Current Ore Stockpile Tested by Lab Results In; Crowne Ventures to Estimate Gold Values in Excess of $3 Billion USD Marketwire "Press Releases"
LAS VEGAS, NV -- (MARKET WIRE) -- 08/24/11 -- Crowne Ventures, Inc. (PINKSHEETS: CRWV) is pleased to announce the appointment of Mr. Dane Peterson as President and CEO of the Company effective immediately. "Securing the Gallo de Oro Property and its 9.5 million tons of recoverable ore coupled with my experience with this property makes this a perfect fit for both parties," said Mr. Peterson .
Mr. Peterson's first act as President was the execution of a 5-year mining lease between Crowne Ventures and World Investment of Mexico (WIM) for the Gallo de Oro Property located in the Tecuala Mining District , in the State of Nayarit, Mexico .
Crowne Ventures management is also pleased to announce positive results in their continued surface sampling and initial trench testing of the Gallo de Oro claim.
Independent U.S. laboratory test results of grab samples taken from the ore that was trenched and put in a stockpile resulted in values up to 8.3 oz. of gold/ton.
New CEO of Crowne Ventures , Dane Peterson , said, "These results are very exciting, given the fact that we produced this tonnage in an open pit configuration with massive excavation equipment." To further explore these values, 100 tons of ore from the Gallo de Oro Property in the Tecuala Mining District has been excavated and stockpiled for further testing. This stockpiled ore will be shipped to a smelter facility, which is located close to Durango, Mexico .
Mr. Peterson also stated, "Cross representative samples have been crushed and shipped to the Penoles smelter outside of Durango, Mexico for additional testing and evaluation for the best possible recovery. From all indications, we have tapped into a substantial deposit. Our smelter results should be available within 30 to 45 days. Until the engineering reports are produced by the smelter, I am taking a cautious view of our recovery capability."
Mr. Peterson added, "We have now incorporated into the Company a continued independent testing program, both here and in Mexico , to properly assess potentials of ores prior to shipment and processing."
In closing, Dane Peterson stated, "Based on lab testing and field reconnaissance, we could possibly see reserves in the billion dollar range at the current price of gold on the retail market."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the Company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the Company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
For Further Information Contact: Investor Relations Crowne Ventures, Inc. 310.461.3703 email: Email Contact website: www.crownemining.com
Source: Crowne Ventures, Inc.
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