Consolidated Goldfields Corp.
PINKSHEETS : CDGF

December 20, 2011 09:30 ET

Consolidated Receives Assay Results Including 1.5m of 104.3 g/t gold Within 10.7m of 19.1 g/t and 9.2m of 8.7 g/t Within 36.6m of 2.7 g/t

RENO, NEVADA--(Marketwire - Dec. 20, 2011) - Consolidated Goldfields Corp. ("Consolidated" or the "Company") (PINKSHEETS:CDGF) is very pleased to announce the receipt of additional assay results from its reverse circulation drill program 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, twenty-three holes have been drilled and gold assays have been received for twelve. Reverse circulation drilling is currently being conducted in two areas where historic gold mineralization was encountered. The Company is aiming to link the two areas of precious metal mineralization, which extend for a strike length of approximately 500 meters, by drilling between the two mineralized zones where very minimal drill data exists. Assaying of the reverse circulation samples is being conducted by Inspectorate Laboratory in Reno, Nevada.

The Company is very pleased to announce gold assay results from the recent drilling:

Hole # From To TD Thickness - m (ft) Gold - g/t ( oz/ton)
CAH-135 16.8 32.0 91.4 15.2 (50 ) 0.72 (0.021 )
59.4 65.5 6.1 (20 ) 0.82 (0.024 )
CAH-136 29.0 42.7 65.6 13.7 (45 ) 0.72 (0.021 )
CAH-137 45.7 61.0 15.3 (50 ) 0.75 (0.022 )
187.5 195.1 7.6 (25 ) 0.66 (0.019 )
CAH-138 48.8 68.6 189.0 19.8 (65 ) 0.99 (0.029 )
137.2 155.4 18.2 (60 ) 0.99 (0.029 )
187.5 189.0 1.5 (5 ) 3.88 (0.113)TD
CAH-139 53.3 70.1 213.4 16.8 (55 ) 0.65 (0.019 )
88.4 99.1 10.7 (35 ) 19.11 (0.558 )
Including 88.4 91.5 3.1 (10 ) 64.54 (1.880 )
Including 88.4 89.9 1.5 (5 ) 104.32 (3.046 )
128.0 164.6 36.6 (120 ) 2.77 (0.081 )
Including 135.6 144.8 9.2 (30 ) 8.70 (0.254 )
178.3 185.9 7.6 (25 ) 0.86 (0.025 )
CAH-140 71.6 82.3 176.8 10.7 (35 ) 1.10 (0.032 )

Primary objectives of this drill program are to expand the known gold and silver mineralization delineated by historic drilling as well as search for additional high grade veins. Mr. Marc Andrews, President/CEO of Consolidated Goldfields, commented "Consolidated is very excited about the results from our recently completed reverse circulation drilling. We continue to realize very positive assay results, which the Company strongly believes will substantially increase the historic precious metal mineral resources at Cahuilla. In addition, the very high grade gold results encountered in CAH-139 validate the fact that multiple high grade veins are hosted within the extensive envelope of disseminated mineralization system adding considerable value to the project."

The Company is also pleased to report that a second reverse circulation drill has arrived on site to expedite the program in order to prepare a new NI 43-101 resource compliant report during 2012. Drilling will be conducted by Harris Drilling of Escondido, California who originally began drilling operations at Cahuilla for Consolidated and Teras Resources in October of 2011.

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