Consolidated Goldfields Corporation
PINK SHEETS : CDGF

July 26, 2011 09:30 ET

Consolidated Goldfields Advances Cahuilla Project with Drill Results at High Grade Hill

RENO, NEVADA--(Marketwire - July 26, 2011) - As Consolidated Goldfields Corporation (PINK SHEETS:CDGF) continues with the advancement of its' Cahuilla Gold-Silver Project in Imperial County, California, Tom Callicrate, President and Chief Executive Officer is pleased to announce the completion of 13 core drill holes for a total of 1,416 feet (431.6 meters) at the High Grade Hill portion of the property. The assay results for the first 5-holes have been completed by Inspectorate Laboratory in Reno, NV (please reference the table below). The core samples from the remaining 8-holes have been logged and sampled and are currently in route to Mineral Exploration and Environmental Geochemistry and Inspectorate Laboratory for preparation and assaying.

The Cahuilla project is a large epithermal, paleo-hot springs system hosting multiple bonanza grade veins within an extensive body of disseminated gold-silver mineralization. The purpose of the drill program is to test the down dip extension of the exposed, sheeted veins at High Grade Hill by drilling a series of fenced holes and expand the near surface gold and silver mineralization. The data collected from the drill hole assay results will be used to model the vein zone at the High Grade Hill area and extrapolate the vein system model in other areas on the Cahuilla project.

Future work planned at Cahuilla will include completing a new mineral model and resource calculation, technical valuation report and 43-101 resource compliant technical report, as well as additional core and reverse circulation drilling beginning in the fall-winter field season. The objective of the next drill program will be to delineate previous high-grade drill intersects and explore for additional high-grade veins, while expanding the disseminated mineralization that was defined by historical drilling. For additional information, please visit our website at www.consolidatedgold.com.

To From Thickness Gold To From Silver
Hole # feet feet feet (m ) oz./ton (g/t ) feet feet oz./t (g/t )
CAH-114 0.0 23.0 23' (7.01 ) 0.065 (2.22 ) 1.12 (38.4 )
CAH-114 92.0 98.0 6' (1.82 ) 0.053 (1.82 )
CAH-114 106.4 115.0 8.6' (2.62 ) 0.012 (0.41 ) 0.44 (15.1 )
CAH-115 0.0 16.0 16' (4.88 ) 0.040 (1.37 ) 0.0 10.0 0.45 (15.4 )
CAH-116 0.0 48.0 48' (14.6 ) 0.076 (2.60 ) 18.0 48.0 1.11 (38.0 )
Includes 15.0 21.0 6' (1.82 ) 0.105 (3.60 )
Includes 27.0 42.0 15' (4.57 ) 0.145 (4.97 )
CAH-117 0.0 50.0 50' (15.24 ) 0.041 (1.40 )
Includes 13.0 31.0 18' (5.49 ) 0.086 (2.96 ) 13.0 31.0 0.66 (22.6 )
CAH-118 0.0 41.0 41' (12.5 ) 0.074 (2.53 ) 0.0 10.0 0.54 (18.49 )
Includes 11.0 20.0 9' (2.74 ) 0.171 (5.86 ) 14.0 26.0 2.27 (77.74 )
Includes 29.0 35.0 6' (1.82 ) 0.145 (4.97 ) 62.0 68.0 0.98 (33.56 )
Includes 59.0 80.0 21' (6.40 ) 0.017 (0.58 ) 71.0 77.0 1.18 (40.41 )
Includes 82.0 87.0 0.77 (26.37 )

Mr. Thomas E. Callicrate B. Sc., Professional Geologist is the Company's nominated qualified person responsible for monitoring the supervision and quality control of the programs completed on the Companies properties. Mr. Callicrate has reviewed and verified the technical information contained in this news release.

Also, as Consolidated Goldfields continues to engage with Teras Resources towards the completion of their 65 percent "Earn-In Agreement" (reference Press Release titled: "Teras Moves Forward with Earn-In on the Cahuilla Project and Issues Shares to Consolidated," dated: 02-16-11), Mr. Peter Leger, President/CEO of Teras, acting as Vice President of Corporate Development for Consolidated Goldfields has resigned. In addition, Mr. Thomas (Toby) Mancuso, Vice President of Operations and Corporate Secretary of Consolidated Goldfields has resigned his position, but will remain on "the Company" Board of Directors.

Certain information contained in this press release contains "forward looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risk, uncertainties and other factors, which would cause actual results to differ materially from such forward-looking statements. The company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein whether as the result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information

  • Consolidated Goldfields Corporation
    Tom Callicrate
    President/CEO
    (775) 843-8835

    Consolidated Goldfields Corporation
    Mark A. Fralich
    Investor Relations
    (503) 313-2586
    www.consolidatedgold.com