November 15, 2006 - 8:30 AM EST
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Michigan Gold's Deadmoose Lake Property Adjacent to Golden Chalice's Shillington Project; GCR'S Drilling Results and Geology
Michigan Gold Mining Investments Inc. (PINKSHEETS: MGGV) Deadmoose Property in Shillington Township in Northern Ontario is adjacent to Golden Chalice's (GCR-CDNX) Shillington project. Exploratory core drilling on the "Shillington Project" has intersected mineralization zones that may become a new type of mineralization for Ontario. Copper (Cu) mineralization within a quartz breccia system was intersected in hematitic and potassic altered proterzoic aged arenites. Intersections on this GCR property -- adjacent to the MGGV Deadmoose Lake property -- include 1.5% Cu over 10.30 meters (approximately 34 feet) and 2.0% Cu over 6 meters. The zone has been traced with drilling over a strike length of 200 meters and remains open both at strike and depth.
This new discovery occurs within an area underlain by the Round Lake Batholith that has received limited exploration over the past century. Early reports by prospectors at the turn of the century have indicated a number of gold and silver occurrences including one report of 1.25 oz/t and 20 oz/t over 30 feet.
Michigan Gold continues its exploration of its adjacent property, the Deadmoose Lake property.
About Michigan Gold Mining Investments, Inc.
Michigan Gold Mining Investments Inc. is an American junior mineral exploration company presently in the process of developing mineral assets in North America. Michigan Gold currently retains a one hundred percent (100%) title to a Platinum/Palladium prospect in Northern Ontario, named the 'Deadmoose Lake' property. As well Michigan retains a 70% interest in the 2,200-acre St. Nicholsa Copper, Uranium, Gold and Silver project in the Elliot Lake Mining camp.
Michigan Gold is committed to the accumulation and development of unhedged precious and industrial metal deposit sites in North America.
The company is of the opinion that the bull market in metals is a trend that will continue over a generation. The current low levels in Global Inventory in most metals and, most importantly, longer-term strategic considerations originating from high-growth oriented economies in China, India and other Eastern nations has placed extreme pressure on pricing in the metals markets. These factors, coupled with the weakness of the US Dollar due to the USA's large budget and current account deficits, may support historically high dollar prices in metals for many years to come.
Major metals miners have hedged most producing properties and cannot strongly benefit from rising price trends over the near term. This places junior miners in a very advantageous position. As properties are proven and production is ascertained to be feasible, the ability of Michigan Gold Mining Investments to profit from these historically high metals prices should come to fruition.
Michigan Gold Mining Investments Inc. (trading symbol MGGV) is listed on the OTC market and has commenced the process of becoming a full reporting US company.
Forward-Looking Statement
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
Source: Market Wire (November 15, 2006 - 8:30 AM EST)
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