SOURCE: IO Circuit

December 06, 2011 07:30 ET

All American Gold Begins Drilling on Belleville Property in Nevada

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the IO CIRCUIT.

NEW YORK, NY--(Marketwire - Dec 6, 2011) - All American Gold Corp. (OTCBB: AAGC) announced yesterday that they have begun a scheduled work program on their Belleville property located in Mineral County, Nevada.

Nevada has seen a resurgence this year in mining activity. Barrick Gold Corp announced that it has found an estimated 3.5 million ounces of gold outside of its flagship Cortez mine. There currently are 20 major gold mining operations in the state, including Newmont Mining (NYSE: NEM), Allied Nevada Gold Corp (NYSE Amex: ANV) and Midway Gold, Corp (NYSE Amex: MDW).

Nevada mines produced 5.3 million ounces of gold in 2010 at a total value of $6.54 billion. The state produced 5.03 million ounces in 2009 at a value of $4.9 billion. Nevada miners produced 7.9 million ounces of gold in 2004 and nearly 8 million ounces in 1997. To keep the pipeline of new mining projects full, companies are expected to spend in excess of $300 million on exploration in 2011 alone.

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