Nevada Pacific Gold Ltd.

Nevada Pacific Gold Ltd.

March 03, 2005 09:15 ET

Nevada Pacific Outlines Near Term Exploration




MARCH 3, 2005 - 09:15 ET

Nevada Pacific Outlines Near Term Exploration

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Nevada
Pacific Gold Ltd. (TSX VENTURE:NPG) is pleased to provide an exploration
update for the first half of 2005 on the Buffalo Canyon, Cornerstone,
Keystone and Timber Creek properties, all part of the Company's
portfolio of Nevada properties. In Nevada the Company has a portfolio of
11 properties covering some 75 square miles, of which the Keystone,
Limousine Butte and BMX projects are under joint venture agreements to
Placer Dome U.S. Inc. ("Placer Dome U.S.").

Nevada Pacific Gold Ltd. plans to spend approximately US$1 million on
exploration, primarily drilling in the first half of 2005. Drilling
permits are now in place or expected to be in place within the next 60
days for the Buffalo Canyon, Timber Creek, Keystone and Cornerstone
properties. Exploration work, primarily drilling on each property will
be sequenced as drill equipment availability allows.

The Buffalo Canyon Project is 100% owned and is comprised of 33
unpatented mining claims located on the west flank of the Shoshone
Range. The project hosts an early stage drill discovery with open pit
style mining characteristics and substantial exploration upside. In 2004
Nevada Pacific discovered a high-grade surface mineralized zone.
Sixty-five surface rock chip samples were collected over a 1,500 ft by
600 ft area with 14 samples containing greater than 0.100 opt gold, 26
containing greater than 0.040 opt gold; the highest assay returned 0.492
opt gold. A total of 42 bottle roll tests were completed resulting in an
average recovery of 98%. Geologic mapping indicates that these areas may
represent vertical to sub-vertical zones within the broader area of
low-grade gold mineralization. Previous drilling, all vertical holes,
indicates the presence of wide spread low-grade gold mineralization; 9.6
million tons grading 0.017 opt gold or 160,000 ounces. The 2005 drill
program will focus on increasing both the tonnage and grade of this open
pit style mineralization.

The Cornerstone Project consists of 156 unpatented mining claims (Nevada
Pacific having recently staked an additional 50 unpatented claims), 3.3
square miles, located in the Battle Mountain/Cortez Gold Trend
immediately adjacent to the 1.4 million ounce Tonkin Springs gold
property and less than three miles east of the Company's Keystone
project. Placer Dome's 10+ million ounce Cortez Hills and Pediment gold
deposits lie just 12 miles to the north. Nevada Pacific believes that
Cornerstone has the potential to host gold in altered upper plate
sediments similar to the nearby Tonkin Springs deposits and in lower
plate carbonate rock similar to Cortez Hills and Pediment.

An extensive surface exploration program was conducted during the fall
of 2004. The program identified four mineralized zones; the Flag zone,
the CSZ zone, the TR zone, and the BuTr zone. Each zone has returned
good rock chip samples and elevated pathfinder elements indicating
strong potential at surface.

The Flag zone, a north south trend covering an area 3,000 feet long by
up to 850 feet wide returned 24 of 69 rock chip sample assays from 0.025
opt to a high of 0.317 opt gold. The arithmetic average of the 24
samples is an impressive 0.118 opt gold indicating the potential of the
mineralized system to produce grade. The following is a re-release of
these first samples:

Sample# Gold (opt) Sample # Gold (opt) Sample# Gold (opt)
PC3-157 0.317 PC3-130 0.124 PC3-121 0.077
PC3-155 0.274 PC3-139 0.124 PC3-119 0.069
PC3-99 0.233 PC3-100 0.111 PC3-111 0.066
PC3-118 0.230 PC3-117 0.099 PC3-108 0.049
PC3-120 0.190 PC3-116 0.096 PC3-94 0.048
PC3-110 0.138 PC3-124 0.092 PC3-93 0.035
PC3-160 0.132 PC3-129 0.083 PC3-132 0.029
PC3-128 0.130 PC3-97 0.078 PC3-131 0.025

The grid based mapping and sampling programs are complete and permitting
for the next phase of exploration is well advanced. Once the permits
have been received a planned program of trenching, followed by drilling
will test this significant surface discovery to depth.

The Keystone Project, 100% owned is comprised of 338 claims, 11 square
miles located on the Battle Mountain/Cortez Trend, and is approximately
12 miles south of the Cortez Joint Venture. The project is of particular
interest to Placer Dome U.S. as it lies just 12 miles south and along
strike of the northwest-trending corridor of gold deposits (over
25,000,000 ounces) on the Cortez Joint Venture Land; the Battle
Mountain/Cortez Gold Trend. The property includes base and precious
metal mineralization that occurs along the edge of the Keystone window
in both upper and lower plate rock, near the northern contact of a 33.4
Ma granodiorite stock. Historic drilling shows indications of
Carlin-style gold mineralization with assays up to 0.125 opt gold in
lower-plate jasperoids. As part of the September 2004 joint venture
agreement between Nevada Pacific and Placer Dome U.S., Nevada Pacific
retains the rights to base metals and silver.

Localized zones of massive sulfide mineralization mentioned in previous
news releases (including float boulders grading over 50% combined base
and precious metals) and recently sampled disseminated sulfide in skarn
(rock chip samples up to 10.8 opt silver, 5.14% copper, 1.83% lead and
1.21% zinc) are hosted in an area that measures 4,000 feet by 1,000
feet. Nevada Pacific plans to conduct an exploration and drilling
program along the margin of the intrusive to test the high-grade base
metal potential of the area. All permits, roads and drill pads are in
place with drilling planned to commence in the spring.

The Timber Creek project, 100% owned is comprised of 220 unpatented
claims, 6 square miles is located on the southwest flank of the Battle
Mountain Range at the northern end of the Battle Mountain/Cortez Gold
Trend. Nevada Pacific now controls a significant portion of the southern
end of a major north-south structural zone that is responsible for
localizing over 20 million ounces of gold deposits. Much of the
geophysical data in the Timber Creek area is very close-spaced and has
identified several major structural intersections similar to those that
control ore-grade gold deposition in nearby mines.

Recently acquired geologic data shows historical drilling containing 20
feet of 0.06 opt gold, 10 feet of 0.035 opt gold and 25 feet of 0.01 opt
gold scattered over an area measuring 1,600 ft by 1,000 ft. In addition,
data also shows an anomalous copper, moly and zinc area measuring 7,000
ft by 5,000 ft of which a large portion of this anomalous area falls on
Nevada Pacific ground. Surface sampling up to 0.07 opt gold coincide
with this well-developed zonation pattern around outcropping intrusives
with the potential for significant gold deposition lying just below
surface on their fringes. The planned exploration and drilling program
will focus on areas near the intrusives where there are known gold
occurrences in proximity to these features.

Nevada Pacific's planned first half 2005 exploration and drilling
program covers four properties each with significant exploration
potential. These activities combined with the Magistral Mine current
exploration activities places the Company in a strong position to create
shareholder wealth through exploration in 2005.

Mr. Curt Everson, P.Geol., M.Sc. is a Qualified Person as defined by
National Instrument 43-101 and is responsible for program design and
quality control of exploration undertaken by the Company in Nevada.

Nevada Pacific Gold Ltd. was founded in March 1997. The Company owns the
operating Magistral Gold Mine in Mexico and an exploration property
portfolio covering approximately 75 square miles of mineral rights
including portions of two significant gold producing belts in the State
of Nevada, the Battle Mountain/Cortez trend and the Carlin Trend. The
Company's BMX, Keystone and Limousine Butte projects are under joint
venture agreement to Placer Dome U.S. A description of these projects,
including maps and photographs can be viewed on the Company's website


Richard J. Barclay, CEO and President

Cautionary Statement on Forward-Looking Information

Certain information set forth in this report contains forward-looking
statements. By their nature, forward-looking statements are subject to
numerous risks and uncertainties including: the results of current
operation and exploration activities; market reaction to future
operation and exploration activities; significant changes in metal
prices; currency fluctuations; increases in production costs;
differences in ore grades; recovery rates; and tonnes mined from those
expected; changes in mining, or heap leaching rates from currently
planned rates; the timing and content of work programs; geological
interpretations; receipt and security of mineral property titles;
general market and industry conditions; and other factors detailed in
the Company's public filings.

Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise an, as such, undue reliance
should not be placed on forward-looking statements. The Company's actual
results, programs and financial position could differ materially from
those expressed in or implied by these forward-looking statements, and
accordingly, no assurance can be given that the events anticipated by
the forward-looking statements will transpire or occur, or if any of
them do so, what benefits the Company will derive therefrom. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.


Contact Information

    Nevada Pacific Gold Ltd.
    David Hottman
    (604) 646-0188
    (604) 646-0189 (FAX)
    No securities regulatory authority or stock exchange has reviewed or
    accepts responsibility for the adequacy or accuracy of this release.