SOURCE: Goldrich Mining Company

April 16, 2010 07:00 ET

Goldrich to Drill 20,000 Feet at Chandalar in Alaska

SPOKANE, WA--(Marketwire - April 16, 2010) -   Goldrich Mining Company (OTCBB: GRMC) (the "Company") announces it has committed to a 20,000-foot diamond-core drill program at its Chandalar property in Alaska.

The drill program will evaluate the degree of mineralization occurring in a hard-rock stratabound structure estimated to be approximately 5 miles long by 1,800 feet wide by 300 to 400 feet thick located on the main mountain near the center of the Company's property. There has been historic hard-rock mining on some of the high-grade veins at various locations on the mountain. Around the mountain are seven placer deposits, some of which have also had historic mining activity. The Company believes the structure is the source of the gold in the placers and the high-grade veins.

The mineralization of the structure can be classified as orogenic owing to the finely disseminated nature of the gold, close association with sulfides and deposition within an original bedded organic rich (carbon) sedimentary host (Mikado phyllite). The phyllite is highly deformed as a result of tectonic processes. The original sedimentary rocks are believed to have been successively altered by multiple phases of metamorphic and hydrothermal alteration that has remobilized gold within the original carbonaceous sediments and into axial fold structures, faults and quartz veins above and peripheral to them.

The drill program will consist of approximately 40 holes averaging 500 feet deep with the deepest hole being approximately 750 feet deep. Drilling is planned to commence this June. The Company expects to complete over half of the drill program this year with the balance being completed in the summer of 2011.

Goldrich Mining Company is engaged in the business of the discovery and mining of gold deposits. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. 

Forward-Looking Statements

This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Legislation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Goldrich Mining Company expects or anticipates will or may occur in the future, including such things as the Company's ability to sell forward gold sale contracts, the anticipated use of proceeds from the sale of such contracts, anticipated commercial production at the Company's Chandalar gold project and other such matters are forward-looking statements. Often, but not always, forward-looking statements state that certain actions, events or results ''will'' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Goldrich Mining Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: the Company's ability to sell forward gold sale contracts in the current economic environment, volatility of natural resource prices, including gold prices; product demand; market competition; the Company's ability to continue with corporate spending priorities; the Company's ability to secure additional financing; the existence and extent of gold deposits at the Chandalar property; the Company's ability to start and maintain commercial production at the Company's Chandalar property; and other risks inherent in the Company's operations discussed in the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. The Company makes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws or regulatory policies.

Contact Information

  • For additional information regarding Goldrich Mining Company or this news release, contact Mr. William Schara at telephone (509) 768-4468; e-mail Email Contact.