TAC Gold Corp.

January 29, 2010 09:30 ET

TAC Gold Corp.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2010) - TAC Gold Corp. (CNSX:TCG) (the "Company "or "TAC") -

TAC Gold Corp., a Vancouver based gold exploration company, announces it has entered into an option agreement to earn a 100% interest in the Goldfield West property located approximately 7 kilometres west of Goldfield in Esmeralda County, Nevada. In order to earn the 100% interest the Company is obligated to make cash payments of $300,000 and undertake work expenditures of $2,200,000 over a 7 year period with a $20,000 payment and $200,000 work commitment in the first year. In addition, the Company would be required to issue 1,000,000 shares over a 7 year term. The vendor will retain a 3% net smelter royalty.

Goldfield West Property Summary

Goldfield West is located 6 kilometres southwest of Metallic Venture's Gemfield deposit which contains a gold resource of 563,000 ounces and 7 kilometres west of the Goldfield district that has historic production of over 4.0 million ounces of gold.

The property, consisting of 105 claims totalling 850 hectares (2,100 acres), contains a 5,400 meter long gold anomaly (+0.1 ppm in rock chips). Historic drilling by several companies including Freeport, Kennecott and most recently by Bonaventure has defined several areas containing +0.5 g/t gold intercepts over 3.5 to 32 meter lengths. Rare +3.0 g/t assays occur within the low-grade zones. The gold is hosted by tuffaceous sandstone and other volcanic sediments. These rocks are extremely permeable and allow the mineralization to travel a long distance from associated feeder faults.

The Gemfield discovery occurs at the base of the volcanic/volcanic sediment unit. After further definition of known and potential feeder faults using geophysics, TAC Gold intents to drill test the basal volcanic adjacent to these structures. Depth to the basal volcanic unit is estimated at 300 to 500 meters. These will be the first deep holes drilled at Goldfield West.

The technical information in this release has been reviewed and approved by Mr. Richard Kern, BSc., M.Sc., P. Geo. Registered Geologist Nevada & California; a 'qualified person', as defined by NI 43-101, Standards for Disclosure of Mineral Projects unless otherwise noted.


The Company is also pleased to announce it has hired Graham B. Abbott as VP of Communications and contracted Mercury Communications (Drew N. Brass) for ongoing Investor Relations work.

TAC Gold Corp. will continue to focus on the acquisition and development of gold projects in the western United States.

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of TAC Gold Corp. Statements regarding future fund raising and completion of the Acquisition are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. TAC Gold Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Contact Information

  • TAC Gold Corp.
    Drew N. Brass
    TAC Gold Corp.
    Graham B. Abbott