SOURCE: Gold Bag, Inc.

February 07, 2011 09:07 ET

Gold Bag's Focus Gold Mexico Corp Dramatically Increases Holdings in Nayarit State, Acquires Claim of Over 18,000 Hectares

RENO NV--(Marketwire - February 7, 2011) - Gold Bag, Inc. (OTCBB: GBGI), operating as Focus Gold Corp., has expanded its holdings in the historic mining municipality of Compostela, Nayarit State, Mexico, by acquiring a gold and silver claim totaling 18,286 Hectares adjacent to the company's Huicicila Project. The Huicicila Project consists of five gold and silver claims totaling more than 1012 Hectares and was shown in Focus Gold's recently released NI-43-101 Technical Report to be a mesothermal vein system with sample assays showing high gold and silver values in multiple veins with good vertical continuity throughout.

The Focus 1 claim surrounds the Huicicila Project to the north and east and is adjacent on the east to the caldera containing Cream Minerals' 2560-Hectare Nuevo Milenio property. In December 2008 Cream Minerals filed an updated National Instrument 43-101 Technical Report on the Nuevo Milenio property outlining a silver equivalent Inferred Mineral Resource of 54.6 million ounces (50:1 ratio) contained within 5.1 million tonnes.

Several structures with mineralization of gold, silver, copper and iron have been identified in veins and dikes in the Focus 1 claim's El Salto mineralized area that lies adjacent to Nuevo Milenio and southeast of the San Juan and Cerro Alto volcanoes. As well, disseminated mineralization has been identified on and within the borders of the caldera, similar to those found in the Caldera del Nayar indicating a very high possibility of a large mineralized deposit discovery. Similar to Nuevo Milenio, such a discovery may be a low-sulphide epithermal camp that is hosted by a sequence of intermediate to felsic volcanic flows, tuffs and breccias within a large collapsed caldera setting.

Focus Gold CEO Grant R. White stated, "The Focus 1 claim greatly expands our holdings and opportunities in Nayarit State. We now have almost 20,000 hectares in Nayarit with near term production potential at Huicicila and tremendous exploration opportunities at both Huicicila and Focus 1. This additional land is a direct result of the great team we have in Mexico that joined us as shareholders and partners as part of the Fairfields acquisition. Focus Gold Corp and Focus Gold Mexico Corp are very pleased to have achieved this milestone. The Focus Gold management, Board of Directors and the Focus Gold Mexico Corp team in Mexico will continue to advance the Nayarit State projects at an accelerated pace."

About Gold Bag Inc.

Gold Bag Inc., operating as Focus Gold Corp., is a Company focused on the acquisition and development of gold mining properties primarily in the Americas including a recently signed option agreement with Victoria Gold for two properties in the Timmins Mining District and through its wholly owned subsidiary Focus Gold Mexico Corp., the Huicicila mine in Mexico. For further information please visit www.focusgoldcorp.com.

Contact Information

  • Gold Bag, Inc.
    Grant White
    CEO
    (416) 593-8034 ext. 2115

    Investor Relations:
    Desert Son
    Kurt Schemers
    (623) 465-0844

    Or

    Small Cap Power
    Mark Thorburn
    416 646-1941