Harvest Gold Corporation
TSX VENTURE : HVG

Harvest Gold Corporation

May 15, 2009 06:30 ET

Retransmission: Harvest Gold Announces Its Plan to Seek a JV Partner for Its 100% Owned Rosebud Mine Project; Executive Summary Posted on Website

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2009) - Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to announce that it has released an Executive Summary of its Rosebud Mine Property to introduce the Property to potential Joint Venture partners.

Harvest Gold is seeking a joint-venture partner to explore the Company's Rosebud property in Pershing County, Nevada. The Rosebud property is an advanced exploration project consisting of 54 unpatented mining claims centered on the former Rosebud underground mine, which produced nearly 400,000 oz gold and 2,300,000 oz silver between 1997 and 2000. The underground operation mined three high-grade ore zones, with an average production grade of 0.416 oz Au/t, 2.42 oz Ag/t. Due to falling gold prices, the cut-off grade was increased from 0.15 oz Au/t to 0.18 oz Au/ton over the life of the mine, and mineralized material below the cutoff was left unmined. An in-place, non-43-101-compliant inferred resource of 242,000 oz Au, 2,130,000 oz Ag (6.81 million t @ 0.036 oz Au/t, 0.31 oz Ag/t), was calculated by Hecla at the close of mining in 2000. (This historical resource estimate was made by a source believed to be reliable however the Company has not yet independently verified the estimate according to CIM standards and thus this historical estimate should not be relied upon.)

The Rosebud deposit is a high-grade low-sulfidation volcanic-hosted precious metals deposit, similar in origin, geologic setting, and mineralization style to other low-sulfidation gold deposits in northern Nevada, including the high-grade multi-million-ounce Sleeper and Midas deposits. The property is located in a highly mineralized portion of the Lovelock-Austin Mineral Belt, about 5 miles south of Allied Nevada's Hycroft mine. The Hycroft mine has produced more than 1 million oz Au from low-grade disseminated ores, and production recommenced in 2008 with reserves of 1.9 million oz Au, 22 million oz Ag.

The Company believes that the Rosebud Mine property has excellent potential for discovery of additional high-grade gold/silver deposits as well as potentially bulk-mineable stockwork/disseminated mineralization. Harvest Gold has compiled, computerized, and reinterpreted a large volume of data gathered by the former operators of the mine (LAC, Equinox, Hecla, Newmont).

Based on this work, the Company has developed a new structural model for the deposit. Using this model, combined with new geological mapping and soil sampling results, the Company has generated numerous new exploration targets. A preliminary Phase I drilling program, designed to explore for high-grade shoots similar to the Chimney, high-grade veins within the unconformity zone, and bulk mineable stockwork/disseminated mineralization is proposed.

Harvest Gold is offering select exploration companies the opportunity to earn into the Rosebud project through funding of the Phase I exploration program. The proposed exploration program consists of additional geologic mapping and 3-D modeling to refine the drill targets, followed by an aggressive drilling program. The drilling program is designed to test a number of exploration targets with the goal of discovering one or more high-grade gold zones with good size potential, including high-grade chimneys, bulk-minable stockwork/disseminated zones, and high-grade veins at depth.

The complete Executive Summary is now available on the Company website at http://harvestgoldcorp.com/rosebud%20executive%20summary.pdf.

The Company also announces that, in accordance with the Company's stock option plan, it has granted to certain of its directors and consultants incentive stock options to purchase up to an aggregate of 225,000 common shares exercisable on or before May 14, 2014 at a price of $0.12 per share.

Greg Hill, Certified Professional Geologist, the President of Harvest Gold Corp. (US), is the Qualified Person that has reviewed the contents of this news release.

Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company has an option to acquire 100% of the Rosebud Mine property, a generative gold property at Garcia Flats in the South Carlin Trend and an advanced property with a gold-silver resource at the Longstreet Mine, in Northern Nye County. In Manitoba, Harvest is exploring three groups of claims in the Rice Lake Gold Belt of south eastern Manitoba and at Assean Lake, Manitoba.

On behalf of the Board of Directors,

Rick Mark, CEO and Chair

Harvest Gold Corporation

Neither 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.

Contact Information

  • Harvest Gold Corporation
    Keith Patey
    Director of Communications
    (604) 986-2020 or Toll Free: 1-866-816-0118
    (604) 986-2021 (FAX)
    www.harvestgoldcorp.com