Palisades Petroleum Corporation

Palisades Petroleum Corporation

August 02, 2009 14:39 ET

Palisades Petroleum Corporation: Negotiations for a Large Gold and Diamond Project in Guyana

RENO, NEVADA--(Marketwire - Aug. 2, 2009) - Palisades Petroleum Corporation (PINK SHEETS:PAPT) (FRANKFURT:3X2) is pleased to announce it is in Late-Stage Negotiations For An Acquisition of a Large Gold and Diamond Project.

Leslie Rutledge, CEO of Palisades Petroleum, is pleased to announce that it has almost completed negotiations to acquire a highly sought-after mining project located in Guyana, South America in the Mazaruni Area. This Area is extremely well-known for many successful mining ventures. In addition, there is an abundance of experienced local talent that can be utilized in a cost-effective manner.

The project was chosen among many presented to us due to the relative ease of bringing it into production. In addition, Guyana has a friendly mining environment. Palisades will be mining for both gold and diamonds. We are also in talks, contingent on getting this property, to do a joint venture with a US. company that owns a property in close proximity to the one that we are looking to acquire. This will lower our production costs as well as provide the opportunity to increase our revenue since both properties share the same geological composition.

The acquisition of this mining asset will add to the immediate value of the company and it is expected that this will eventually be reflected in the share price. We competed against both Venezuelan and Brazilian mining companies but persevered for the benefit of all of our stakeholders. Palisades now has the ability to generate revenue from gold, diamonds as well as our gas assets.

Shareholders will be kept informed of the outcome of the negotiations. A decision should be rendered within the next two weeks and announced shortly after. We remain cautiously optimistic.

We thank all shareholders for their patience and look forward to them sharing in all of the exciting developments.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and seismic reports; the ability to close the acquisition of Oil and Gas exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Palisades Petroleum Corporation filings with the Pink Sheets LLC and may be accessed at

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