the preparation of the technical information included in this press release.
About White Tiger Gold
The Company is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation. The Company currently operates the Savkino heap leach gold operation located in southeastern Siberia. Plans are underway to expand gold production at Savkino and to develop a second gold-copper mine at the Company's Nasedkino property situated in Chita Region in southeast Siberia. The Company also holds three additional early-stage gold exploration licences in prospective geological environments located in central and northeast Siberia.
This news release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding mineral resource estimates (including the potential conversion of historical estimates into estimates that are compliant with NI 43-101), expected results of drilling and other exploration activities, assaying, potential mineralization, the Company's exploration and development plans, success of exploration, plans regarding expansion of gold production at Savkino and the Company's plans to develop a second gold-copper mine at its Nasedkino property) are forward-looking information.
This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks related to the exploration, development and production stages of the Company's properties; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated and/or anticipated mineral resources (no assurances can be given that the indicated and/or anticipated levels of gold will be produced from such resources); delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; the uncertainties involved in interpreting exploration results and other geological data; unexpected geological conditions; the speculative nature of mineral exploration and development, including the uncertainty of and the imprecision in mineral resource and reserve estimates; success of future development initiatives; operating performance of facilities; the possibility that the results of future exploration will not be consistent with the Company's expectations; changes in the price of gold or certain other commodities (such as fuel and electricity); fluctuations in the currency markets; changes in equity markets; changes in interest rates; failure to complete financings on favourable terms or at all; exploration, capital and other costs varying significantly from estimates; uncertainties relating to the availability and costs of financing needed in the future; changes in national and local government legislation, taxation, controls, policies and regulations; political developments in Russia; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; and the other risks involved in the mineral exploration business.
Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. Additional information about these assumptions and risks and uncertainties are contained in the Company's filings with securities regulators, including its management's discussion and analysis dated March 30, 2011 (available on the Company's SEDAR profile at www.sedar.com). All of the forward-looking information made in this news release is qualified by the foregoing cautionary statements and those made in the "Risk Factors" section of the Company's most recently filed Annual Information Form dated March 30, 2011 (available on the Company's SEDAR profile at www.sedar.com).
White Tiger Gold Ltd.
Chief Executive Officer