SCOTTSDALE, Ariz., Oct. 22, 2019 (GLOBE NEWSWIRE) -- TriStar Gold Inc. (the Company or TriStar) is pleased to announce that a second drill rig is now operating at Castelo de Sonhos as part of the in-fill drilling program of approximately 200 holes (20,000 to 25,000m) that aim to increase confidence in resource estimates which will serve as the basis for the pre-feasibility study slated for completion by the end of 2020. TriStar is also pleased to announce that Brazil’s National Mining Agency has published its approval of final exploration reports that, with previously approved reports, cover all of the areas in the Company’s December 2018 PEA life-of-mine schedule.
“With two rigs, we’re able to make rapid progress on the pre-feasibility program” Mr. Nick Appleyard, President and CEO, commented. “Final approval for the reports that cover the optimized pits is an important milestone on the path to permitting.”
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1794e12d-bf05-4a55-ae67-c88a0fdcdf43
As shown in Figure 1, the federal government has now approved final reports covering approximately 14 kilometers of the strike length of known gold mineralization at Castelo de Sonhos (Concession #1 previously and #’s 3 and 5 recently); these are the areas identified in previous studies as the best locations for initiating open pit mining. Once the preliminary feasibility study has been published, exploration and drilling will continue on the other mineral concessions to expand resources and to prepare the reports that will allow TriStar to secure permits for the entire plateau.
The submission of final exploration reports requires that the company make a proposal to the ANM for reductions to the original footprint of each mineral concession, removing areas where no mineralization exists. Figure 1 shows the Company’s proposal for the economically useful area on each concession; the ANM has accepted our proposal on the three most important; on the fourth, their decision is still pending.
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is Castelo de Sonhos in Pará State, Brazil. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG. Further information is available at www.tristargold.com.
For further information, please contact:
TriStar Gold Inc.
President and CEO
Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward looking statements in this press release include, the scope and success of the planned exploration program at the Castelo de Sonhos project and the Company's opinion that it has clear title to the Castelo de Sonhos property Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.