Consolidated Goldfields Corporation

November 17, 2010 09:31 ET

Consolidated Goldfields Completes First Round of Drilling at the Cahuilla Project

RENO, NEVADA--(Marketwire - Nov. 17, 2010) - Consolidated Goldfields Corporation (PINK SHEETS:CDGF) announces that the Company has completed three diamond drill holes totaling 1,356 feet during the first round of the Phase 1 drill program at the Cahuilla gold-silver project in Imperial County, California. The Company is working in conjunction with its partner Teras Resources Inc. (TRA-V) as specified in the earn-in agreement that was executed in February 2010. The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple bonanza-grade veins that occur within an extensive body of disseminated gold-silver mineralization.

The primary objective of the first round drill program was to obtain good quality samples and high core recoveries, which was satisfied during this drill program. Intensely silicified host rocks and veins were encountered within the project area during the drilling of the three holes. Samples from the first hole have been delivered to Inspectorate Laboratories in Reno, Nevada and results are anticipated by the end of November. Core from the second and third holes will be delivered to the assay lab in November and results are expected in December.

The Company is planning to resume Phase 1 drilling in early 2011 utilizing both core and reverse circulation drill rigs. The primary objective of the Company is to focus on expanding the historical mineral model to substantially increase underground resources and evaluate the development of both a high grade underground and large open pit mining operation.

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 company's properties. Mr. Callicrate has reviewed and verified the technical information contained in this news release.

Certain information contained in this news 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 risks, uncertainties and other factors, which could 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 a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information

  • Consolidated Goldfields Corporation
    Peter Leger
    Vice President Corporate Development
    (403) 852-0644
    Consolidated Goldfields Corporation
    Mark Fralich
    Investor Relations
    (503) 313-2586