Jan 9 2011
Gold Standard Mining Corp. (OTCBB: GSTP), an operator of a producing gold mine in Russia, announced today that it intends to begin a winter drilling exploration program on its Snezhinka Mineral Deposits.
“While we are extremely confident with the results reported on Snezhinka, we have determined that it would be in the best interests of the shareholders that we update the preliminary assessments and complete additional feasibility studies.”
The Company's hard rock mineral deposits at its Snezhinka property have reported reserves of 120 tons (4,200,000 ounces) of gold classified as C1 and P2 under the Russian reserve reporting system; 3 tons (105,000 ounces) of platinum; and 195 tons (6,800,000 ounces) of silver P2. Snezhinka is approximately 20 square kilometers (4900 acres) located in the Urka River Basin in Amur, Russia.
The main objective of the winter drill program is to upgrade the existing resource reports. The drill program will also include environmental work, metallurgical research and geotechnical drilling.
Although the Snezhinka deposits were first reported to be identified as early as 1885 as an alluvial deposit, further drilling and exploration began in around 1937. Not until 1997, however, was it estimated by the Amur Region Committee of Natural Resources that the resources at Snezhinka included ore gold of 90 tons (3,100,000 ounces) and 150 tons (5,200,000 ounces) of silver. In 2008, after additional exploration, drilling and research, reserves at Snezhinka were reported at:
120 tons (4,200,000 ounces) of gold classified as C1 and P2 under the Russian reserve reporting system;
3 tons (105,000 ounces) of platinum;
and 195 tons (6,800,000 ounces) of silver P2.
Araik Khachatrian, Chief Operating Officer and a Director of Gold Standard stated that: "While we are extremely confident with the results reported on Snezhinka, we have determined that it would be in the best interests of the shareholders that we update the preliminary assessments and complete additional feasibility studies."
Source: Gold Standard Mining Corp.