Lincoln Mining Corporation
TSX VENTURE : LMG

Lincoln Mining Corporation

March 18, 2011 13:44 ET

Lincoln Upgrades Gold Resources at Pine Grove, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2011) - Lincoln Mining Corporation (TSX VENTURE:LMG) ("Lincoln" or the "Company") is pleased to announce that it has obtained a new technical report on its Pine Grove gold property in Lyon County, Nevada. The report, which will be available at www.sedar.com, was compiled by Tetra Tech, Inc. of Golden, Colorado, includes an updated mineral resource estimate supported by confirmation drilling conducted by Lincoln in 2009 and 2010.

Combined Indicated resources for the Wheeler and Wilson deposits are reported at 177,000 ozs gold contained in 5,316,000 tons grading 0.033 opt gold at a 0.010 opt gold cutoff grade. In addition, Inferred resources are reported at 115,000 ozs gold contained in 4,136,000 tons grading 0.028 opt gold at a 0.010 opt gold cutoff grade. The resources were reported March 17, 2011 and are shown below at various cutoff grades with the base case cut-off grade of 0.010 opt gold highlighted.

    Cutoff   Average  
  Resource Grade   Grade Contained
  Category opt Au Tonnage opt Au ozs Gold
           
Wheeler Indicated 0.015 1,955,000 0.046 91,000
  Indicated 0.010 2,680,000 0.037 99,000
  Indicated 0.005 4,274,000 0.028 111,000
           
Wilson Indicated 0.015 1,755,000 0.038 67,000
  Indicated 0.010 2,636,000 0.030 78,000
  Indicated 0.005 4,249,000 0.021 89,000
           
Combined Indicated 0.015 3,710,000 0.043 158,000
  Indicated 0.010 5,316,000 0.033 177,000
  Indicated 0.005 8,523,000 0.023 200,000
           
Wheeler Inferred 0.015 223,000 0.027 6,000
  Inferred 0.010 336,000 0.022 7,000
  Inferred 0.005 687,000 0.014 10,000
           
Wilson Inferred 0.015 2,365,000 0.038 90,000
  Inferred 0.010 3,800,000 0.028 108,000
  Inferred 0.005 6,776,000 0.019 129,000
           
Combined Inferred 0.015 2,588,000 0.037 96,000
  Inferred 0.010 4,136,000 0.028 115,000
  Inferred 0.005 7,463,000 0.019 139,000

The gold resources were developed using 10-ft assay composites and ordinary kriging. A tonnage factor of 12.5 cubic ft per ton was utilized. Geostatistical modeling of assay data spatial relationships was completed by variogram analysis. A three-pass kriging was done to estimate grades in blocks at different search ranges. The block model utilized 25 ft x 25 ft x 10 ft blocks. Block model parameters were chosen to respect complex shapes of wireframes developed on geologic interpretation. Resource estimation was constrained to granodiorite and local rhyolite porphyry. Granodiorite is the dominant host rock. The model included 8,446 samples from the Wheeler deposit and 5,267 samples from the Wilson deposit. Although a nugget effect is present, interpretation of grade distribution indicates that no high-grade capping or high-cut was necessary for either deposit.

The Wilson deposit remains open to the northeast with a single mineralized hole "WS-6" (45 ft @ 0.030 opt gold) located 500 ft from the nearest row of holes. Several high-grade drill hole intercepts are present on the southwestern margin of the Wilson. Gold soil anomalies are also present along the western margin of the deposit. The Wheeler deposit appears to be drilled-off, however, strong, untested surface geochemical targets are present to the north and south.

Project advancement continues with no significant delays. Results from five column leach tests and 39 bottle-roll leach tests are encouraging. Lincoln has completed various biological and cultural surveys and maintains a recording weather station on site. The Company has contracted NVEnergy to identify an electrical power source. In 2010, ten key lode claims (Cavanaugh group) were purchased and the Wilson deposit production royalty was bought down to a fixed 2.5% NSR.

Lincoln plans to advance the project towards the feasibility stage by expanding the present resource through step-out drilling and by continuing engineering, metallurgical studies, and permitting, subject to funding. At this time, there are no known environmental, regulatory, or other relevant issues that would materially affect the reported resource.

Mr. Jeffrey Wilson, the Company's Vice President Exploration and a "qualified person" under National Instrument 43-101, reviewed and approved the scientific and technical information contained in this news release.

Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico. In the United States, the Company operates under Lincoln Gold US Corp., a Nevada corporation.

On behalf of Lincoln Mining Corporation

Paul Saxton, President & CEO

THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING LINCOLN'S PLANS TO EXPAND THE CURRENT RESOURCE AT ITS PINE GROVE PROJECT AND TO ADVANCE THE PROJECT TOWARDS THE FEASIBILITY STAGE AND OTHER FUTURE PLANS AND OBJECTIVES OF LINCOLN ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. ACCORDINGLY, INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE THE RISK THAT ACTUAL RESULTS OF FUTURE EXPLORATION WORK, INCLUDING DRILL RESULTS AND RESULTS OF ENGINEERING AND METALLURGICAL STUDIES, WILL NOT SUPPORT THE COMPANY'S PLANS TO ADVANCE THE PINE GROVE PROJECT; COST OVERRUNS AND PROJECT DELAYS; AVAILABILITY OF CAPITAL AND FINANCING NECESSARY TO FUND PLANNED EXPLORATION WORK ON THE PINE GROVE PROJECT AND TO OTHERWISE ADVANCE THE PROJECT; FLUCTUATIONS IN COMMODITY PRICES AND FOREIGN EXCHANGE RATES; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; MINING ACCIDENTS; REGULATORY CHANGES; TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND PERMITTING; AND OTHER RISKS DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS TO THE EXTENT REQUIRED BY APPLICABLE LAWS.

Neither the 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.

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