SOURCE: Osceola Gold, Inc.

Osceola Gold, Inc.

June 16, 2016 16:00 ET

Osceola Gold Inc. Concludes Quantum GeoScan

STEUBENVILLE, OH--(Marketwired - Jun 16, 2016) - Osceola Gold Inc. (OTC PINK: PYHH) is pleased to announce that the Company has successfully completed its advanced satellite subsurface GeoScan evaluation with results that revealed gold saturation in both target areas tested.

Based on data derived through satellite deep scanning of the areas tested on the Mav g property, the first hotspot revealed an average of 5 - 8 grams per ton was discovered in terrain from 0 to 78 feet deep. The second hot spot which runs from surface to 13 feet deep on an average, revealed 15 grams or higher and two pay streaks underneath averaging 4 to 8 grams per ton.

The results will be confirmed in the field by Osceola Inc. and projections based on the samples obtained can be included in Osceola's delineation for reserve value and if accessible, an inclusion to this seasons mining operations.

These results come from a subsurface scanning agreement with Geo Scan Inc., a Florida based underground scanning and mapping company, to provide accurate data for quick mineral discovery. The proprietary Quantum Geo Protocols have been concluded, determining the efficient and equitable discovery of the most profitable territories to excavate.

The proprietary Quantum Geo Analysis is a pre-curser to ground penetrating radar studies and satellite deep scanning and imaging, as well as targeted, on site, analytical work to determine the positioning and depths of the gold and silver concentrations in the gravels. The algorithms used will be able to provide quantitative value estimates, location and depth parameters. 

"We are delighted with these results, and are determined to move forward expediently. A plan of action is in line to open and launch operations at the site," stated Christopher Tarquinio, Chief Executive Officer, Osceola Gold, Inc. "We believe this is a great milestone for our Company and our shareholders; it will be very rewarding to mobilize knowing what we can expect to find."

Due to perceived misrepresentation by Zion Capital Ventures and Solomon Jalloh, Osceola Gold has declined to continue its business relationship with Zion Capital Ventures and Solomon Jalloh. Zion Capital has delayed funding for a number of months, causing the Company unnecessary delays, resulting in a loss in momentum and potentially valuable opportunities. Mr. Tarquinio concluded: "Although we are regretful of how this has affected the Company and our shareholders, we are thankful to have discovered these problematic issues early, preventing costlier long-term losses. Osceola Gold is now in discussion with alternative funding possibilities that management believes will enable the Company and shareholders to achieve great success moving into the future."

Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Osceola Gold Inc.
    Investor Relations
    740-275-4227
    www.Osceolagoldinc.com
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