SOURCE: Tonogold Resources, Inc.

December 20, 2006 13:40 ET

Tonogold Resources, Inc. Acquires Rainbow Gold Project Adjacent to Pogo Gold Mine, Alaska

LA JOLLA, CA -- (MARKET WIRE) -- December 20, 2006 -- Tonogold Resources, Inc. (PINKSHEETS: TNGL) is pleased to announce the signing of two Exploration Agreements with Option to Purchase for the Rainbow-Aurora-Indian (Rainbow) gold properties in the Goodpaster Mining District, Alaska.

The Rainbow properties consist of 4 square miles (2,560 acres) of state land approximately 2.5 miles from Teck-Cominco and Sumitomo's Pogo gold mine. Rainbow consists of 40 state mining claims.

Rainbow is on structural strike from Pogo, and is located 65 miles northeast of Delta Junction and 100 miles southeast of Fairbanks in central Alaska. The Rainbow area was fairly remote until Teck-Pogo built a private 50-mile gravel road from the Alaska Highway to their mine and mill. The all-weather Teck-Pogo road was built at considerable expense and passes within two miles of Tonogold's Rainbow gold project.

Tonogold intends to conduct detailed geophysics and geochemical surveys at Rainbow in 2007. Environmental baseline studies will be initiated in 2007 and drilling is planned for 2008.

Structural morphology, sequence, and age of the Pogo-style gold deposits appear to be duplicated at Rainbow. A north-striking, post-mineral fault offsets the low-angle mineralized faults projected between Rainbow and Pogo. Regionally metamorphosed Proterozoic to Paleozoic gneisses are intruded by 107 million year old and 94.5 million year old granite and diorite and are cut by low-angle mineralized faults similar to those that host the Pogo gold deposit. Pogo's multiple stage, high-grade quartz veins are magmatic, but are dated younger than the regional metamorphism events and between the 107 million year old and 94.5 million year old intrusive events.

Don Strachan, Vice President of Exploration for Tonogold, said: "Rainbow's geologic potential is obvious. Low-angle, mineralized, extensional faults appear typical of this central part of Alaska's Tintina Gold Belt, including this part of the Goodpaster District. Our detailed geophysics, geochemistry, and geologic surveys in 2007 should develop Pogo-style drill targets beneath the Rainbow claim blocks. We intend to drill them in 2008."

Jeff Janda, President of Tonogold, said, "The Rainbow Agreements are our first property acquisition in central Alaska. We visited the properties this summer along with several others and felt that the Rainbow area had the most potential. We are especially excited about the geologic potential for duplicating Pogo's high-grade, 5.6 million-ounce gold resource at Rainbow."

The terms of the Exploration Agreement provide for an advanced royalty payment due April 30, 2007, a net smelter return of 2.5% upon production, modest work commitments and a buyout should exploration efforts succeed.

Janda also stated, "The Rainbow gold project is one of several Pogo-style gold opportunities recently presented to Tonogold. Tonogold intends to add significant value to these properties with geologic fieldwork and geophysical surveys in 2007, part of a larger summer program contemplated by Tonogold for central and southwestern Alaska. Tonogold's goal is a Pogo-style drill discovery by late summer 2008.

Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with properties in Alaska and Nevada. The company also has a project office in Carson City, Nevada. For more information on the Company visit their website

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain forward-looking information about Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)," "goal" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our right through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operation hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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