Vancouver, BC, September 29th, 2010 – Gold Standard Ventures Corp. (“Gold Standard”) (TSXV: GV) is pleased to announce the acquisition of nine additional parcels of private surface and mineral rights properties contiguous with our current 9064 acre (14.1 sq mile) Railroad project land position on the Carlin Trend, Nevada. A composite of 1790 acres of surface rights leased for $4.50/acre/year and 720 acres of mineral rights leased for $17.50/acre, escalating to $28/acre in 8 years, were acquired from Thomas and Patsy Tomera, trustees of the Thomas Tomera Family Trust, subject to a 5% net smelter return. A further 2053 acres of surface rights leased for $4.50/acre/year and 1722 acres of mineral rights leased for $17.50/acre, escalating to $28/acre in 8 years, were acquired from K & K Tomera Lands, LLC., subject to a 5% net smelter return with a buydown right of 1% for $1 million in year 5 and another 2% for $3 million in year 8. The total property acquisition comprises 3843 acres (6.0 sq miles) of surface rights and 2442 acres (3.8 sq miles) of mineral rights for a combined total of 6,285 acres (9.8 sq miles) and cash consideration of $60,028.50 per annum for the first 8 years of the lease.
These properties constitute a strategic acquisition for the purpose of pursuing extensions of our currently identified exploration targets and developing new target opportunities. In addition, the private surface rights lend significant ability to expedite and develop potential future mining operations.
Gold Standard currently has three drills, two core rigs and one RC rig, testing several new targets identified on our Railroad project property. These targets were formulated from an integration of detailed gravity data obtained by Gold Standard in the fall of 2009, existing extensive soil and rock geochemistry, and new geologic mapping. The primary target model being pursued is high grade gold mineralization emplaced within collapse breccia bodies developed at and below the contact of Webb (mudstone) and underlying Devils Gate (limestone). This type of exploration model, irrespective of the specific rock units, is an important model for Carlin-style gold deposits on the Carlin Trend and elsewhere in north-central Nevada. The prospective targeted contact zone and permissive underlying rock units are exposed at and near the surface to considerable depths throughout the Railroad project area.
ABOUT GOLD STANDARD VENTURES – Gold Standard Ventures is focused on the acquisition and exploration of gold projects in North Central Nevada. Gold Standard currently holds a portfolio of projects totaling approximately 24,000 acres of prospective ground within North Central Nevada of which 12,907 acres (21.2 sq miles) comprise the flagship Railroad Gold Project.
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 news release.
On behalf of the Board of Directors of Gold Standard,
Jonathan Awde, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Email: [email protected]
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.