Harvest Gold Corporation
TSX VENTURE : HVG

Harvest Gold Corporation

November 22, 2007 12:39 ET

Harvest Gold Exploration Update: Rosebud Gold Mine Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2007) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is near completion of its internal compilation of available data for the Rosebud gold mine project in Nevada. This internal study has three objectives and is designed to assist the company in determining whether the next phase of development drilling should be done through a Joint Venture arrangement or by the Company. The objectives are:

- assess the potential for the historic mine area and its geochemical footprint to host a multi-million ounce gold and silver deposit with a threshold grade greater than one gram gold per tonne that could enable the development of an open pit style mining operation centered on the historic mine workings;

- develop exploration targets in areas with known mineralization in historic drillholes;

- conduct and analyze geochemical surveys designed to assess the potential for gold and silver mineralization in under-explored areas of the property.

HISTORIC DATA:

The historic data includes pre-mining soil and rock geochemistry, airborne and ground geophysics, surface geological mapping, structural interpretation of fault patterns and data from available drill logs. As disclosed in the Hecla Mining Company's 1999 annual report (10K SEC Filing) "...gold mineralization in the South, North and East zones, as in many other volcanic hosted gold deposits, is erratically distributed with numerous low-grade drill hole intercepts interspersed with higher-grade drillhole intercepts over an area approximately 1,000 feet east west by 1,000 feet north south. Drilling has also intersected further mineralization proximal to the mine."

In 1996, information published in the Hecla Mining Company's annual report (10K SEC filing) quotes a Rosebud resource of 1,276,634 tons grading 0.392 ounces gold and 2.70 ounces silver per ton containing 500,441 ounces of gold and 3,446,912 ounces of silver at a cut-off grade of 0.18 ounce (5.2 grams) gold per ton. This pre-mining resource (1996) was not 43-101 compliant but was based on over 260,000 feet of surface and underground drilling in and around the mine area. The deposit was mined by a Hecla-Newmont joint venture between 1997 and 2000 and 1,003,390 tons were milled, which recovered 385,450 ounces of gold and 1,253,604 ounces of silver. The ore from the mine was processed in a conventional carbon-in-leach circuit, which produced a high-quality gold-silver dore. Recoveries for gold were in the 95% range and 58% for silver.

NEW EXPLORATION TARGETS:

In addition to the possibility of establishing an open-pit style resource, the Rosebud gold mine area is considered to have excellent exploration potential for higher-grade gold and silver mineralization in several areas that were not included previously in the historic mine workings or resource calculations. This is supported by available data from historic drillholes in the Dreamland (1.9 metres of 25.4 g/t gold) and Northwest Corridor (5.1 metres of 13.8 g/t gold, 3.9 metres of 16.2 g/t gold) areas, as well as other locations on the property.

GEOCHEMICAL SURVEYS:

In the summer of 2007, the Company completed an enzyme leach soil survey. Approximately two hundred samples were taken from a 100 metre by 100 metre grid covering the majority of the property and centered on the Rosebud historic mine workings. Results of gold values, as determined by the enzyme leach method, indicate potential for extensions of Rosebud mine mineralization to the northwest and east of the historic mine workings.

The enzyme leach data have also identified a new target in the northeastern part of the property with dimensions and orientation similar to that of the geochemical footprint of the Rosebud mine. The Company believes that this is a compelling exploration target in an area that has not been previously drill tested.

The Company has recently received the drill logs with assays from 25 historical drill holes in the mine area and expects to incorporate that information in a final report that outlines the Company's strategic options. The plan should be presented to the board for decision in December before the AGM in Vancouver, BC.

Harvest Gold holds an option to acquire a 100% interest in the Rosebud Project subject to a 3% net smelter return royalty 50% of which can be purchased for US$2,250,000. The Rosebud Project consists of the Rosebud mine and the 54 claims covering approximately 1,115 acres surrounding the mine. The property package is in northwest Nevada approximately 58 miles west of Winnemucca and five miles to the south of the Hycroft mine, which produced more than 1,000,000 oz gold and 2,000,000 oz silver.

A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.

The Qualified Person responsible for the preparation of information of a scientific and technical nature contained herein is Mr. Greg Hill, M.Sc., CPG, and president Harvest Gold Corp (US).

Harvest Gold Corporation is a gold focused exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company is exploring a large generative gold property at Garcia Flats in the South Carlin Trend, an advanced property with a gold-silver resource at the Longstreet Mine, in Northern Nye County, and the Rosebud Mine Project, a past producing mine in northwest Nevada. Harvest is also exploring claims in Manitoba, Canada at the Rice Lake Gold Belt, the Rocky Ridge Gold property in the Lac du Bonnet mining district, and is Joint Ventured with Canadian Gold Hunter Corp (TSX:CGH) at the Assean Lake Gold Project.

ON BEHALF OF THE BOARD OF DIRECTORS

Rick Mark, CEO & Chairman

The TSX Venture Exchange has not reviewed this press release and does not accept 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)
    Website: www.harvestgoldcorp.com
    or
    First Canadian Capital Corp.
    Dan Boase
    (416) 742-5600 ext. 232 or Toll Free: 1-866-580-8891
    Email: dboase@firstcanadiancapital.com