SOURCE: Tonogold Resources, Inc.

July 11, 2006 09:25 ET

Tonogold Resources, Inc. Announces Rock Chip Samples to 132 g/t and Soil Samples to 2.9 g/t at Nyac Gold Project In Alaska

LA JOLLA, CA -- (MARKET WIRE) -- July 11, 2006 -- Tonogold Resources, Inc. (PINKSHEETS: TNGL) is pleased to announce initial assay results from its 2006 core drilling and surface sampling program at Nyac, Alaska. Assays returned from ALS Chemex, include soil samples to 2.9 g/t and rock chip samples to 132 g/t. A total of 1,779 soil samples have been collected by Tonogold geologists so far this season. Core samples from the first four drill holes on the Bonanza Ridge have been submitted for assay, as well.

Of the 833 grid soil samples reported to date (final plus preliminary) for the Cox Mountain, Saddle Mountain and Nugget Ridge prospects, 57 soil grid samples ranged from 0.10 ppm gold to 2.9 ppm gold. Of the 52 rock chip samples taken during grid sampling, 11 ranged from 0.10 ppm gold to 132 ppm gold. The best results in 2006 have been from Saddle Mountain.

One gram per metric ton (g/t) equals one part per million (ppm) which equals 0.0292 ounces per short ton.

Assays are performed by ALS Chemex, Vancouver using the fire + AA finish method.

Don Strachan, Vice President of Exploration for Tonogold, said, "Drilling is revealing much about the subsurface geology of the centers of the Nyac gold mineralization identified by our soil grids. We await assay results."

Jeff Janda, President of Tonogold, said, "The early soil and rock chip samples are encouraging and validate our target selection at Saddle Mountain. We look forward to drilling in these new prospect areas as well."

The Nyac Gold Project is located approximately 60 miles east of Bethel, Alaska and 300 miles west of Anchorage. The Nyac District consists of 25,600 acres on State of Alaska land and 57,600 acres leased from Calista Corporation for a total of 83,200 acres. Tonogold's 2005 surface sampling program revealed excellent mineralization in six anomalies.

Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with gold and silver properties in Alaska and Nevada. Tonogold is the parent company of Prospect Uranium, Inc. For more information on the Company visit their websites at www.tonogold.com and www.prospecturanium.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 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.

Contact Information

  • Contact:
    Phillip Winter
    858-456-1273