Piedmont Mining Company Exploration Update
Reno, NV – July 24, 2007 - Piedmont Mining Company, Inc. (OTC BB: PIED) today announced that a gravity geophysical survey was recently completed at the new PPM Gold property in Humboldt County, just north of Winnemucca, Nevada. The results are being studied. Magnetic geophysical and mercury gas surveys are now being planned to complement the previous gold-in-sage anomalies as a guide to selecting drill hole sites. Drilling is expected to begin later this year. This property is controlled by Miranda Gold Corp. (TSX-V: MAD) and consists of 116 unpatented claims on the west flank of the Hot Springs Range and about 12 miles west of the Turquoise Ridge, Getchell and Pinson gold deposits. The target lies under a pediment, adjacent to an old mercury producing district and near the edge of a buried intrusive.
At the Dutch Flat gold property, permitting has been completed for road building and a second phase of drilling that is expected to commence this fall. We anticipate a program of 6,000 feet of reverse circulation drilling to extend the line of holes drilled last year. Some deeper holes are also planned to test down-dip extensions of the quartz vein swarms and a possible new skarn target. This property is controlled by Columbus Gold Corp. (TSX-V; CGT). Our drilling program will be supervised by Cordex Exploration Co., under its exclusive relationship with Columbus Gold Corp. to perform its Nevada exploration work.
At the Antelope Ridge property, a program of about 3,500 feet of reverse circulation drilling is planned to commence this summer to test for mineralization under the old workings and under silver-bearing jasperoid on the property. Rock chip samples of this jasperoid have averaged 6 ounces of silver per ton. Biogeochemical sagebrush anomalies in an area with no old workings or outcropping jasperoid will also be drill tested.
A second drilling program at the Dome-HiHo property should be concluded this fall.
At the Trinity Silver property, a second drilling program is being planned with AuEx Ventures Inc. (TSX-V; XAU) for this fall to detail and expand the silver resources in the vicinity of the old open pit on the property. In addition, a new gold anomaly was recently found at the north end of this property. Surface samples have assayed up to 0.08 ounces of gold per ton. Detailed mapping and sampling in this area will begin soon and several holes may be drilled here in the fall as well.
Piedmont is an exploration-stage company, exploring for gold and silver in Nevada. It has now entered into agreements with experienced exploration groups on 7 properties in Nevada.
FORWARD-LOOKING STATEMENTS: “Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements related to the business, expanding 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 predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company’s mineral products. In addition, actual results could vary materially based on changes or slower growth in the gold and silver markets; the potential inability to realize expected benefits and synergies in the Company’s mining operations; domestic and international business and economic conditions; changes in the mining industry for precious minerals; unexpected difficulties in exploration; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of skilled miners; the need for additional capital and other risk factors listed from time to time 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, and 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
