CARSON CITY, Nev., Oct. 20, 2010 (GLOBE NEWSWIRE) -- Mexus Gold U.S. (OTCBB:MXSG), a mining company engaged in the evaluation, acquisition, exploration, salvage and recovery of gold, silver and copper projects, is pleased to announce that Phase I Drilling Program budgets are being finalized for its Esmeralda County, Nevada mine project which consists of 150 acres of patented claims, 14 unpatented claims and 2 mill sites. Mexus has also filed an additional 12 mining claims adjacent to the existing lands situated in the Lida Mining District.
Previous Mine Engineering reports state there are drill indicated reserves and address both underground and surface open pit mining potential on the original 50 acre patented claims. A 1977 report by Andrew J. Zinkl, Mining Engineer, on the property reports 52,946 tons proven, 99,500 tons probable and 278,000 tons possible mineral bearing ore with grades averaging at 20 ounces per ton Silver and .05 ounces per ton Gold. A report dated in 1981 by E. R. Kruchowski, Mining Engineer, expanded the tonnage to 136,089 tons proven and 272,178 tons probable at average grades of 7.63 ounces Silver per ton and .05 ounces Gold per ton. Both of these previous Engineering reports covered only a portion of the 150 acre patented claims. The Company has conducted its own geological surface analysis which indicates a strike length of 4,000 feet of mineralized ground which has not been previously explored through drilling operations. The Phase I Drilling Program will incorporate this mineralized ground to further define the geological characteristics of the area and identify potential reserves on this particular area. The Company draws attention to the fact that these two reports were prepared prior to the current standards in place today for identifying and reporting mineral reserves. In the Company's opinion the reports are unto themselves a viable indication of the existence of significant mineral resources wreathe of further geological exploration and evaluation, therefore, reference was included herein.
On June 4, 2010 Mexus Gold U.S. executed a one year extension of the Option to Purchase Mine Agreement with the owner of the Esmeralda County, Nevada mine project lands which will allow the Company ample time to complete its due diligence program.
About Mexus Gold U.S.
Mexus Gold U.S. (OTCBB:MXSG) is a mining company engaged in the evaluation, acquisition, exploration, salvage and recovery of gold, silver and copper projects in the State of Sonora, Mexico, the Western United States and Alaska. Mexus Gold U.S. is dedicated to protect the environment, provide employment and education opportunities for the communities where they operate. For further information or to see the full report or download our corporate profile at:
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Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
CONTACT: Mexus Gold U.S. Paul Thompson, President/CEO 775-721-9960 Premier Media Service Inc. Kelly Black (480) 649-8224