Pediment Gold Corp.
TSX : PEZ
OTC Bulletin Board : PEZGF
FRANKFURT : P5E

Pediment Gold Corp.

August 12, 2009 11:41 ET

Pediment Gold Reports Positive Bench Sample Results From La Colorada, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 12, 2009) - Pediment Gold Corp. (TSX:PEZ)(OTCBB:PEZGF)(FRANKFURT:P5E) (the "Company") is pleased to announce results from a recently completed bench sampling program at the Company's wholly owned La Colorada Gold Mine, in Sonora Mexico.

A total of 3,467 rock chip samples were collected from the historic El Creston, La Colorada and Gran Central pits, intersecting numerous zones of prominent quartz vein, iron oxide and sulphide mineralization exposed in the pit walls. The results are summarized in the table below and maps showing the sample locations are available on the Company website at www.pedimentgold.com.



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Total Samples 3467
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Highest Gold Value 288 g/t over 2m
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Values greater than 10 g/t Au 16 samples Average 48.6 g/t Au
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Values 5 greater than 10 g/t Au 26 samples Average 7.0 g/t Au
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Values 1 greater than 5 g/t Au 201 samples Average 2.1 g/t Au
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Average of all samples 499 ppb Au
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As shown in the table, 16 samples (approximately 6% of those samples over 1 g/t Au) returned grades exceeding 10 g/t Au; 26 samples (approximately 11% of those over 1 g/t) ranged between 5 and 10 g/t Au; and 201 samples (approximately 83%) ranged between 1 and 5 g/t Au. The highest gold grades encountered included 288 g/t Au and 104 g/t Au over 2 metre sample widths, taken from prominent vein zones at lower elevations in the El Creston pit.

The samples were generally continuous and varied from 0.4m to 4.0m in width, but averaged about 2 metres. Because of the great variation in orientation between the veins and pit walls, these are not true widths and composite widths have not been calculated. Maps posted on the website show that most veins in the La Colorada mine area have an east-northeast strike and dip between 45 and 55 degrees to the north, with the exception of a subvertical vein in the southern part of El Creston pit. The veins zones typically vary in width from about 5 metres to approximately 40 metres.

As shown on the maps, most of the higher grade bench sample results reflect known vein zones visible within the pits. Wide areas are anomalous in gold, but the highest grade samples are generally restricted to discrete structures. In the Gran Central pit for example (Map 1, http://media3.marketwire.com/r/PedimentGran-Central), higher grade samples (up to 6.6 g/t Au) are clustered in the eastern and southwestern pit walls. At La Colorada (Map 2, http://media3.marketwire.com/r/PedimentLa-Colorada), the best grades (up to 8.9 g/t Au) are clustered on the eastern wall, and across a narrow slot in the far western pit area, corresponding to the La Colorada North Vein. At El Creston (Map 3, http://media3.marketwire.com/r/PedimentEl-Creston), the highest grade samples (up to 288 g/t Au) cluster along slots in the southern and eastern pit walls, known as the Creston North and South Veins. These results indicate that significant mineralization was left behind by previous open pit mining, and suggest that good potential exists within the pit walls and along discrete structures for discovery of additional mineralization, which may be amenable to open pit and/or underground mining respectively.

The bench sampling program was conducted as one of the first steps towards identifying additional resources at the mine, and providing targets for follow up drilling. Historic underground production to 1914 was reported as more than 3 million ounces gold, and subsequent open pit heap leach operations by Eldorado Gold produced more than 300,000 ounces gold between 1993 and 2000. At that time, Eldorado estimated that some 600,000 oz gold remained, but this resource is not 43-101 compliant and has not been verified by a qualified person. The Company is therefore conducting more detailed work, including the ongoing RC and core drilling, which is intended to assess the historic estimate, test new zones identified by Pediment's bench sampling, and evaluate both shallow low grade and deeper high grade mineralization targets.

The previously announced drilling programs are continuing on schedule, with some 50 RC and 5 core holes completed to date. Bench samples were analyzed at ALS Chemex. Current RC and core samples are being analyzed by Inspectorate Labs, with sample prep conducted in Hermosillo MX, and fire assays performed in Reno NV. Pediment adheres to a strict QA/QC program utilizing standards, blanks and check samples. Results will be reported as they become available.

Melvin Herdrick, Vice President of Exploration and Director, is a Qualified Person as defined by NI 43-101 and has reviewed and approved this release.

On behalf of the board,

Gary Freeman, President & CEO

This news release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 27E of the U.S. Securities Exchange Act of 1934, as amended, and within the meaning of Canadian provincial securities laws applicable to the Company, regarding the results received from bench samples at La Colorada. Such statements include, without limitation, statements regarding the timing of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at www.sec.gov, for a more complete discussion of such risk factors and their potential effects.

This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises that the U.S. Securities and Exchange Commission's mining guidelines prohibit information of this type in reports filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such adjacent or similar properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

All of the Company's public disclosure filings may be accessed via www.sedar.com and www.sec.gov, and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties.

This news release is not, and is not to be construed in any way as, an offer to buy or sell securities.

The TSX has not reviewed or accepted responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pediment Gold Corp.
    Gary Freeman
    604-682-4418
    or
    Pediment Gold Corp.
    Michael Rapsch
    604-682-4418
    www.pedimentgold.com