Pediment Gold Corp.
TSX : PEZ
OTC Bulletin Board : PEZGF

Pediment Gold Corp.

July 14, 2009 11:44 ET

Pediment Adds Second Drill at La Colorada to Explore High-Grade Vein Potential

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2009) - Pediment Gold Corp. (TSX:PEZ)(OTCBB:PEZGF) (the "Company") is pleased to announce that a core drilling program has commenced at its 100%-owned La Colorada gold mine project in Mexico. La Colorada is located within excellent infrastructure, approximately 40 km southeast of Hermosillo, in Sonora State, Mexico.

The core drill will focus on exploring for extensions and limited testing of historic (non 43-101 compliant) resources studied by previous operators for their underground mining potential. A reverse circulation (RC) drill rig continues a separate short-hole program to test near surface potential. The current phase of core drilling will consist of approximately 4,800 metres, with RC pre-collaring of the upper 100 to 150 metres of some holes, to be completed over the next 2 months. This program will be the first testing of the La Colorada project by the Company using a core drill.

La Colorada is an epithermal-vein type gold-silver deposit, which the Company believes is an outlier of the prolific Sierra Madre Occidental trend of gold-silver deposits that traverses much of central Mexico. The project contains at least three parallel vein trends on which underground mining has been conducted and which the Company considers prospective for generating new resources. Targeting of drill holes is based on structural analysis and vertical zoning recognized in the district, as well as fluid inclusion and alteration studies which reveal that gold mineralization exposed in the pits resulted from boiling in the epithermal system. The upper parts of a boiling system are typically recognized as barren alteration zones, overlying potentially gold bearing parts of the vein structure at depth.

Historic mining has centered on two areas of the main trend, the Gran Central and El Creston blocks, which are separated by a post mineral fault that down drops mineralization on the easterly extension of the Gran Central block. To date, the Company has tested the westerly extension of the Gran Central block with a single RC drill hole, which was collared approximately 100 metres along trend from the area tested by previous operators. That drill hole, LCOL-R17 (reported on February 17th, 2009), returned 1.5 meters of 19.3 g/t gold and 447 g/t silver within a 4.6 metre section averaging 10.1 g/t gold and 323 g/t silver.

The current core drilling program will continue to test this westerly extension, as well as the down dropped easterly extension of the Gran Central mineralization. Drilling is also designed to test the potential for mineralization at depth, below observed alteration zones, and to confirm historic RC drilling results in both the Gran Central and Creston blocks. An updated drill hole plan map will be posted on the Company's website shortly.

Summaries of historic studies of underground resource potential in the project's Gran Central block (conducted for Eldorado Gold Corp in 1997 and 1998) have been outlined in the Company's release dated September 19th 2008. A further summary of historic RC results returning grades of 14 g/t gold or better from the project's El Creston block are included in a release dated February 17th 2009. These historic drill results and studies are presented for reference purposes only, are not NI 43-101 compliant, have not been verified by a qualified person and should not be relied upon.

Drill core and RC chip samples are crushed and split in Inspectorate's Hermosillo prep facility, with gold and silver fire assays performed in Inspectorate's Reno Nevada facility. Pediment adheres to a strict QA/QC program involving blanks, duplicates and standards to assure accuracy and precision. Check samples are periodically analyzed by ALS Chemex in Vancouver BC.

Melvin Herdrick, Vice President of Exploration and Director, is a Qualified Person as defined by NI 43-101 and has reviewed and approved this release.

On behalf of the board,

Gary Freeman, President & CEO

This news release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 27E of the U.S. Securities Exchange Act of 1934, as amended, and within the meaning of Canadian provincial securities laws applicable to the Company, regarding the commencement of core drilling at La Colorada. Such statements include, without limitation, statements regarding the timing of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at www.sec.gov, for a more complete discussion of such risk factors and their potential effects.

This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises that the U.S. Securities and Exchange Commission's mining guidelines prohibit information of this type in reports filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such adjacent or similar properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

All of the Company's public disclosure filings may be accessed via www.sedar.com and www.sec.gov, and readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties.

This news release is not, and is not to be construed in any way as, an offer to buy or sell securities.

The TSX has not reviewed or accepted responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pediment Gold Corp.
    Gary Freeman
    (604) 682-4418
    or
    Pediment Gold Corp.
    Michael Rapsch
    (604) 682-4418
    (604) 669-0384 (FAX)