TomaGold Corporation

TSX VENTURE : LOT


TomaGold Corporation

October 09, 2012 07:00 ET

TomaGold Starts Metallurgical Testing on the Monster Lake Mineralization

MONTREAL, QUEBEC--(Marketwire - Oct. 9, 2012) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") is pleased to announce that it has signed an agreement with Services Métallurgiques METCHIB of Chibougamau to carry out mineralogical characterization and metallurgical testing in relation to its recently-announced bulk sampling program at the Monster Lake gold property near Chibougamau, Quebec.

The Company has finished preparing a representative 45-kilogram composite sample using drill core from the 325 gold zone. The sample has been sent to the METCHIB laboratory for general characterization prior to bulk processing of a volume of material at a regional mill.

David Grondin, President and CEO of TomaGold, stated that: "This representative composite sample will give us a good idea of the type of metallurgy associated with the Monster Lake property. We have also initiated the other procedures required for bulk sampling, and will keep our shareholders informed on developments as the project progresses."

The Company has also entered into agreements with Mi3 Communications and Transcend Resource Group for these firms to provide investor relations and financial communications services. The service contracts, which are for an initial term of three months and can be terminated on 30-days notice, provide for each firm to receive monthly fees of $5,000 and 300,000 stock options at $0.13 per share for a two-year period. The stock options vest gradually at the rate of 25% per quarter over the four quarters following the grant date. The options and the conditions under which they can be exercised are governed by TomaGold Corporation's stock option plan.

ABOUT THE MONSTER LAKE PROJECT

The Monster Lake property is located 44 kilometres southwest of the town of Chibougamau in northwestern Quebec. It is easily accessible by road and has a major power line nearby. Over 30,000 metres of diamond drilling has been done since 1984 along the 4 kilometre-long mineralized corridor. During the winter of 2012, TomaGold drilled 16 additional holes for a total of 2,420 metres, and made a major discovery of 237.6 grams per tonne gold over 5.7 metres in Hole M-12-60. The mineralization is associated with dark quartz-sulphide veins within a shear zone ranging from 3 to 10 metres in width in basaltic units.

ABOUT TOMAGOLD CORPORATION

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

The technical content of this press release has been reviewed and approved by Maurice Giroux, a qualified person as defined by NI 43-101.

For a complete list of drill results from the Monster Lake project, please visit our website at www.tomagoldcorp.com

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 news release.

Contact Information

  • David Grondin
    President and CEO
    TomaGold
    (514) 206-7727