SOURCE: South American Gold
RICHMOND, IN--(Marketwire - Aug 23, 2012) - South American Gold (OTCQB: SAGD) is pleased to announce it has acquired two unpatented mining claims which expands its Baltimore Silver Mine project by forty acres.
The Baltimore Silver Mine is a former producing silver mine in a historic mining district located on private land in Jefferson County, Montana, at an elevation of approximately five thousand eight hundred feet above sea level. The company has signed a memorandum of Understanding to lease the mine with an option to purchase. The new unpatented mining claims acquired expand the project to a total of approximately one hundred acres, and an existing tunnel is on the property which will need rehabilitation.
- The additional mining claims have been untested by modern drilling methods and technology, thus are considered an early-stage exploration prospect. Parallel structures have been identified to the south of the Baltimore Mine area according to initial evaluation.
- Our initial exploration objective is to determine whether veins from the Baltimore Mine extend onto the newly-acquired claims.
Our recent site visit resulted in our consulting geologist identifying these unpatented mining claims for acquisition by location, and we have identified dumps from prior production activities that we intend to sample. For more information please consult our recently filed 8k on the project.
About South American Gold:
South American Gold Corp (OTCQB: SAGD) is an exploration mining company focused on the discovery, acquisition, exploration and development of gold and silver deposits in North and South America. Our strategy is to acquire a pipeline of mining prospects in historic mining districts to explore, develop or joint venture, with an objective of establishing commercial production. The company in the last ten months has acquired mining prospects in Arizona, Nevada, and Montana; and continues to consider projects in Colombia, Mexico and Southeastern Europe.
We have fewer than 80 million shares issued and outstanding, of which 2.5 million shares are held by current officers and directors.
This release contains forward-looking statements that are based on beliefs of South American Gold Corp. management and reflect South American Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of South American Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, South American Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10k, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. The company has limited financial capability to implement its business plan. The Baltimore Mine information is based on historic information, and the company has not conducted a preliminary economic assessment, nor has determined the costs of rehabilitation to gain access to historic production areas. There is no assurance of an economic deposit on the property, nor the capital required to be available for drilling, rehabilitation and infrastructure construction.