ATLANTA, May 31, 2011 (GLOBE NEWSWIRE) -- Dutch Gold Resources, Inc. (OTCQB:DGRI) (the "Company") ( http://dutchgold.com ) announced that it received additional drill hole data on its Basin Gulch property. Further, the Company is planning, based on the positive results, to initiate a bulk sampling program to provide additional information in support of its development plans.
Dutch Gold Resources, Inc. has completed four holes on its diatreme target at its Basin Gulch property in Montana. The area being drilled contains zones of coarse gold that were historically discovered by bulk testing using gravity methods. The bulk testing discovered high-grade zones that had been missed in the earlier standard fire assaying. The coarse gold zones appeared to define at least two distinct steeply dipping zones.
"The drill core is encouraging. Our core holes have been drilled within a diatreme vent that is known to contain zones of coarse gold, and three of the holes passed through the side wall of the vent into quartz-sericite altered tuff and rhyolite," said Rauno Perttu, Dutch's geologist. "When we drilled this area in the 1990's, we didn't recognize the coarse gold-containing high grade zones until they were found during our bulk testing. However, the coarse gold areas were sometimes associated with higher silver values. Our preliminary assaying has encountered some areas with multi-ounce silver mineralization, and we will focus on these zones during our initial bulk testing."
The Company has been told to expect serious delays in completion of the bulk testing work by the laboratories that were to do the work. To expedite the work, Dutch is evaluating setting up a bulk-testing site utilizing an experienced laboratory employee to conduct the bulk testing and a recognized laboratory to determine the coarse gold content of the bulk samples.
Setting up the bulk testing procedure is expected to take approximately two weeks. The Company plans to utilize outside laboratories to confirm the results from this expedited testing program. The data derived from both sets of data will be used to formulate accelerated drilling and development plans.
Dan Hollis, CEO of the Company, commented, "To date the results of the Basin Gulch drilling programs have confirmed our expectations. The new data compares favorably to earlier historic data, providing insights for our near term development efforts."
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.
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: Dutch Gold Resources, Inc. (404) 419-2440