SPOKANE, Wash., March 14 /PRNewswire-FirstCall/ -- Gold Crest Mines, Inc. (BULLETIN BOARD: GCMN) is pleased to announce it has entered into a preliminary letter agreement with the Bradley Mining Company which provides GCMN the opportunity to evaluate the 175 acres of patented mining claims owned by Bradley in the Stibnite mining district, Valley County, Idaho. Upon a successful evaluation, GCMN will obtain a one year lease on the mining claims with the option to purchase the claims during the term of the lease. The patented claims cover approximately 1.5 miles of the surface expression of the Meadow Creek fault, the primary mineralized zone in the district. Underlying the claims are the past producing Meadow Creek underground mine, the DMEA and North exploration workings and the majority of the Monday Tunnel, an exploration drift.
According to a 2000 report by the Idaho Geological Survey, the Stibnite district has produced over 500,000 ounces of gold as well as silver, antimony and tungsten. The same report credits the Meadow Creek mine with producing some 49,500 ounces of gold from 1932 through 1937, as well as silver, antimony and tungsten. Additional work was carried out on these claims from the 1930's through the 1950's by the U.S. Bureau of Mines (DMEA workings) and the Bradley Mining Company (Monday Tunnel and North Drift). Work during this period included extensive drifting along and adjacent to the Meadow Creek vein system as well as both surface and underground diamond drilling.
Considerable data (maps, mine plans, drill logs and assay results) on these claims was acquired through the land and royalty purchase option agreement between GCMN with the Oberbillig Family Estate, described in GCMN's press release of February 27, 2008. Based on a review of this data and information available in State and Federal agencies' archives, the underground drifts encountered numerous zones of mineralization, many of which were further explored by diamond drilling. Nevertheless, no proven or probable ore reserves have been established on the Bradley lease.
GCMN has previously staked 185 mining claims and 46 mill site claims in the Stibnite district. The GCMN claims surround the Vista Gold Corp. property, known as the Yellow Pine Orebody, and described in Vista's National Instrument 43-101 report filed in December, 2006; and cover areas of known gold oxide and sulfide mineralization, developed by Dakota Mining Co. and other operators. With the lease of the Bradley claims, GCMN and Vista control the Stibnite district.
Tom Parker, President and CEO for Gold Crest, said, "We are pleased to have concluded a letter agreement with the Bradley Mining Company for their patented claims. Combined with the 5% NSR on the patented claims including Vista's holdings, claims and data optioned from the Oberbilligs, plus our own extensive claim block, we believe we have the foundation for future success in this district. As we have continued to study the area and compile historic data, the exploration potential is exciting."
GCMN has begun planning exploration activity for the 2008 season to include continued compilation of historic data, geologic mapping, geophysics and soil and rock sampling. A drilling program is currently being developed to confirm and expand the historically documented mineralization and test new targets being developed by GCMN's continuing work in the district.
While our letter agreement sets forth the basic terms of the one-year lease and the option to purchase the claims, a definitive Lease and Option to Purchase Agreement must be negotiated and signed in order to proceed with the project beyond the initial evaluation stage.
Gold Crest Mines, Inc. is a junior gold exploration company with properties in Alaska and Idaho, and is a reporting company under the Securities and Exchange Act of 1934. GCMN is listed on the NASDAQ Electronic Bulletin Board (OTCBB) under the symbol "GCMN."
Further information about Gold Crest Mines, Inc. and its properties can be found at the Company's website at http://www.goldcrestminesinc.com/.
For more information please contact: Tom Parker Chris Dail President & CEO Vice President, Exploration Tel-509-893-0171 Tel-509-893-0171
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "should," "up to," "approximately," "likely," or "anticipates" or the negative thereof or given that the future results covered by such forward-looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.
