Cibolan Gold Corporation Announces Progress With the Preliminary Economic Assessment at the Independence Project
RENO, Nev., April 10, 2012– Cibolan Gold Corporation (OTC.Q: GNMT) is proud to announce that it has engaged Mine Development Associates, Inc. to determine, prioritize, and plan the necessary activities to bring the operation at the Independence Mine into production within the near future and to assist us in completing the Preliminary Economic Assessment (PEA).
As noted previously the project’s PEA should be completed within three months which will define the broad economic parameters of the gold and silver mining operation. Concurrent with the development of the PEA, the Company will be advancing environmental and baseline permitting work at the property.
General Metals CEO, Daniel J. Forbush stated: “We are very enthused to have begun this work. We expect this work to make clear that which we can recover, within a reasonable cost framework, of precious metals from the surface zones. The market and our shareholder base need to take note of this important development at the Company.”
Further details and additional information regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are posted on the Company’s website www.generalmetalscorporation.com
About Cibolan Gold Corporation: Cibolan Gold Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company is actively exploring and developing its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District of Nevada.
Cautionary Note to U.S. Investors – The U.S. Securities and Exchange Commission permits U. S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “measured”, “indicated”, and “inferred” “resources”, which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our form 10-K which may be secured from us or the SEC website at: http://www.sec.gov/edgar.html
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that the proceeds from the recent private placement will allow the Company to proceed with permitting at its Independence Mine in Nevada or any shallow mining production at any time, that any estimated ounces of gold or silver are contained in the mineralized material in the “Shallow Target,” and is proposed to be mined and loaded onto a cyanide heap leach pad, or any future financings that the Company may enter into.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Cibolan Gold Corporation
1155 WEST FOURTH STREET, SUITE 210
RENO, NV 89503