Archive 2012-2014

April 2, 2015 Read More →

Cibolan Gold Identifies High Grade Gold Targets

RENO, NV, Apr 02, 2015 — Cibolan Gold Corporation’s (otc pink:CIBG): (www.nevada-goldmine.com) (the “Company”) new technical team (See the news release from March 19, 2015) completed its preliminary review resulting in recommendations for achieving a successful transition to production.

The review focused on identifying the potential for developing 4 to 5 million tons containing at least 200,000 ounces of gold (grading 1.42 grams per ton or better) that could be mined economically and placed on the previously designed leach pad that fits on the Independence property. The Independence project is located directly adjacent to Newmont’s multi-billion dollar operating Phoenix Fortitude mining complex.

The results of the new technical team review are:

—  Identified a range front fault system along western edge of current drilling

—  Several holes with multi ounce intercepts drilled west of the fault

—  Tenth ounce or greater intercepts in other holes were on trend

—  Identified other targets on the property — including a High Grade NE Structural Zone

—  Designed drilling plan to expand current mineralized material; potentially identifying up to 2.0 million tons averaging up to 0.30 ounce per ton (20 times our current average grade)

These results were confirmed via several reinterpreted and previously discounted holes west of the Range-Front fault using the collection and incorporation of data from area properties. The data allowed the team to translate the information generated in the previous drilling programs and surface mapping into a new model.

The new model explains and clearly outlines previous assay results into a new sensible model expanding on the current mineralized material and adding ounces to the project mineralized material inventory. The visualization of the data indicates holes remain on trend and “within expectation” of grade within this newly identified high grade area.

Daniel J. Forbush, Company President and CEO reports, “I couldn’t be more pleased with the work completed so far! Our new team of mining professionals has already revealed a high grade range front fault system extending north to south along the western edge of current drilling. I feel that this development makes Cibolan a “must watch” company for Gold focused investors.”

The evaluation identified three high grade target areas that could, through further development, meet Cibolan’s goal of expanding the gold available in the near surface mineralized material. They are (in order of importance):

 

 

1. Range-Front Structural Target Area (indicated by holes GM-127,59,128)

—————————————————————————-

Gold                      Gold                     Gold

Drill             Grade   Drill             Grade   Drill             Grade

Hole   Intercept  Ounce/  Hole   Intercept  Ounce/  Hole   Intercept Ounce/

No.     Depth     Ton     No.     Depth     Ton     No.     Depth     Ton

—————————————————————————-

GM127         160   1.586 GM128          35   0.146 GM128         315  2.897

—————————————————————————-

GM127         165   0.407 GM128          40   0.051 GM128         320  0.137

—————————————————————————-

GM127         170   0.220 GM128          45   0.055 GM128         325  0.033

—————————————————————————-

GM127         175   0.123 GM128          50   0.014 GM128         330  0.021

—————————————————————————-

GM127         180   0.093

—————————————————————————-

2. North East Structural Target Area (indicated by holes GM-111 and IN-2)

—————————————————————————-

Intercept   Gold Grade    Drill Hole    Intercept  Gold Grade

Second Table     Depth      Ounce/Ton        No.         Depth     Ounce/Ton

—————————————————————————-

GM 111                310        0.049  IN 2                  320      0.149

—————————————————————————-

GM 111                315        0.073  IN 2                  325      0.085

—————————————————————————-

GM 111                320        0.022  IN 2                  330      0.158

—————————————————————————-

GM 111                325        0.052  IN 2                  335      0.321

—————————————————————————-

GM 111                330        0.119  IN 2                  340      0.148

—————————————————————————-

GM 111                335        0.146  IN 2                  345      0.091

—————————————————————————-

GM 111                340        0.039  IN 2                  350      0.160

—————————————————————————-

GM 111                345        0.040  IN 2                  355      0.073

—————————————————————————-

GM 111                350        0.083

—————————————————————————-

GM 111                355        0.081

—————————————————————————-

GM 111                365        0.042

—————————————————————————-

GM 111                370        0.023

—————————————————————————-

GM 111                375        0.018

—————————————————————————-

GM 111                380        0.052

—————————————————————————-

GM 111                385        0.056

—————————————————————————-

 

3. North South Structural Target (identified in gold in soils survey data; untested by drilling)

Included in the most recent PowerPoint presentation posted on Cibolan’s website is additional information on these targets, their location and explanation of the data. The new information supports the following plan of action recommended by the team.

—  Re-examine geologic model in current resource area — focus on structural controls, emphasize high-grade potential

—  Evaluate Range Front system by drilling additional core and reverse circular holes

—  Evaluate other identified targets areas with further mapping, sampling and drilling

—  Complete PEA using revised geologic model resulting form Range Front and other target drilling using a realistically discounted gold price.

Mr. Forbush also stated, “This is great news for shareholders as we now have a more clear understanding of how the mineralization is controlled by the various faults existing on the property! More importantly we can focus with certainty to maximize shareholder returns and minimize expenditures based on the review’s findings.”

New corporate plans will focus on the continued rapid expansion of the new zones and it integration into the property as a whole. Production is still projected to come through the engineered leach pad already designed and part of the pending plan of operations submission to the Bureau of Land Management. This plan of operations is nearly completed and held in reserve until a new technical report outlining improved grades and economic viability is completed.

“To that end, the Company is approaching a number of interested accredited investors with a funding proposal to obtain up to $1.1 million in three tranches. Each unit sold in these tranches contains one share and three share purchase warrants with one of the warrants expiring on each of the first, second and third anniversaries of buying of the unit,” explained Mr. Forbush.

About Cibolan Gold Corporation. Cibolan Gold Corporation (otc pink:CIBG); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.

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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expansions, recommendations, explanations, expectations, goals, evaluations, findings or intentions regarding the future. 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, expansions, recommendations, explanations, expectations, goals, evaluations, findings or intentions will prove to be accurate.

Attachment Available: http://www2.marketwire.com/mw/frame_mw?attachid=2795538

For further information, please contact:

 

Wayne Meyerson

Investor Relations

Cibolan Gold Corporation

1155 West Fourth Street, Suite 210

Reno, NV 89503

775.583.4636 office

 

 

 

Posted in: 2015, Archive 2012-2014
November 20, 2014 Read More →

Bryson Goodwin Join Development and Production Team

Cibolan Gold Announces an Addition to its Gold Development and Production Team

Reno, NV, November 20, 2014 Cibolan Gold  Corporation (the “Company”) (OTCBB: GNMT) (FRANKFURT: GMQ), announces that effective September 22, 2014, at the recommendation of the Nominating and Corporate Governance committee, the Company elected Bryson Goodwin to fill the vacancy on the Company’s Board of Directors.  The opening arose from the retirement of Rana Medhi in October 2013.

Mr. Goodwin has extensive experience as an executive officer in finance, sales, management and operations with both private and public companies. Over the years Mr. Goodwin has been engaged by a number of resource, energy, clean-tech and technology firms in the departments of; Management, Finance, Business Development, PR & IR, Marketing, and Sales. He brings his experience in the Canadian and US Stock Exchanges as well as public company management, in the resource and energy sectors to his new role at the company.  Mr. Goodwin has experience on the board of a number of organizations and serves as an advisor to several private and public companies. He also consults for a number of capital companies and hedge funds as a resource and capital markets specialist.

The Board of Directors has determined that each of Larry Max Bigler, Shane K. Dyer and Walter A Marting, Jr. and Bryson Goodwin are “independent,” as the term is used in Item 407(a)(1) of Regulation S-K under the Securities Exchange Act of 1934, as amended, and as defined by NASDAQ Listing Rule 5605(a)(2).  Accordingly, it is anticipated that the New Director will be asked to serve on committees of the Board as an independent director.

The Company currently has three standing committees. The Nominating and Corporate Governance Committee is chaired by Walter A. Marting, Jr with Larry Max Bigler and Shane K. Dyer as a members.  The Audit Committee is chaired by Larry Max Bigler with Walter A. Marting, Jr. as a member and the Compensation Committee chaired by Shane K Dyer with Larry Max Bigler as a member.

The Company’s compensatory arrangement with the Directors consists of a Director’s Fee of $1,000 per month payable within five days after the end of each fiscal quarter in the common stock of the Company. Members of the standing committees of the Board receive an additional $1,000 per month payable within five days of the end of each quarter in the common stock of the Company. The fees are capped at $2,000 per director per month.  The newly appointed director has not nor has had since the Company’s last fiscal year a relationship with the Company that would require disclosure under Item 404(a) of Regulation S-K.

Mr. Forbush commented, “The Company thanks Rana for his dedicated service and his exciting vision for the project.  We became acquainted with Mr. Goodwin during our negotiations with Open Gold.  Since then Bryson led American Consolidated Minerals until it was acquired at a profit for his shareholders from the time he became President.”

Mr. Forbush continued, “I found Bryson to be a man of the highest integrity and well connected in the Investor Relation and Public Relations arenas of a publicly traded gold companies.  mining.”

Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are available on the Company’s website www.generalmetalscorporation.com.

About General Metals Corporation: General Metals 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 Battle Mountain Mining District of Nevada.

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 in the near future, the Company’s belief that is has enough gold to generate considerable profits, that any estimated ounces of gold or silver are contained in the mineralized material in the Company’s projects and is proposed to be mined and loaded onto a cyanide heap leach pad, and the size and timing of 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-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Wayne Meyerson
Investor Relations
General Metals Corporation
615 Sierra Rose Dr. Suite 1
Reno, NV 89511
wayne@gnmtlive.com
775.583.4636 office

Posted in: 2014, Archive 2012-2014
June 20, 2013 Read More →

Cibolan Gold CEO Provides FAQ on Latest Capital Raise

RENO, NV., June 20, 2013 — Cibolan Gold Corporation (OTCQB: CIBG): (www.nevada-goldmine.com) released today an interview with the President and CEO of the Company, Daniel J. Forbush, in which Mr. Forbush responded to a series of questions about the recently announced transaction with Open Gold Corporation and about the agenda items at the upcoming meeting of shareholders tentatively rescheduled for Wednesday, August 28, 2013 at 10:00 a.m. (PDT) in  Reno, Nevada as the Security and Exchange Commission has notified the Company that it intends to review the preliminary prospectus currently filed with and issue a comment letter within 23 days from today.

“As we’ve talked about the objectives of the special shareholders’ meeting, we thought additional information regarding the reverse stock split in particular would be helpful for shareholders,” commented Forbush. “This is rather a unique deal where we’re growing stockholder value with the addition of more capital while restructuring the capital base.”

 

CEO Forbush FAQs

Q: What is the purpose of the special shareholder’ meeting to be held at the end of July?

A: We have announced the agenda for the meeting previously and it remains unchanged. As stated, we want to do five main things:

• To elect five (5) directors to the board of directors;

• To ratify the appointment of Ingenium Accounting Associates as its independent registered public accountants for the next fiscal year;

• To approve a reverse stock split (consolidation) of the company’s issued and outstanding common shares on an up to 20 to1 basis.

• To approve the sale of the Wilson-Independence Gold – Silver Mine pursuant to an Assignment and Purchase Agreement with Open Gold Corp.; and

• To transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.

Q: Why is CIBG doing a reverse stock split? Isn’t this typically a sign a mining company is going under?

A: First, let me clarify that should a reverse stock split be authorized by the shareholders, it will only be used to create a vehicle for the acquisition of a new project or projects to be put in CIBG so that our shareholders have another potential asset after the OPG transaction closes. Remember, after the CIBG / OPG deal is completed, current CIBG shareholders will still hold all their shares in CIBG plus a proportional amount of shares of OPG—therefore holding stock in both companies. CIBG has plans to continue adding assets and building shareholder value. However, the main focus now is getting the Independence Project ready for the production phase by OPG raising the agreed upon capital.

Second, the total number of outstanding CIBG shares is quite large (approximately 350,000,000) and tends to discourage new investors. Over the years, under different management, the shares grew faster than the actual progress of the Independence mining project. Investor-attractive junior mining companies typically have less than 50,000,000 outstanding shares as they near the production phase—the time when most early shareholders see the most growth in value.  Also, a smaller number of shares (we are not dropping shareholders) is ideal for acquisition efforts.

Third, during the period CIBG owns the OPG shares while OPG is receiving the appropriate listing approvals in the US, a prerequisite to our being able to execute the Distribution to our shareholders, the market value of CIBG should mirror 64% of the market value of OPG.  This situation is probably unlike any other Reverse Spit you have seen, in that, the perceived market value of CIBG could be raised to a new height (tied to OPG) as a result of its ownership of 64% of OPG.

Fourth, CIBG has $10 million in Net Operation Loss (NOL) carry forwards, an asset which cannot be monetized for our shareholders with the current number of Outstanding Shares.  Approval of the Reverse Split allows us to provide greater value than just the Independence project.  Upon distribution of the OPG shares to our shareholders, the only assets on the CIBG balance sheet will be the NOL and whatever other projects we can include.  Without a Reverse Split of some level, acquiring another asset for the benefit of our shareholders may be an unachievable objective.

Fifth, this Reverse Split has no impact on the amount of OPG shares that you or any other shareholder will receive.  You will receive the same percentage of OPG shares as your Ownership in CIBG at the time of the Distribution.  The Reverse Split does not change your ownership percentage, but does allow us to continue to finalize the OPG deal, raise new capital from OPG, move the Independence Project nearer to the production phase, identify additional mineralization, and attract new, more traditional investors with listings in the US and Canadian stock markets.

P. S. You should be aware that an investment bank in Canada was requiring a 25 to 1 reverse split as part of a proposed financing and sponsorship to get CIBG listed on a Canadian exchange.  The amount of dilution at current prices that would be required to put the Independence into production would far exceed the corporation’s Authorized Share total as it currently stands.  Nevertheless this is no longer an issue as a result of the OPG transaction.

 

Q: When will the CIBG /OPG deal be completed?

A: We are hopeful the transaction with OPG can close the day of the shareholders meeting or the day after which should sometime in mid to late August. With respect to the distribution of OPG shares, we are doing everything we can to insure we are meeting the regulatory requirements in the US and Canada.  The expected time frame for the Distribution of shares is anywhere from 3 to 6 months after the transaction itself closes.  The timeframe identified in the agreement is a “worst case scenario” required to be included by the Canadian regulators.  It is in our best interest to accelerate the Distribution.  We will do everything in our power to have the Distribution completed in the first quarter of the 2014.  We have no expectation that that the Distribution will happen in any other way than described.  However we cannot control the regulators or other people.

 

Q: Won’t the CIBG stock price gradually drop back down again after the reverse split as usually happens to penny stocks?

A: We don’t believe so. After the deal is completed, the value of CIBG stock is closely tied to the ownership value of OPG’s stock that’s linked to the vibrant Independence project and any other future projects incorporated into the CIBG umbrella.

 

Q: How do we ensure the money raised is properly used by OPG?

A: CIBG management will be in a position to have significant input to the Board of Directors of OPG and the agreement requires that 85% of the funding is to be spent on the Independence Project and working Capital..

 

Mr. Forbush concluded by saying,” It is for these reasons that I, along with all members of the board, recommend that shareholders approve these two important actions as well as the normal business items being put forward.”

Daniel J. Forbush

President and CEO

Cibolan Gold Corporation [CIBG ]

 

About Cibolan Gold Corporation
Cibolan Gold Corporation (OTCQB: CIBG.OB); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific 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 Cibolan Gold’s form 10-K, which may be secured from Cibolan Gold or the SEC website at: http://www.sec.gov.

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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. 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 Open Gold will complete the acquisition of the Independence Project or the financing, a project can be found to put into Cibolan Gold, the timing of the Special Meeting that Cibolan Gold share price will in any way be affected by the Open Gold share price. 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.

For further information, please contact:

Wayne MeyersonInvestor RelationsCibolan Gold Corporation
1155 West Fourth Street,   Suite 210
Reno, NV 89503wayne@gnmtlive.com775.583.4636 office

 

Posted in: 2013, Archive 2012-2014
June 13, 2013 Read More →

Cibolan Gold Sets Date for Special Meeting of the Stockholders

RENO, Nev., June 13, 2013 /PRNewswire/ — Cibolan Gold Corporation (OTCQB: CIBG): (www.nevada-goldmine.com) strategically located in the prolific Battle Mountain Nevada mining district, announced today that it will hold a special meeting of stockholders on Wednesday, July 31, 2013 at 10:00 a.m. (Pacific time) at a Reno Nevada location to be announced shortly. The Meeting is being held to: 1) elect five directors to the board; 2) to appoint Ingenium Accounting Associates as independent public accountant; 3) approve an up to a 20:1 reverse stock split; and, 4) approve the transaction with Open Gold Corporation.

The board has fixed the close of business on June 17, 2013 as the record date for determining the stockholders entitled to vote at the Meeting.

Commenting on the upcoming meeting President and CEO Daniel J. Forbush noted, “This meeting is a critical one for our company because it involves two major actions by shareholders – first approval of the Cibolan Gold/Open Gold Corporation transaction; and second, authorizing  the Board to implement a reverse split of the shares of the Nevada gold mining company if the Board deems it appropriate to increase shareholder value. We strongly recommend that shareholders approve both of these. It is important to unlocking additional value for our shareholders.”

Mr. Forbush continued, “With respect to the Open Gold transaction, the benefits of this opportunity to our shareholders are access to critical capital for the Independence Project, access to the Canadian capital markets, accretive to the overall Cibolan Gold market valuation and the fact that Cibolan Gold holders will hold shares in both companies providing the opportunity to leverage our shareholders stake into multiple projects.”

President Forbush continued, “The reverse stock split is a sound strategic move for the company because it will give us the correct capital base to begin bringing additional assets to Cibolan Gold shareholders and will better enable us to use a significant asset that to this point has been dormant on our balance sheet – the approximately $10 million in Net Operating Loss carry-forwards.”

Mr. Forbush concluded by saying,” It is for these reasons that I, along with all members of the board, recommend that shareholders approve these two important actions as well as the normal business items being put forward.”

About Cibolan Gold Corporation
Cibolan Gold Corporation (OTCQB: CIBG); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific 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 Cibolan Gold’s form 10-K, which may be secured from Cibolan Gold or the SEC website at: http://www.sec.gov.

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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. 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 Open Gold will complete the acquisition of the Independence Project or the financing. 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.

For further information, please contact:

Wayne MeyersonInvestor Relations
Cibolan Gold Corporation
1155 West Fourth Street,   Suite 210
Reno, NV 89503wayne@gnmtlive.com775.583.4636   office

 

Posted in: 2013, Archive 2012-2014
May 23, 2013 Read More →

Cibolan Gold and Open Gold Enter into Definitive Agreement on Independence Project

Reno, Nevada — May 23, 2013 — Cibolan Gold Corporation (OTCQB: CIBG); www.nevada-goldmine.com and Open Gold Corp. (TSX-V: OPG), a Canadian junior mining company listed on both the TSX Venture and Frankfurt Exchanges; www.opengoldcorp.com  jointly announce the entry into a definitive agreement for the acquisition by Open Gold of the Independence Gold and Silver Mining Project near Battle Mountain, Nevada by Open Gold (the “Independence Project”).   The Independence Project comprises 14 mining claims, covering approximately 240 acres, and 480 acres of private fee surface land exclusive of mineral rights.

Pursuant to the definitive agreement, as consideration for the acquisition Cibolan Gold will receive 64% of the issued and outstanding shares of Open Gold at the time of closing, the calculation of which will include shares issued in connection with a concurrent financing.  Cibolan Gold has agreed to distribute 90% of the Open Gold shares it receives to the shareholders of Cibolan Gold.  Pending distribution of the shares to the Cibolan Gold shareholders, the shares will be held by a trustee.  Cibolan Gold’ voting rights attached to the Open Gold shares held directly by Cibolan Gold will be limited to 14% of the total post-transaction issued and outstanding Open Gold shares, excluding shares held by the trustee, which cannot be voted.

Following completion of the transaction, the existing officers of Open Gold will retain their offices, and the board of directors of Open Gold will be comprised of two directors from the existing Board, two nominees of Cibolan Gold, and one nominee to be mutually agreed to.

Completion of the transaction is subject to various conditions, including, but not limited to, completion of a financing for gross proceeds of $2,350,000 by Open Gold, approval of the transaction by the shareholders of Cibolan Gold, TSX Venture Exchange acceptance, and completion of legal, financial and technical due diligence. Proceeds from the financing will be used for the advancement of the property and working capital.  In connection with the transaction, Open Gold will pay a finder’s fee of $110,000, payable on closing.

 

The Independence Project

The Independence Project is located in the heart of the prolific Battle Mountain Mining District in Northern Nevada.  The 240-acre Independence Project was once the site of an historic Nevada gold mine [Link: www.nevada-goldmine.com]. The Independence Project is surrounded by a number of large-scale mineral deposits, including the Fortitude, Sunshine, Tomboy, Minnie and Phoenix properties. The now depleted Fortitude Deposit lies just 4,000 feet northeast of the Independence Project and is considered to be one of the most lucrative gold mines ever operated in Nevada. Newmont’s Phoenix Mine flanks the Independence Project on three sides and contains significant proven and probable reserves.

Since being acquired in 2006 by Cibolan Gold, the Independence Project has logged and modeled drilling data from 131 different drill holes. Key considerations for the acquisition of the Independence Project by Open Gold are as follows:

  • 331,600 ounces gold equivalent in the Measured and Indicated categories*
  • 848,600 ounces gold equivalent in the Inferred category*
  • Potential for establishing extension to Newmont Gold’s adjacent Phoenix Mine
  • Strategically located adjacent to power, water and infrastructure

*198,000 oz AuEq resource based on 8,328,000 tons at 0.024 oz AuEq/ton; 132,800 oz AuEq indicated resource based on 7,728,000 tons at 0.017 oz AuEq/ton; 52,400 oz AuEq inferred resource based on 4,592,000 tons at 0.011 oz AuEq/ton; and 796,200 oz AuEq inferred based on 4,182,000 tons at 0.190 oz Au/ton. Effective date of estimates is May 31, 2011.

The Independence Project features two main zones of gold and silver mineralization: a shallow near surface epithermal system and a deeper, high-grade underground target. Through its extensive exploration activities, Cibolan Gold has defined the near surface epithermal system over a strike length of more than 3,000 feet and a depth of 400 feet.

The mining claims forming part of the project are subject to separate 1% and 5% NSR’s, the latter being reduced to a 1.875% upon payment of $3 million.

The Mitchel Property

In September 2012, Open Gold negotiated the option on the Mitchell property from Foundation Resources Inc. This highly prospective and easily accessible Volcanic Massive Sulfide gave Open Gold the ability to promote and explore in the world class Red Lake mining district of Ontario.  Since acquiring its option on the Mitchell property, Open Gold has completed an assessment report and recently sent surface samples to be assayed at the lab.  More information will be available as the assay report is received.

About Cibolan Gold Corporation

Cibolan Gold Corporation (OTCQB: CIBG); www.nevada-goldmine.com, is an aggressive junior mining exploration and development company, based in Reno, Nevada. The company is actively pursuing the re-opening of its Independence gold and silver mining project strategically located in the prolific Battle Mountain Mining District of Nevada.

About Open Gold Corp.

Open Gold Corp. (TSX-V: OPG); www.opengoldcorp.com, is a Canadian junior mining company listed on both the TSX Venture and the Frankfurt Exchanges. The company is actively involved in strategic acquisitions of near term gold assets in safe jurisdictions.

Qualified Person and NI 43-101 Disclosure

Information respecting resource estimates is based on an independent technical report entitled “Technical Report of the Independence Gold and Silver Project, Battle Mountain Mining District, Lander County, Nevada USA” dated June 27, 2011 and prepared for Cibolan Gold by James Ashton, P.E. and Sam G. Nunnemaker, R.P.Geo in accordance with the form requirements of National Instrument 43-101. A copy of the report is available on the Cibolan Gold website.

The technical information in this news release has been reviewed and approved by Ike Osmani, MSC, P.Geo, a consultant to Open Gold and a Qualified Person under NI 43-101.

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 Cibolan Gold’s form 10-K, which may be secured from Cibolan Gold 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, Section 21E of the Securities Exchange Act of 1934 and in Canadian securities legislation. 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 Open Gold will complete the acquisition of the Independence Project or the financing. 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.

 

For further information, please contact:

 

CIBG Corporation Wayne Meyerson
Investor Relations
Suite 210, 1155 West Fourth Street
Reno, NV 89503Tel: +1 (775)   583-4636E-mail: wayne@gnmtlive.com
OPEN GOLD CORP.Bryson GoodwinPresident & CEO

Suite 2050, 1055 West Georgia Street

P.O. Box 11121, Royal Centre

Vancouver, BC  V6E 3P3

Tel: +1 (604) 341-1531

E-mail: brysongoodwin@shaw.ca

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

 

Posted in: 2013, Archive 2012-2014
March 7, 2013 Read More →

CIBG/OPG Letter of Agreement Questions and Answers

Dan Forbush, President and CEO of Cibolan Gold Corporation answers a number of questions for stockholders regarding the recent CIBG /Open Gold Corporation (OPG) announcement.

 

1.       Why is CIBG doing this deal with OPG?

Cibolan Gold Corporation had three goals in mind with the Open Gold deal: (1) Raise new capital for the Independence Project (let’s keep it consistent- “Project”) so additional drilling and permitting work can take place, (2) create a vehicle the at enables us to access the Canadian capital markets, (3) Increase shareholder value by ultimately proving more silver and gold reserves as well as finishing the permitting process prior to production.

January 31, 2013 Read More →

Cibolan Gold Announces Transaction that will generate $2.350 million in New Funding

Reno, Nevada— January 31, 2013—Cibolan Gold (www.nevada-goldmine.com) announced today that it has entered into a Letter of Intent with Open Gold Corp (TSX/V: OPG), a Canadian junior mining company listed on the TSX Venture Exchange, to raise capital and provide better access for future capital needs.   Per the terms of the Letter of Intent, $2.350 million will be raised to advance the development work on the Cibolan Gold’s Independence gold and silver mining project located near Battle Mountain, Nevada, initiate exploration of Open Gold’s Mitchell Project and provide working capital.

Posted in: 2013, Archive 2012-2014
November 27, 2012 Read More →

Cibolan Gold Corporation Announces Date of the 2012 Annual Meeting

RENO, Nev., Nov. 27, 2012 — Cibolan Gold Corporation (the “Company”) (OTC.QB: CIBG) announced today that it will hold an annual meeting of stockholders on December 12, 2012 at 10:00 a.m. (Pacific time) in the meeting room at The Center for Unique Business Enterprises 300 East 2nd Street., #1405, Reno, NV, 89501 (the “Meeting”). The Meeting is being held for the following purposes:

Posted in: 2012, Archive 2012-2014
November 27, 2012 Read More →

Cibolan Gold Corporation Announces Date of the 2012 Annual Meeting

RENO, Nev., Nov. 27, 2012 — Cibolan Gold Corporation (the “Company”) (OTC.QB: CIBG) announced today that it will hold an annual meeting of stockholders on December 12, 2012 at 10:00 a.m. (Pacific time) in the meeting room at The Center for Unique Business Enterprises 300 East 2nd Street., #1405, Reno, NV, 89501 (the “Meeting”). The Meeting is being held for the following purposes:

Posted in: 2012, Archive 2012-2014
October 11, 2012 Read More →

Cibolan Gold CEO Provides Details of Promising Junior Mine in Wall Street Ledger Interview

A Wall Street Ledger audio interview with CEO Forbush provides an overview of Cibolan Gold’s junior mining operation which is nearing production and located in the heart of the Battle Mountain-Cortez Gold Trend in Lander County

RENO, Nev., Oct. 11, 2012 — Cibolan Gold Corporation (OTC.QB: CIBG) announced the availability of a recent audio interview with Dan Forbush, CEO and the Wall Street Ledger. The audio provides an overview its Independence mine and updates potential investors about the latest progress towards production, its competitive advantage, depth of management and the amount of measured, indicated and inferred mineralization of gold and silver.

Posted in: 2012, Archive 2012-2014