SOURCE: Goldrich Mining Company

Goldrich Mining Company

September 15, 2011 09:00 ET

Goldrich Exploration Update

SPOKANE, WA--(Marketwire - Sep 15, 2011) - Goldrich Mining Company (OTCBB: GRMC) (the "Company") reports good progress on its Chandalar, Alaska HQ core drilling and gold exploration program as follows:

Drilling Update
To date, Goldrich has drilled nineteen diamond drill core holes for a total of approximately 11,000 feet, of which sixteen holes were completed to target depth. Initial drilling on three gold targets, Summit, Mikado, and St. Mary's, has been finished. The fourth target, Rock Glacier, is currently being drilled, and road access to a fifth target, Aurora, is being prepared. Subject to weather, the Company believes it will be able to continue drilling through the third week of September and possibly into October. Drill core assays have a current turnaround time of approximately six weeks and all assay results should be released by mid-November 2011.

Soil Sampling
Goldrich recently completed a grid-based soil geochemical sample survey over the Chandalar district. Seven hundred and fifty samples were taken and work is now focused on tightening up the grid with more closely spaced sampling sites. This program is expected to involve more than 2,000 samples and will continue as long as weather permits.

A low-elevation airborne geophysical survey is underway by an international geophysical contractor and, subject to weather, should be completed shortly. The detailed helicopter-borne magnetic and gamma-ray spectrometry survey encompasses the whole Chandalar gold district. Gold mineralization appears to be spatially related to restricted magnetic lows occurring within a large northeasterly trending magnetic high that envelops the entire district. The results of this survey are expected to aid in the definition of drilling targets.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern our anticipated results and developments in the Company's operations in future periods, planned exploration of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "should" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks related to our property being in the exploration stage;
  • risks related our mineral operations being subject to government regulation;
  • risks related to our ability to obtain additional capital to develop our resources, if any;
  • risks related to mineral exploration activities;
  • risks related to the fluctuation of prices for precious and base metals, such as gold, silver and copper;
  • risks related to the competitive industry of mineral exploration;
  • risks related to our title and rights in our mineral property;
  • risks related to the possible dilution of our common stock from additional financing activities; and
  • risks related to our shares of common stock.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are discussed in the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

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