Tonogold Resources Enters into an Option Agreement to Acquire the three gold/silver Properties in Durango, Mexico - Seite 3

The Promontorio mine was discovered in the late 1800's and purchased by Negociacion Minera de Promontorio in 1887. It has been reported that:

• Until 1892, mineralization grading 7.5 kilograms per ton of silver was shipped to Fresnillo.
• In 1892 mineralization grading 3 kilogram per ton of silver was shipped to Durango and in 1900 mineralization grading 2 kilograms per ton of silver was shipped to Chinacates in Durango State.
• Production the Promontorio mine between December 1896 to 1906 yielded over 170,000 kilograms of silver and 476 kilograms of gold, which made the mine one of the significant producers of silver in Mexico.
• Production stopped in 1906 due to the Mexican Revolution.

Montoros

The Montoros Project, consists of 17 concessions covering approximately 2,147 hectares, is situated in the Santiago Papasquiaro Municipality.

Four vein systems have been identified in the project area. Alteration consists of propylitization (chloriteepidote- calcite-pyrite) that is more common in the LVG rocks and clay alteration near the vein tops. Mineralization occurs as argentite, native gold, electrum, and base metals. The Periquitos vein contained about 10% chalcopyrite in semi-massive sulphide at the portal.

The Montoros vein systems were sampled on surface and by underground workings between 1992 to mid-1993.

Future Work

Tonogold will be conducting a detailed evaluation program over the option period to undertake an initial but comprehensive technical and conceptual economic assessment of the Project, with priority emphasis given to Claudia, focusing on the potential for a high-grade underground mining operation, prior to deciding to exercise the Option later in the year.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Gregory B. Sparks, a registered Professional Engineer in the State of Colorado and a Qualified Person as defined by National Instrument 43-101.

 Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts.  All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: future prices and sales of, and demand for, our products; future industry market conditions; future changes in our exploration activities, production capacity and operations; future exploration, production, operating and overhead costs; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; tax and interest rates; capital expenditures and their impact on us; nature and timing and accounting for restructuring charges, gains or losses on debt extinguishment,  derivative liabilities and the impact thereof; productivity, production slowdowns, suspension or termination, business process, rationalization and other operational initiatives; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.