Consolidated Goldfields Corporation
PINK SHEETS : CDGF

November 22, 2011 09:30 ET

Consolidated Goldfields Receives Assay Results Including 9.1m of 10.3 g/t and 1.5m of 28.6 g/t Within 97.5m of 1.85 g/t Gold

RENO, NEVADO--(Marketwire - Nov. 22, 2011) - Consolidated Goldfields Corp. ("Consolidated" or the "Company") (PINK SHEETS:CDGF): is very pleased to announce the receipt of assay results from its reverse circulation drill program which was initiated in October 2011 at the Cahuilla gold-silver Project in Imperial County, California. The Cahuilla Project is a large epithermal, paleo-hot springs system hosting multiple high grade veins that occur within an extensive body of disseminated gold-silver mineralization. For further information on the Cahuilla project refer to the NI 43-101 technical report entitled "Cahuilla Property 43-101 Technical Report," dated October 25, 2007 prepared by Todd Wakefield, MAusIMM of AMEC E&C Services filed on Sedar on November 15, 2007.

As of this press release, fifteen holes have been drilled and assays for the first six are complete. The primary objective of this drill program is to expand the known gold and silver mineralization delineated by historic drilling. The first six holes were drilled over a strike length of 220 meters along the margins and within areas of known mineralization. Assaying of the reverse circulation samples was conducted by Inspectorate Laboratory in Reno, Nevada. The samples were collected by Mr. Paul Stubble (project geologist), split on site, placed in sample bags and delivered to Inspectorate Laboratory in Reno, Nevada for analysis.

The Company is very pleased to announce the results of the first six holes:

Hole # From To TD Thickness
– m (ft
) Gold – g/t
(oz/ton
)
CAH-127 25.9 67.1 152.4 41.2 (135 ) 0.72 (0.021 )
76.2 89.9 13.7 (45 ) 0.58 (0.017 )
114.3 135.7 21.4 (70 ) 1.06 (0.031 )
CAH-128 27.4 118.9 173.7 91.5 (300 ) 0.99 (0.029 )
CAH-129 35.1 65.5 34.4 (100 ) 1.18 (0.034 )
76.2 121.9 45.7 (150 ) 0.41 (0.012 )
132.3 152.4 20.1 (65 ) 0.48 (0.014 )
CAH-130 24.4 121.9 169.2 97.5 (320 ) 1.85 (0.054 )
Including 48.8 57.9 9.1 (30 ) 10.3 (0.300 )
Including 54.9 56.4 1.5 (5 ) 28.6 (0.836 )
166.1 169.2 3.1 (10 ) 1.71 (0.050) TD
CAH-131 9.2 10.7 134.1 1.5 (5 ) 3.77 (0.110 )
77.7 94.5 16.8 (55 ) 0.41 (0.012 )
111.3 125.0 13.7 (45 ) 0.41 (0.012 )
CAH-132 71.6 140.2 176.8 68.6 (225 ) 0.48 (0.014 )

Five of the six drill holes bottomed in anomalous gold mineralization. Mr. Marc J. Andrews, President/CEO of Consolidated Goldfields commented "Consolidated is excited about the drill results from the first six holes and the value it is creating for our shareholders. We look forward to receiving continued assay results over the next few months as we advance our current drill program." Consolidated and our partner Teras Resources plan to drill a minimum of 100 drill holes during this phase of the program.

About Consolidated

Consolidated Goldfields (CDGF.PK) is a junior gold-silver company directed by a management team that is experienced in all aspects of mining including exploration, development and operations for both major and other junior mining companies. The Company's assets consists of eight precious metals projects that are situated in Nevada and Idaho. Nevada is the 4th largest gold producer in the world behind South Africa (1), Australia (2) and China (3). Nevada mines produced 5,338,559 ounces of gold in 2010 at a value of $6.54 billion.

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 Corp.
    Mr. Marc J. Andrews
    President & CEO
    (775) 461-2545