SOURCE: Tonogold Resources, Inc.

May 24, 2005 13:30 ET

Tonogold Resources, Inc. Announces Nyac Gold Project in Alaska

LA JOLLA, CA -- (MARKET WIRE) -- May 24, 2005 -- Tonogold Resources, Inc. (OTC: TNGL) is pleased to announce the signing of an Exploration and Lode Mining Lease for the Nyac Gold Project in southwestern Alaska. The agreement, Tonogold's first in Alaska was signed recently with Calista Corporation, the second largest of the 13 regional native corporations in Alaska with land entitlements of more than 6.5 million acres.

The Nyac Gold Project is located approximately 60 miles east of Bethel, Alaska and 300 miles west of Anchorage covering an area of approximately 57,600 acres. The Nyac District is located on the Tuluksak River and in the Kilbuck Mountains. The district lies within the Kuskokwin Gold Belt and southwestern extension of the recently recognized Tintina Gold Belt. One of the principal Calista properties in the Tintana Belt is the world-class Donlin Creek property located 150 miles east of Nyac and currently being developed by Placer Dome. Historical production in the Nyac District totals more than 500,000 ounces of gold, from 1908 to the present day. The current placer operator is Tuluksak Dredging, Ltd. Two dirt airstrips near the property provide small aircraft access. Periodic barge access is also possible on the Kuskokwim River during the summer.

Tonogold intends to move this early stage exploration property forward to advanced exploration status as quickly as possible. Fieldwork starting in June 2005 will include an intense surface geochem sampling and mapping program. Plans are also underway for an exploration permit and drilling in the 2006 season.

Jeff Janda, president of Tonogold said, "The Nyac Lease represents a major expansion of Tonogold's exploration activities. Alaska is consistently rated as one of the top gold exploration and mining jurisdictions in the world with attractive geological targets and a favorable regulatory environment. By teaming up with Calista Corporation we get a knowledgeable local partner with a track-record of working with mining companies to develop world class deposits."

Detailed terms of the agreement were not released but Tonogold said the Lease provides for an annual advanced royalty payable to Calista, minimum annual work requirements, a net smelter royalty when in production and an annual scholarship contribution to the Calista Scholarship Fund. Tonogold also intends to maximize the use of Calista shareholders as part of the fieldwork teams and Chiulista Camps Services' excellent field camp services program. Chiulista Camp Services is a wholly owned subsidiary of Calista Corporation.

Janda also stated, "The Nyac Gold Project was one of several opportunities presented recently to Tonogold. Nyac allows Tonogold to proceed with a significant fieldwork program in the summer of 2005 and a base for other projects being contemplated in Alaska both in 2005 and in later years. One of the main attributes of Nyac is the location on four drainages that have significant placer gold occurrences. This placer gold is apparently the result of very short transportation distances, less than four miles, indicating very attractive lode sources. We are pleased to be associated with Calista Corporation, a company we have found to provide excellent technical information and a cooperative atmosphere."

Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with active investigation of precious metals and uranium projects in the western United States, Alaska and Mexico. The company also has a project office in the Denver, Colorado area. For more information on the Company visit their website www.tonogold.com.

Calista Corporation is the second largest of the 13 regional Alaskan native corporations formed in 1971 under the Alaska Native Claims Settlement Act (ANCSA). Calista Corporation's land entitlements exceed 6.5 million acres in Southwest Alaska and contain some of the most mineral rich deposits in Alaska including Goodnews Bay (platinum) and Donlin Creek (Gold). Headquartered in Anchorage, Alaska, Calista Corporation's region originally enrolled 13,300 native shareholders and currently contains 56 villages with a total population of 20,000 people. For more information on Calista visit their website www.calistacorp.com.

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)," 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 rights 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 operational 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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