ATLANTA, May 10, 2011 (GLOBE NEWSWIRE) -- Dutch Gold Resources, Inc. (Pink Sheets:DGRI) (the "Company") today announced that it has received its first assay results from its core drilling program at Basin Gulch. Assays from two additional completed core holes are pending. Ten more core holes from five additional locations are planned. The first assay results are from drill hole BG11-4C, with a total depth of 203 feet. The hole was sited to pass through the side-wall of one of the diatreme vents in the nested diatreme complex at an intercept angle of 60 degrees. The assay results are considered preliminary because holes drilled in the area during the 1990's showed areas of consistently strong coarse gold, which weren't identified until bulk testing of the drill cuttings was conducted. Bulk testing of BG11-4C remains to be completed.
The drill hole assayed consistent background values of a half-ounce silver per ton, with persistent gold values up to 0.1 per ton. The interval from 73 feet to 78 feet assayed 0.1 opt gold and 0.5 opt silver. The interval from 88 feet to 143 contained consistently stronger silver values, up to three ounces per ton. The measurable gold and silver values persisted to the bottom of the hole. A nearby historic drill hole, BG97-24RC, contained 0.1opt gold throughout its 400 foot length. Subsequent bulk testing of the historic hole's drill cuttings discovered 0.15 opt gold from the surface to 10 feet, underlain by 0.378 opt gold from 10 to 20 feet, and 0.215 opt gold from 110 to 120 feet.
"I believe bulk testing of the BG11-4C core is likely to show similar zones of coarse gold concentration, because of its proximity to BG97-24RC, and because of the variation in gold content of paired assays in BG11-4C," said Rauno Perttu, COO of Dutch Gold Resources, Inc. "We are intrigued to see the strong silver values over a broad cross-section of the vent wall. It may be, based on this hole and some historic holes, that the walls of this particular vent are silver-enriched. I look forward to getting further assay results from holes already drilled and from planned holes sited further into this vent. The majority of holes drilled into this vent had local high-grade intercepts, to over an ounce per ton. The current drilling is to better understand the geometry of the high-grade zones. We expect to begin to receive further assays in about a week."
With the high gold prices, the turn-around time on assays is slower than anticipated, however the Company expects to report future results consistently over the next three months.
About Dutch Gold Resources
Dutch Gold Resources, Inc. is engaged in the acquisition and development of gold properties in North America. The company's strategy is to focus on overlooked resources that have the potential to have a value creation event within 24 months of acquisition. The Company criteria call for a property to reach either near term production, or be a candidate for development through joint venture financing during the two years subsequent to acquisition. The Basin Gulch project Montana, the Jungo property outside Winnemucca, Nevada, and the Gold Bug Mine in Oregon comprise the Company's current portfolio. The DGRI management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance. For further information, please see .
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.
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CONTACT: Tom Leahey, CFO Dutch Gold Resources, Inc. (404) 419-2440