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

Pediment Gold Corp.

June 29, 2009 15:41 ET

Pediment Gold Corp.: Drill Testing Resumes at La Colorada Gold Mine Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - Pediment Gold Corp. (TSX:PEZ)(OTCBB:PEZGF) (the "Company") is pleased to announce that exploration and development drilling at its 100%-owned La Colorada Gold mine project has resumed. Additional supporting bench sampling has also been completed; results will be reported when available. The reverse-circulation drill is currently on site to test a number of areas, and has completed four drill holes to depths of about 60 metres at its first target. The focus of this short-hole program is to examine areas of the property containing adjacent workings and anomalous assay results from prior bench sampling. The objective is to add resources of shallow mineralization that have potential for mining, using the project's existing heap-leach facilities.

Drilling was initiated along the south pit wall area of El Creston pit, collared on the access ramp where prior continuous-chip bench sampling identified two broad areas of gold mineralization. Targeting in this area is based on the presence of an unnamed gold-bearing vein extending from the pit with a length of about 350 metres. The vein has a steep dip and is parallel to other veins in the Creston pit, and parts of it have workings including a shaft approximately 30 metres deep. The R.C. drill will continue to drill in the Creston pit's margins and easterly extension before moving to test a series of other shallow targets.

La Colorada is an epithermal-vein type, gold-silver district, which the Company believes is an outlier of the prolific Sierra Madre Occidental trend of gold-silver deposits that traverses much of central Mexico. Historic production from La Colorada has been mainly from underground workings prior to a cessation of mining during the Mexican Revolution. A total estimated output based on historic records, including from bulk mining between the mid 1990's to 2003, is over 3.3 million ounces of gold and 35 million ounces of silver. The project is located within excellent infrastructure, approximately 40 km southeast of Hermosillo, Sonora State, Mexico.

In an effort to keep shareholders up-to-date, the Company will be implementing a section on its website, which will provide general updates on the progress of the drill program at La Colorada.

Mel Herdrick, the Company's VP of Exploration and a director, is a Qualified Person as defined by NI 43-101 who has read 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 the drill program 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)
    www.pedimentgold.com