Consolidated Goldfields Corporation
PINKSHEETS : CDGF

August 14, 2012 09:30 ET

Consolidated Goldfields Receives Gold Assay Results Including 22.9m of 8.46 g/t and 12.2m of 13.51 g/t, With a High of 1.5m of 39.35 g/t, Within 117.4m of 2.10 g/t

RENO, NEVADA--(Marketwire - Aug. 14, 2012) - Consolidated Goldfields Corp. ("Consolidated" or the "Company") (PINKSHEETS:CDGF): is very pleased to announce the receipt of high grade gold assay results from its Cahuilla gold-silver Project in Imperial County, California. Drilling was again conducted along the periphery of existing precious metal mineralization and continues to significantly expand gold-silver mineralization into relatively untested areas. The Company is pleased to report the following drill results:

Hole # From To TD Thickness - m (ft) Gold - g/t (oz/ton)
CAH-196 29.0 67.1 179.8 38.1 (125 ) 0.55 (0.016 )
*CAH-197 0.0 94.5 138.7 94.5 (310 ) 0.82 (0.024 )
Including 88.4 89.9 1.5 (5 ) 15.44 (0.450 )
111.2 114.3 3.1 (10 ) 1.23 (0.036 )
*CAH-198 29.0 41.1 169.2 12.1 (40 ) 0.41 (0.012 )
64.0 89.9 25.9 (85 ) 0.68 (0.020 )
131.1 140.2 9.1 (30 ) 2.16 (0.063 )
Including 137.2 138.7 1.5 (5 ) 9.39 (0.274 )
147.8 150.9 3.1 (10 ) 1.92 (0.056 )
160.0 169.2 9.1 (30 ) 1.23 (0.036)TD
*CAH-199 16.8 47.3 182.9 30.5 (100 ) 0.65 (0.019 )
79.2 109.7 30.5 (100 ) 0.65 (0.019 )
CAH-216 to 220 Assays pending
CAH-221 18.3 79.2 79.2 60.9 (200 ) 0.51 (0.015)TD
CAH-222 30.5 36.6 182.9 5.1 (20 ) 0.55 (0.016 )
CAH-223 21.3 64.0 182.9 42.7 (140 ) 0.58 (0.017 )
83.8 99.1 15.3 (50 ) 0.48 (0.014 )
178.3 181.4 3.1 (10 ) 1.20 (0.035 )
CAH-224 19.8 65.5 182.9 45.7 (150 ) 0.58 (0.017 )
CAH-225 25.9 79.2 196.6 53.3 (175 ) 0.68 (0.020 )
109.7 134.1 24.4 (80 ) 0.65 (0.019 )
152.4 167.6 15.2 (50 ) 0.45 (0.013 )
175.3 182.9 7.6 (25 ) 0.41 (0.012 )
*CAH-226 41.1 71.6 182.9 30.5 (100 ) 0.51 (0.015 )
*CAH-227 16.8 80.8 196.6 64 (210 ) 0.34 (0.010 )
94.5 97.6 3.1 (10 ) 0.51 (0.015 )
103.6 106.7 3.1 (10 ) 0.89 (0.026 )
*CAH-228 27.4 94.5 190.5 67.1 (220 ) 0.38 (0.011 )
CAH-229 10.7 33.5 182.9 22.8 (75 ) 0.34 (0.010 )
51.8 96.0 44.2 (145 ) 1.88 (0.055 )
Including 71.6 86.9 15.3 (50 ) 4.21 (0.132 )
Including 73.2 74.7 1.5 (5 ) 19.69 (0.574 )
CAH-230 12.2 68.6 182.9 56.4 (185 ) 0.72 (0.021 )
*CAH-231 0.0 3.1 182.9 3.1 (10 ) 1.40 (0.041 )
24.4 77.2 52.8 (175 ) 0.51 (0.015 )
96.0 97.5 1.5 (5 ) 1.10 (0.032 )
175.3 176.8 1.5 (5 ) 3.77 (0.110 )
CAH-232 0.0 4.6 182.9 4.6 (15 ) 0.45 (0.013 )
27.4 53.3 25.9 (85 ) 0.51 (0.015 )
80.8 85.4 4.6 (15 ) 0.72 (0.021 )
CAH-233 24.4 48.8 182.9 24.4 (80 ) 0.41 (0.012 )
77.7 83.8 6.1 (20 ) 0.48 (0.014 )
CAH-234 21.3 57.9 182.9 36.6 (120 ) 0.34 (0.010 )
CAH-235 30.5 61.0 213.4 30.5 (100 ) 0.58 (0.017 )
73.2 82.3 9.1 (30 ) 0.65 (0.019 )
*CAH-236 7.6 82.3 196.6 74.7 (245 ) 0.51 (0.015 )
CAH-237 25.9 62.5 189.0 36.6 (120 ) 0.45 (0.013 )
88.4 100.6 12.2 (40 ) 0.51 (0.015 )
CAH-238 Assays pending
CAH-239 16.8 82.3 213.4 65.5 (215 ) 0.51 (0.015 )
106.7 118.9 12.2 (40 ) 0.62 (0.018 )
CAH-240 Assays pending
CAH-241 19.8 137.2 213.4 117.4 (385 ) 2.10 (0.061 )
Including 77.7 100.6 22.9 (75 ) 8.46 (0.247 )
Including 88.4 100.6 12.2 (40 ) 13.51 (0.384 )
Including 89.9 91.4 1.5 (5 ) 39.35 (1.148 )
*CAH holes intersected silver values of greater than 100 grams (2.92 oz/t) in one or more 1.5 meter sample intervals.

Results of this most recent round of drilling are very encouraging as the Company continues to test areas where little to no previous drill information exists resulting in the significant expansion of precious metal mineralization. Mr. Marc J. Andrews, President/CEO of Consolidated Goldfields, remarked "Consolidated is extremely pleased with the drill results from this recent round of drilling. The Company continues to achieve its primary objective of enhancing known mineralization as illustrated by the receipt of additional disseminated and high grade gold/silver assay results highlighted by the values depicted in CAH-241."

Assaying of the reverse circulation samples was conducted by Inspectorate Laboratory in Reno, Nevada. Drill 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. In addition, blanks and certified standards have been inserted into the sample stream at random intervals for quality control purposes.

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.

Lane Griffin, 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. Griffin 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 Corp.
    Marc J. Andrews
    President/CEO
    775.461.2545