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
Enterprises are universally struggling to understand where the new tools and methodologies of DevOps fit into their organizations, and are universally making the same mistakes. These mistakes are not unavoidable, and in fact, avoiding them gifts an organization with sustained competitive advantage, just like it did for Japanese Manufacturing Post WWII.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Consumer-driven contracts are an essential part of a mature microservice testing portfolio enabling independent service deployments. In this presentation we'll provide an overview of the tools, patterns and pain points we've seen when implementing contract testing in large development organizations.