Piedmont Mining Reports Preliminary Drill Results For Dutch Flat Property
Reno, NV – January 18, 2008 - Piedmont Mining Company, Inc. (OTC BB: PIED) today reported some preliminary drill results from the October 2007 drill program conducted at the Dutch Flat property north of Winnemucca, Nevada.
This program consisted of 24 angled reverse circulation holes drilled to depths of from 245 to 820 feet. A total of 10,280 feet was drilled in this program. All but 4 of these holes encountered intercepts of at least 10 feet assaying more than 0.003 ounces per ton of gold. The two best intercepts were:
- 145 feet averaging 0.021 ounces of gold per ton, and
- 160 feet averaging 0.011 ounces of gold per ton.
There is no indication that the grade diminishes with depth.
These results are preliminary ICP assays. The screen-fire assays to check for an expected nugget effect are still incomplete.
Mineralization at Dutch Flat is concentrated in swarms of small quartz veins, most of which strike northeast. The mineralization is open both to the north as well as to the south, and there are other swarms of quartz veins associated with old workings which still have not been tested by drilling. We plan to follow up these encouraging results with further drilling this spring.
Piedmont has entered into a 5-year option and earn-in agreement with Columbus Gold Corporation (TSX-V: CGT) on this project. The exploration program is being managed by CORDEX Exploration Company, owned and operated by Andy Wallace and John Livermore, under its exclusive relationship with Columbus Gold to perform Columbus Gold’s Nevada exploration work.
Piedmont is an exploration-stage company, exploring for gold and silver in Nevada. It has entered into agreements with experienced exploration groups on 7 properties in Nevada. Its Common Stock is traded on the OTC Bulletin Board under the symbol: PIED.
FORWARD-LOOKING STATEMENTS: “Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements related to the business, exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company’s business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to evaluate. Actual results could vary materially from the description herein due to many factors including changes in market prices for precious metals; changes in business and economic conditions; changes in the laws and regulations of the mining industry; unexpected difficulties in exploration and in obtaining permits; changes in the competitive environment; technological advances; shortages of skilled miners, drill rigs and equipment; the need for additional capital and other risk factors listed in the Company’s Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made. The Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Piedmont Mining Company, Inc. Reno, Nevada www.piedmontmining.com
Contact: Robert M. Shields, Jr. 212-734-9848
Investor Relations: Maria Da Silva 604-261-4466
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