Carlin Gold Corporation
TSX VENTURE : CGD

July 31, 2012 08:30 ET

Carlin Announces New Directors to Expanded Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - Carlin Gold Corporation (TSX VENTURE:CGD) ("Carlin" or the "Company") is pleased to announce the appointment of two new directors to the Company's board of directors, following the closing of last week's $2.68 million private placement with Electrum Gold Exploration LLC ("Electrum"). Under the terms of its agreement unit purchase agreement, Electrum had the right to designate two directors on the Company's board of directors. They are Mr. Kenneth Rye of Denver, Colorado and Mr. Jay Sujir of Vancouver.

Mr. Kenneth Rye is currently Managing Director for Global Evaluations for The Electrum Group LLC, which he joined in 2008. He has extensive experience in both the mineral exploration and financial advisory areas. His 25 plus years in the mining industry have included tenures with major gold producers including Homestake Mining Company, International Corona Corporation and Giant Yellowknife/Pamorex Minerals. Mr. Rye holds a B.Sc. in Earth Science from the University of Waterloo, an M.Sc. in Geology from the University of Western Ontario and an MBA from St. Mary's College of California.

Mr. Jay Sujir is a partner of the law firm of Anfield Sujir Kennedy and Durno LLP of Vancouver, specializing in corporate finance and securities law. Mr. Sujir was called to the Bar of British Columbia in 1986 after receiving a Bachelor of Laws degree in 1985 and Bachelor of Arts (Economics and Philosophy) degree in 1981, both from the University of Victoria.

Mr. K. Wayne Livingstone, president of the Company, commented: "Carlin Gold is very fortunate to be able to add such exceptional technical and corporate expertise to its board, with the addition of Mr. Rye and Mr. Sujir."

The Company also announces the issuance of an aggregate of 400,000 stock options to purchase 400,000 shares of the Company at an exercise price of $0.125 cents per share, expiring July 30, 2017. The stock options are being issued to Mr. Rye and Mr. Sujir and are subject to approval by regulatory authorities.

About Carlin

Carlin is a junior resource company focused on gold exploration. The Company owns a 100% interest in three mineral properties in Nevada, U.S.A., all of which represent Carlin-type gold targets. The Company has an approved drilling permit for 24 drill sites on its Cortez Summit property, and it plans to begin drilling in August 2012.

The Cortez Summit property consists of 142 claims located on the Cortez Trend in Nevada, adjacent to Barrick's recently announced gold discoveries, Red Hill and Gold Rush and the past producing Horse Canyon and Buckhorn gold deposits. The Cortez Trend contains a major gold endowment that exceeds 40 million ounces total gold produced, reserves and resources. Production in 2011 at Barrick's Cortez district operations has been reported to be 1.42 million ounces of gold.

Company geologists believe that the geological environment at Cortez Summit is similar to Barrick's nearby Carlin-type deposits. The Devonian-age Horse Canyon and Wenban Formations are thought to potentially underlie the property at shallow to moderate depths. Portions of these two units host much of the gold resources in the district, including at Cortez Hills and Red Hill-Goldrush. Sampling along a prominent north-northwest trending structural zone on the west side of Cortez Summit has yielded gold values of 447 and 263 ppb in hydrothermally altered Horse Canyon rocks. This is part of an attractive untested structural and stratigraphic target in the southwest part of the property that will be the focus of the Company's initial drilling program. Much of this target is blind, being covered by post-mineral gravel and basaltic andesite. The Company conducted a gravity survey to obtain information from the target terrain underneath the cover. The survey was successful in defining potentially favorable structures, which represent drill targets.

Carlin also owns two other exploration properties in Nevada and a 50% joint venture interest in 3,960 mineral claims in Yukon, Canada.

K. Wayne Livingstone, President and Chief Executive Officer

Note:

Robert Thomas, CPG, Vice President of Carlin and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release on behalf of Carlin.

Forward looking statements: This news release includes certain "forward-looking information within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements")." Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Carlin's expectations include availability of capital and financing in connection with future private placement, regulatory approval, actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Carlin Gold Corporation
    K. Wayne Livingstone
    President and Chief Executive Officer
    (604) 638-1402
    (604) 608-3878 (FAX)
    www.carlingold.com