Harvest Gold Corporation
TSX VENTURE : HVG

Harvest Gold Corporation

May 19, 2011 15:37 ET

Harvest Gold Corporation: Rosebud Drilling Near Completion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to announce that it's Phase II drilling program at its 100% owned Rosebud Mine project in northwest Nevada, USA, begun in March, will be completed by this weekend. More than 14,000 feet (4,270 metres) have been drilled in 21 reverse circulation holes, meeting the Company's footage goals for the program. Final assays are expected within approximately two weeks and will be released as soon as analysis is complete.

Greg Hill, President of Harvest Gold Corp. (US), states: "Drilling has focused on four key target areas. They are the Valley, Southern Extension, Northeast, and Far East targets, with the majority of drilling taking place in the Valley and Southern Extension areas. Despite several weather delays during this very wet spring, we have achieved our footage goals within budget. We look forward to announcing results as soon as possible."

About Rosebud

The Rosebud property is an advanced exploration project consisting of 54 unpatented mining claims centered on the former Rosebud underground mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997 and 2000. The underground operation mined three high-grade ore zones, with an average production grade of 0.416 oz Au/t (14.2 g/tonne), 2.42 oz Ag/t (83 g/tonne). Due to falling gold prices, the cut-off grade was increased from 0.15 oz Au/t (5.1 g/tonne) to 0.18 oz Au/ton (6.2 g/tonne) over the life of the mine, and mineralized material below the cutoff was not mined. An in-place, non-43-101-compliant Measured and Indicated Global resource of 242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31 oz Ag/t), was calculated by Hecla at the close of mining in 2000. (This historical resource estimate was made by a source believed to be reliable, however the Company has not yet independently verified the estimate according to CIM standards and thus this historical estimate should not be relied upon.) The Harvest Gold 43-101 report on Rosebud can be accessed on the website at: http://harvestgoldcorp.com/Theme/HarvestGold/files/Rosebud%2043-101%20final_10%20Oct%2022.pdf

The Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious metals deposit, similar in origin, geologic setting, and mineralization style to other low-sulfidation gold deposits in northern Nevada, including the high-grade multi-million-ounce Sleeper and Midas deposits. The property is located in a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada's Hycroft mine.

The company has acquired a 100% interest in the property, subject to a net smelter royalty.

Greg Hill, Certified Professional Geologist, the President of Harvest Gold Corp. (US), is the Qualified Person that has reviewed the contents of this news release.

Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company controls 100% interests in the advanced-stage Rosebud Gold Mine property, and generative gold properties at Garcia Flats in the South Carlin Trend and the RW property in the southern Battle Mountain - Eureka Trend. In Manitoba, Harvest is engaged in early-stage exploration of three groups of 100% owned claims in the Rice Lake Gold Belt and holds a 40% interest in the more advanced-stage, Assean Lake project.

This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, uncertainties of resource and reserve estimations, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. Fluctuations in metals prices, availability of financing, and general business conditions are all factors that could cause actual results to vary materially from forward-looking statements.

On behalf of the Board of Directors,

John Roozendaal, President

Harvest Gold Corporation

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Harvest Gold Corporation
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    (604)-986-2021 (FAX)
    www.harvestgoldcorp.com