GLDG~Golden Global Announces Sampling Results at McDame Deepe Creek of 14 oz. Gold Per 1700 Cubic Yards and Plans to Process 30,000 Cubic Yards Per Month
Jun 12, 2012 08:30:10 (ET)
EDMONTON, Alberta, Jun 12, 2012 (GlobeNewswire via COMTEX) -- Golden Global Corp. (GLDG, Trade ) is working on arranging financing to activate operations on its McDame Deepe Creek gold property in B.C. Canada.
The McDame Deepe Creek property has been tested with bulk sampling consisting of 1,700 cubic yards of material processed yielding 14 ounces of gold.
The Company's plans are to process up to 30,000 cubic yards per month until the end of October when weather conditions become too severe to continue.
Deepe Creek has cut through the old buried gold bearing channel of McDame Creek flushing the present gold in Deepe Creek from the old channel as has been the case in all the gold deposits mined in the present location of McDame Creek where creeks cutting across the old channel to the north have deposited gold into the present McDame Creek channel, thus indicating that the old channel carried a large quantity of gold.
Once the old channel is intercepted as Golden Global mines up Deepe Creek towards the old buried Channel of McDame Creek the gold values will likely be substantially higher. Approximately three and one half miles below Deepe Creek where a tunnel was driven into the old buried channel of McDame creek by McDonald and J. Hamilton in the early days where the First North Fork cut through the channel, 400 feet of tunnel is reputed to have yielded $400,000 in gold at $18.00 an ounce for the metal. Information obtained from the B.C Minister of Mines Report, 1931.
Disclaimer:
Some information in this document constitutes forward-looking statements which may be deemed or construed to be forward-looking statements, such as the ability of the Company to secure financing and the plan to process up to 30,000 cubic yards per month until the end of October. The words "plan", "forecast", "anticipates", "estimate", "project". "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which would cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Golden Global Corporation herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Golden Global Corporation disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release was distributed by GlobeNewswire, www.globenewswire.com
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