Linux Gold Corp.
OTC Bulletin Board : LNXGF

Linux Gold Corp.

September 16, 2010 09:00 ET

Linux Gold Corp. Announces Assessment Completed on Our Gold Properties in Alaska for 2010

FAIRBANKS, ALASKA--(Marketwire - Sept. 16, 2010) - Linux Gold Corp. (OTCBB:LNXGF), is pleased to announce that the following Linux Gold properties in Alaska have completed and filed the required assessment for 2010 as follows:

  • Granite Mountain Property in Seward Peninsula of Alaska (33 claims, quarter sections)

  • Dime Creek Gold/Platinum property near the Granite Mountain area on the eastern Seward Peninsula of Alaska (12 mining claims)

  • Coho Claims located in the Fairbanks Mining District of Alaska - 10 claims, additional claims have been staked. The Coho Claims are near (30 miles) the Pogo Gold Mine.

  • Trout Claims located in the western edge of the Livengood area, 70 miles from Fairbanks, Alaska, near the International Tower Hill gold property - Additional claims have been staked (11 claims).

A recent sampling program has been completed on the Trout Lake and Coho mining claims and the Company is awaiting assay results for gold.

The Company is planning on filing the required assessment fees for the 50% 30-Fish Creek claims, adjacent to the Gil joint venture claims, 50% optioned by Teryl Resources Corp.

John Robertson, President of Linux Gold Corp., states, "Linux Gold has a great opportunity to take advantage of the high price of gold with its well positioned claims near large gold deposits in Alaska."

ABOUT LINUX GOLD CORP.

Linux Gold Corp. is involved in the exploration of mineral properties. Our current plans are to joint venture and explore our gold properties in Alaska. Linux Gold Corporation currently owns mining claims near Granite Mountain and on Dime Creek both located in the eastern Seward Peninsula of Alaska. Linux Gold Corp. also owns a 50% interest in 30 mineral claims known as the Fish Creek Prospect, located in the Fairbanks Mining Division in Alaska and has optioned a 50% interest in the Fish Creek claims to Teryl Resources Corp. (TRC-V). Linux is retaining a 5% net smelter return or may convert into a 25% working interest. Linux has also staked mineral exploration claims in the Livengood-Tolovana Mining District, in the State of Alaska near International Tower Hill's gold property (Symbol: ITH). The Dime Creek property is a historic producer of placer gold and platinum. Further exploration, including drilling, is recommended for Dime Creek in 2010.

ON BEHALF OF THE BOARD OF DIRECTORS

John Robertson, President

READER ADVISORY

This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated; the accuracy of reserve and resource estimates, if any, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; changes in laws, rules and regulations applicable to Linux, and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, and the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com, and the Company's 20-F annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom.

Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact Information

  • Linux Gold Corp.
    John Robertson
    President
    800-665-4616 or 604-278-5996
    604-278-3409 (FAX)
    www.linuxgoldcorp.com