Welcome!

News Feed Item

Coastal Gold Provides Corporate Update

TORONTO, ONTARIO -- (Marketwired) -- 04/15/14 -- COASTAL GOLD CORP. (TSX VENTURE: COD)(FRANKFURT: CY41) (the "Company") provides the following corporate update:

Dr. Bill Pearson, P.Geo., President & CEO of Coastal Gold, commented: "Over the past year, in spite of the difficult market conditions, we have substantially advanced our Hope Brook Gold Project. On December 4, 2013 we released an updated mineral resource estimate that increased the indicated resource by 110% to 1,239,000 ounces of gold with an additional 138,000 ounces of gold in the inferred category. The overall grade of the indicated resource was increased by 30.2%. In addition, on January 16, 2014 we released an inferred tailings resource of 134,500 ounces and 9.5 million pounds copper. We have identified a number of exploration targets both near surface and underground with good potential to further expand mineral resources."

Dr. Pearson continued "These new resource estimates have formed the basis for a preliminary economic assessment (PEA). Work completed on the PEA has focused on the potential production from tailings, open pit and underground at a rate of 5,000 tonnes per day. While we have made good progress, further engineering work is needed to finalize the study. Coastal Gold has elected to suspend work on the PEA to conserve cash and wait for market conditions to improve."

Mineral Resource at Hope Brook

The NI 43-101 mineral resource on the Company's Hope Brook Gold Project, as reported in the press release issued on December 4th 2013, are estimated to contain 1,239,000 indicated ounces of gold and 138,000 inferred ounces of gold as set out in Table 1 below.


---------------------------------------------------------------------------
 Table 1: Mineral Resource for Gold, Hope Brook Gold Project as at December
                                   4, 2013
---------------------------------------------------------------------------
                 Within constraining shell      Below constraining shell
                    @ 0.50 g Au/t cut-off         @ 2.0 g Au/t cut-off
---------------------------------------------------------------------------
                              Gold       Gold               Gold       Gold
Category            Tonnes     g/t       (Oz)     Tonnes   (g/t)       (Oz)
---------------------------------------------------------------------------
Indicated       17,692,000    1.70    966,000  2,254,000    3.76    273,000
---------------------------------------------------------------------------
Inferred           230,000    0.89      7,000  1,101,000    3.71    131,000
---------------------------------------------------------------------------



---------------------------------------------
   Table 1: Mineral Resource for Gold, Hope
   Brook Gold Project as at December 4, 2013
---------------------------------------------
                            Total
---------------------------------------------
                              Gold       Gold
Category            Tonnes     g/t       (Oz)
---------------------------------------------
Indicated       19,946,000    1.93  1,239,000
---------------------------------------------
Inferred         1,330,000    3.22    138,000
---------------------------------------------

Additionally, a NI 43-101 mineral resource estimate has also been reported on the tailings at the Hope Brook project as reported in the press release dated January 16th, 2014. The tailings are estimated to contain 134,500 ounces of gold and 9.5 million pounds of copper in the inferred category at a cut-off grade of 0.45 g Au/t as set out in Table 2.


----------------------------------------------------------------------------
  Table 2: Mineral Resource for Gold and Copper, Hope Brook Tailings as at
                              January 15, 2014
----------------------------------------------------------------------------
                          Tonnes                    Cu         Au        Cu
Category    Pond Area        mil     Au g/t          %         Oz   mil lbs.
----------------------------------------------------------------------------
             Tailings
Inferred       Pond 1        2.6       0.95       0.10     80,000        5.9
----------------------------------------------------------------------------
             Tailings
Inferred       Pond 2        2.3       0.75       0.07     54,400        3.6
----------------------------------------------------------------------------
           Pond 1 and
               Pond 2
Inferred        Total        4.9       0.86       0.09    134,500        9.5
----------------------------------------------------------------------------

The independent technical report, entitled "2013 Mineral Resource Estimate, Technical Report Hope Brook Gold Project, Newfoundland and Labrador, Canada" (the "Technical Report"), dated January 17th, 2014, was prepared for Coastal Gold by AGP Mining Consultants Inc. and Mercator Geological Services Limited. The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.coastalgold.ca.

ABOUT COASTAL GOLD

Coastal Gold is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "COD". Coastal Gold's flag ship property is the Hope Brook Gold Project located in southwestern Newfoundland, which has 19.9 million tonnes at 1.93 g Au/t for 1,239,000 ounces of indicated mineral resources and 1.3 million tonnes at 3.22 g Au/t for 138,000 ounces of inferred mineral resources. In addition, there are inferred mineral resources in the tailings of 4.9 million tonnes at 0.85 g Au/t and 0.09% copper containing 134,500 ounces of gold and 9.5 million pounds of copper.

QUALIFIED PERSON

Dr. Bill Pearson, P.Geo., President & CEO of Coastal Gold, a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the estimation of mineral resources and the anticipated results of proposed future work at Hope Brook, including a PEA. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:
Coastal Gold Corp.
65 Queen Street West, Suite 815
Toronto, Ontario, Canada
M5H 2M5

Rob Hopkins, Manager, Investor Relations
Tel: 416-861-5899
Email: [email protected]
Web: www.coastalgold.ca

Bill Pearson, President & CEO
Tel: 416-861-2968
Email: [email protected]
Web: www.coastalgold.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Sometimes I write a blog just to formulate and organize a point of view, and I think it’s time that I pull together the bounty of excellent information about Machine Learning. This is a topic with which business leaders must become comfortable, especially tomorrow’s business leaders (tip for my next semester University of San Francisco business students!). Machine learning is a key capability that will help organizations drive optimization and monetization opportunities, and there have been some...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.