ALLEGIANT Announces Updated Inferred Resource Estimate of 1.1 million Gold-Equivalent Ounces, an increase of 52% at Flagship Eastside Project in Nevada - Seite 4

Table 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/233f5095-b32f-4242 ...

* The historical resource estimate for the Castle claims was completed by James D. Greybeck, Senior Geologist for Cordex Exploration Co. in April 1999, under the direction of Andy B. Wallace, then Manager of Cordex Exploration Co. and Vice President of Rayrock Mines, Inc. This report and data used in its preparation has been recently reviewed by Andy B. Wallace for the purpose of this press release under his obligations a Qualified Person for ALLEGIANT. Drill data used for Greybeck's report was from Cordex Exploration Co., Kennecott Exploration, Houston Oil and Minerals, Falcon Exploration, and Mintek Resources which data is on file in the offices of Cordex Exploration Co. The data is judged relevant and reliable by Andy B. Wallace. The resource was termed a "Geologic Resource" at the time of Greybeck's report, which was in line with current practice for the time. Greybeck prepared geological cross sections and calculated the resource by hand, using a polygonal method with a lower cut-off of .005 opt Au (0.17 g/t Au). Where drilling was closely spaced gold values were interpolated between cross sections using weighted averages projected 50 feet on either side of the cross section. ALLEGIANT plans additional drilling to confirm Greybeck's interpretations and to fill in gaps in the drilling. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. ALLEGIANT is not treating the historical estimate as current mineral resources or mineral reserves.

ALLEGIANT continues to conduct geological work at the Castle Claim area within Eastside and is exploring different options and scenarios.  “We continue to evaluate the next phase in exploration and technical work associated with the Castle Claim areas with the idea of increasing the resource size and ultimately completing an updated resource estimate in compliance with NI 43-101 standards and, thereby incorporating the resource in the district wide resource estimate at Eastside,” commented Peter Gianulis. 

ALLEGIANT is guided by the principals of accretive value-added resource exploration.  We have developed the concept of Shares per Metre Drilled (“SMD”) to better understand the effects of drilling costs on dilution.  “As a publicly traded company, we are focused on adding value to our shareholders.  Analyzing our capital allocation decisions within the context of SMD gives us a better understanding of dilution and how to best deploy our financial resources in our next drilling program.  At present, our current funds will be best employed to look for additional resources in the target areas near the Original Zone,” commented Mr. Gianulis, President & CEO.