SOURCE: ASPA Gold Corp.

May 03, 2011 07:00 ET

ASPA Gold Corp. Leases Crown King Dumps

RANCHO MIRAGE, CA--(Marketwire - May 3, 2011) - ASPA Gold Corp. (OTCBB: RENS) announces that it has entered into a lease of 7.11 acres of the Buckeye patented mining claim located in the Pine Grove Mining District, Yavapai County, Arizona. The Company believes that a major portion of the dumps of the historic Crown King Gold Mine are located on this acreage. The Crown King property is located approximately 75 miles northwest of Phoenix, Arizona.

The Company is acquiring the lease in exchange for 500,000 shares of the Company's Class A Preferred Stock, which was valued at US$0.10 per share for this purpose, plus a royalty (weighted spot prices over the period) of 4%.

As with the dumps at the Company's Oatman mines, the Company intends to evaluate the Crown King Dumps with a view toward processing the dump material in order to recover the contained gold and silver. The dumps largely represent material known as "middlings" that was not of high enough grade to be run through the mill in the late 1800's, when only high grade ore was processed. However, at today's gold and silver prices, the dump material might be of high enough grade to be economically processed.

Since the Dumps are located on the surface, there is no need to mine the material. It can be loaded on dump trucks by excavating equipment. However, there is no nearby mill to process the material. The Company intends to investigate procurement of a portable mill that could be used at Crown King and later disassembled and shipped to another Company location, specifically the Oatman property.

The Company will need to obtain very limited funding in order to initiate its own sampling program of the Crown King dumps in order to verify the previous exploration results. The Company's management also intends to do a full review of the metallurgy, with bench scale testing and development of a flow chart by a professional metallurgist, prior to making a decision to initiate commercial operations at Crown King. Pending successful completion of this further work, the Company's management does not consider that a proven or probable "reserve" exists at Crown King at this time. Whilst this Company has previously forecast gross profit guidance from its dump recovery operations, it has elected to now discontinue this practice.

A Form 8-K will be filed today in respect of this announcement. The previous exploration and assay results complete with a detailed description of the property are contained in this filing.

ASPA Gold Corp. is an emerging U.S.-based Gold Mining and Exploration Company focused on the development and production plan for its claims and mines situated on over 3,600 acres and compromising of 44 claims and 22 historic Gold Mines located in the historic Oatman mining district of northwest Arizona, as well as the dumps of the Crown King Gold Mine located northwest of Phoenix, Arizona.

Forward-Looking Statements: The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While ASPA Gold Corp. believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than any of those indicated in the forward-looking information contained herein.

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