Stay Gold Inc.

Stay Gold Inc.

August 28, 2012 14:46 ET

Stay Gold Inc. Announces Government Grant Award at Harrigan Cove

HALIFAX, NOVA SCOTIA--(Marketwire - Aug. 28, 2012) - Stay Gold Inc. ("Stay Gold" or the "Corporation") is pleased to announce that the Nova Scotia Department of Natural Resources has awarded a $50,000 Advanced Project Grant (the "Grant") under the recently announced Mineral Incentive Program (the "Program"). This Grant will support a drilling program on Stay Gold's 100% owned Harrigan Cove Gold property, located in Nova Scotia. Under the Program requirements, the Corporation is required to match the $50,000 in funding provided by the Nova Scotia Department of Natural Resources.

The grants were awarded based on a certain criteria, including projects requiring advanced exploration activities designed to advance mineral projects closer towards a production stage. The applications underwent a review process wherein various attributes including; the resource potential, the applicant's technical experience and capacity, innovation, quality and merit of proposal were considered.

Brendan Matheson, President and CEO, stated "We are very pleased to have been selected to receive this funding from the Nova Scotia Department of Natural Resources. I understand these grant proposals underwent rigorous review in a highly competitive process with only select projects receiving funding. I believe our selection shows support, on behalf of our Government, for the work we are doing at Harrigan Cove".

The co-funding will be utilized on diamond drilling, focusing on two objectives. The first objective is to twin select historical drill holes, as identified through 3D geological modeling, which have been designed to test the extent of gold mineralization and provide sufficient verification and validation to proceed with a National Instrument 43-101 resource estimate. Twin holes will test eight previously identified slate zones where gold mineralization has been identified. To date, the Corporation has drilled one twin diamond drill hole (See news release dated January 25, 2012 on www.sedar.com). Second, the Corporation plans to drill test a different structure in the northern area of the Company's mineral claim boundary for the potential of identifying auriferous Saddle Reef structures. This type of structure is known to host prolific gold mineralization at the Port Dufferin deposit, located approximately 8km northwest of Harrigan Cove. Historical compilation by the Corporation has indentified a significant geophysical anomaly associated with this structure, providing further confidence in drill testing this high potential gold target. Harrigan Cove is believed to be one of a few 'true' saddle reef structures to be recognized in Nova Scotia.

Lyndon Jensen, P.Geo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

STAY GOLD INC.

About Stay Gold:

Stay Gold Inc. is a gold focused exploration company with a portfolio of high potential gold prospects. The Corporation's strategic land position, located in the historic gold producing region of Nova Scotia, provides a platform for expedient resource development and new discoveries.

The Corporation's securities are not listed on any stock exchange and no stock exchange has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information:

"This press release includes "forward-looking information" including statements regarding the Offering that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Corporation. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks and risk of regulatory change. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking information. Such forward-looking information represents management's best judgment based on information currently available. The Corporation does not assume the obligation to update any forward-looking statement, except as required by applicable law."

Contact Information

  • Stay Gold Inc.
    Brendan Matheson
    President and CEO
    (902) 832-1137