Prosper Gold Corp.
TSX VENTURE : PGX

Prosper Gold Corp.

May 20, 2014 09:00 ET

Prosper Gold Begins 10,000 m Drill Program-Star Project NW BC

QUESNEL, BRITISH COLUMBIA--(Marketwired - May 20, 2014) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to announce that drilling has commenced on the Star Porphyry Copper Gold project (the "Property") in northwestern BC. Drilling will initially focus on the Star discovery area. A second drill is planned for June to test the Pyrrhotite Creek targets 4.5 km southwest of Star.

Phase 1 Drill Program - Star Targets

Phase 1 of the 2014 drill program will focus on the main Star discovery to expand the mineralized zone. The nearby Star North & Star East targets will also be drill tested.

Previously released drill results: (See the Company's Oct.1 & Oct.29, 2013 news releases)

  • DDH S024: 0.37 % Cu, 0.24 g/t Au over 312 m (Incl. 77 m @ 0.66 % Cu, 0.55 g/t Au, 1.11 g/t Ag)
  • DDH S025: 0.42 % Cu, 0.20 g/t Au over 269 m (Incl. 237 m @ 0.46 % Cu, 0.22 g/t Au, 0.65 g/t Ag)
  • DDH S026: 0.35 % Cu, 0.15 g/t Au over 263 m (Incl. 165 m @ 0.44 % Cu, 0.20 g/t Au, 0.78 g/t Ag)
  • DDH S027: 0.35 % Cu, 0.11 g/t Au over 334 m (Incl. 260 m @ 0.39 % Cu, 0.12 g/t Au, 0.93 g/t Ag)
  • DDH S028: 0.45 % Cu, 0.26 g/t Au over 144 m (Incl. 60 m @ 0.63 % Cu, 0.30 g/t Au, 0.91 g/t Ag)
  • DDH S029: 0.34 % Cu, 0.21 g/t Au over 252 m (Incl. 77 m @ 0.46 % Cu, 0.27 g/t Au, 0.82 g/t Ag)

The first four holes are steps-outs from the drill holes shown above. The drill will then move to the Star East and Star North targets respectively 750m east and 950m northeast from the Star. Based on results the drill will be returned to the main Star target to commence a Phase 2 drill program to define the resource. If warranted a third drill could be mobilized to site.

Star Porphyry - Drill Hole Targeting (See www.ProsperGoldCorp.com for detailed targeting diagrams)

A - To be collared 308m north of S-024 drilled in 2013 to test continuity of known mineralization northward. Modelling based on chargeability, previous drill results, and copper-gold and silver-in-soil anomaly extension are strong in this direction.
B - Located approximately 350m southeast of S-024, will be drilled to the northwest. 3D modeling implies continuity of mineralization into this previously undrilled area.
C - To be collared in a trench located about 390m southwest of S-024 where strong mineralization (0.51% Cu and 0.4 g/t Au over 24m and 0.33%Cu over 70m) occurs at surface. The drill hole will be oriented towards the northeast to test the known mineralized zone to depth.
D - The fourth hole will drill eastward from about 390m west of S-024 back toward known mineralization to test a magnetic high target.

Star East Target

One hole will drill the untested Star East target where a coincident chargeability and copper- gold and silver-in-soil are known over an 800 by 500m area. The drill hole, to be collared approximately 620m southeast of S-024, will drill east-southeast into the chargeability and under the soil target.

Star North Target

Star North is 950m northeast of the Star Porphyry discovery. The target area as defined by chargeability covers a 500 by 300m area and is marked by a coincident copper-gold and silver-in-soil target.

Pyrrhotite Creek Target Area

Pyrrhotite Creek is approximately 4,500m southwest of the Star system. Two porphyry targets occur about 1,200m apart. The first is an 300 by 200m area, as defined by soil sampling, historical trenching and short hole drilling. The second is an 800 by 250m coincident copper-gold-silver-in-soil geochemical anomaly with coincident IP chargeability.

Target 1 was drilled in 1972 and returned grades of 146.3m @ 0.32% Cu, near where a trench returned 31.7m of 0.65% Cu. There was no historical analysis of gold from these sample sites. Target 2 has coincident copper-gold-silver-in-soil with chargeability and has not been drilled.

"Our 2014 Phase 1 drilling will build on historical results and is expected to expand the mineralization," said Peter Bernier, President and CEO, "We are well funded to carry out the plan outlined above and aim to have sufficient data to build a resource."

The Property is optioned from Firesteel Resources Inc. (for further details, please refer to the Company's May 7, 2013 news release).

Qualified Person

The scientific and technical information in this news release has been reviewed by Dr. Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bernier, President & CEO

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Option Agreement, exploration potential of the Property and terms of the proposed financing are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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