Gold Crest Mines, Inc. Provides Update on Mineral PropertiesSPOKANE, Wash., Oct. 26 /PRNewswire-FirstCall/ -- Gold Crest Mines, Inc. (BULLETIN BOARD: GCMN) would like to take this opportunity to provide an update on its mineral properties.
Gold Crest Mines is a junior mining exploration company focused on exploration for gold in the State of Alaska. The Company controls prospective mineral properties in Alaska which have undergone various phases of exploration over the last three field seasons. Based upon the work completed to date on these projects, the Company believes that all of the properties have the potential to host economic ore deposits.
The Company's portfolio of claim blocks in Alaska cover approximately 37,560 acres of State of Alaska-owned lands in 8 claim groups known as the Kisa, Gold Lake, Ako, Luna, Little Swift, Gold Creek, Gossan Valley and Chilly claim groups within the Kuskokwim Mineral Belt.
On April 18, 2008, the Company, through its wholly-owned subsidiary, Kisa Gold Mining, Inc., entered into an agreement with Cougar Gold LLC, ("Cougar") under which the two companies formed Golden Lynx, LLC, ("Golden Lynx"). Pursuant to this agreement, the Company transferred 15,320 acres under State of Alaska jurisdiction into Golden Lynx. During the field season of 2008, Cougar conducted a drill program as well as sampling programs on the properties covered under the JV agreement.
On May 1, 2009 Cougar transferred all of its membership interest in Golden Lynx and its economic interest therein to TintinaGold Resources Inc. (TAU-TSX.V) a British Columbia corporation (TintinaGold) formerly known as Mantra Mining, Inc., (MAN-TSX.V). TintinaGold is now the manager of Golden Lynx pursuant to an agreement with the Company. The details of this earn-in joint venture agreement are available in the public filings of the Company.
On May 8, 2008, the Company signed three separate joint venture agreements on certain Alaska properties (details available in our Edgar Filings). The subject claims consist of the Company's AKO and Luna claim groups located in the Kuskokwim region of southwestern Alaska approximately 120 miles south of the Donlin Creek deposit and our Chilly claim group located approximately 50 miles southwest of the Donlin Creek deposit. The agreements were terminated in December, 2008. Gold Crest Mines plans to keep the claims involved in these transactions in good standing with the State of Alaska.
The Company had controlled approximately 46 unpatented federal mill site claims and 185 unpatented federal lode claims in the Stibnite District of Idaho covering approximately 3,930 acres along with certain royalty options. On March 13, 2009, pursuant to analyzing further costs and potential environmental issues on neighboring properties and after discussions with officials of the U.S. E.P.A., the Company signed a purchase agreement for the sale of our Idaho unpatented claims and other possible rights or options (details available in our Edgar Filings) for $50,000 which has been paid.
The Company is preparing a report from a consulting Geologist on the results of the various joint ventures in Alaska and will announce these findings as appropriate ASAP.
Further information about Gold Crest Mines, Inc. and its properties can be found at the Company's website at www.goldcrestminesinc.com.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," "approximately," "likely," or "anticipates" or the negative thereof or given that the future results covered by such forward-looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For example, there is no assurance that past mining activities on the Company's leases are indicative that any proven or probable reserves exist on the claims. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.
Source: Gold Crest Mines, Inc.
Posted: October 26, 2009
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