SOURCE: Osceola Gold, Inc.

Osceola Gold, Inc.

December 20, 2016 09:45 ET

Osceola Gold Secures Final Tranche of Funding and Organizes to Commence Gold Processing Operations

STEUBENVILLE, OH--(Marketwired - Dec 20, 2016) -  Osceola (OTC PINK: PYHH) is pleased to announce that the Mine is slated to be open for full scale operations imminently. Plans are to finalize the 43101 as seasonal preparations are concluded in anticipation of the impending launch of mining operations.

Having just recently secured the final tranche of funding, Osceola Gold has elected to launch production immediately, although still in the winter season. Chris Tarquino, Chief Executive Officer, Osceola Gold Inc. stated: "Our original plan of action consisted of a Spring launch of operations, however, after a series of meetings, we are pleased to reveal that we will be equipped and ready to process throughout the remainder of the Winter as well. The crew has spent the last week preparing the mine for winterized operations, and believe that every consideration to enable seamless production has been facilitated."

The Company has embarked on the drilling of 6 to 8 core drill holes for the compiling of data required to file a National Instrument 43-101 ("NI 43-101") resource report. Mr. David Bending, well known in the industry for his robust knowledge and acquired skill, brings 25 years of exploration, mining and corporate development experience with major mining companies to the table, including a 14- year tenure with Homestake Mining Company, where he served as Exploration Manager in Latin America. He is a Professional Geologist certified by the Association of Professional Engineers and Geoscientists of the Province of British Columbia. Mr. Bending is an honors B.Sc. Geology graduate from University of Oregon and also completed his M. Sc. at University of Toronto in Mineral Deposits Geology, Geochemistry, Geochemistry and Geophysics.

The Company recently announce that testing had concluded at the mine with the evaluation of 22 test holes spanning the 20-acre claim, including the famous Hogum Tunnel which historically, between the years of 1910 and 1940, had produced 5 million dollars in gold, a weight equivalent to 400 million at today's prices. Osceola Gold also announced recently that the Company had 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.

Mining in the Osceola District, White Pine County Nevada, was launched in the 1870's and continues to this day. Major efforts were put forth in the late 1800's, 1930's and 1970's with both lode and placer mining striking success with the removal of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/

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Contact Information

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