Vancouver, British Columbia, May 24, 2011 - In a report issued on May 23rd, Nathan Pearson, of Resourcexinvestor.com, discusses Meadow Bay Gold's (TSXV:MAY) recent acquisitions in gold-rich Nevada.
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2011 has, thus far, been an eventful year for Meadow Bay Gold, according to Nathan Pearson's report.
January saw the announcement of Robert Dinning as CEO, the man who is also the Chairman of Paramount Gold and Silver (TSXV:PZG), a $382 million gold/silver mining company, trading on the AMEX. Also joining Meadow Bay was William Reed, a vice-president and co-founder of Paramount. He was credited with Paramount's multi-million ounce gold-silver discovery, known as San Miguel in Chihuahua, Mexico and was also formerly the Chief Geologist for Hecla Mining, a $2.26 billion silver giant.
The company closed financings totalling $11.25 million and acquired all the issued and outstanding common shares of Desert Hawk Resources. This gave the company a portfolio of Nevada properties, the former producing Atlanta Gold and Silver Mine, the Colorback gold project, along with the Spruce Mountain molybdenum, copper and silver projects.
The Atlanta mine consists of 12 patented and 49 unpatented lode claims in Eastern Nevada. Between 1975 and 1985, the Atlanta mine produced 1.5 million tons of ore containing 0.09 ounces of gold per ton and 1.25 ounces of silver per ton, recovering 121,000 ounces of gold and 800,000 ounces of silver, based on historic production records from the Bobcat Properties Inc - Standard Slag Production Joint Venture.
The remaining indicated resource of 338,520 ounces gold (6.21 million tons grading 0.054 ounces per ton gold) and inferred resource of 125,950 ounces of gold (3.07 million tons grading 0.041 ounces per ton gold) and indicated resource of 3.1 million ounces of silver (6.21 million tons grading 0.506 ounces per ton silver) and an inferred resource of 0.7 million ounces of silver (3.07 million tons grading 0.236 ounces per ton silver) has been estimated by previous workers which is not compliant with standards as set out in NI 43-101.
This historical resource is based upon an internal study completed by Kinross Gold U.S.A. Inc. during the period of 1997 - 1998. Kinross performed extensive field mapping and sampling along with drilling of approximately 80 RC holes for a total of 54,000 feet.
Meadow Bay is focused on increasing its gold reserve to more than 1 million ounces of gold and moving the Atlanta Mine back into production.
A couple of weeks ago, the company announced results of surface samples from its Colorback property, with assays up to 8.7 grams per tonne gold. This property sits 12 miles north of Barrick's Pipeline Mine.
Newly appointed Director of Exploration, Bill Reed, commented, "Given the current gold price, Meadow Bay Gold is very excited to drill the Atlanta Gold and Silver Mine with a view to confirming and expanding the historic Kinross gold and silver resources. We will also be looking at new targets and hope to make a new discovery."
On May 17th, Toronto-based Ubika Research published a report for Meadow Bay, giving the company a 12 month target of $3.62, considerably higher than today's price of $1.01.
For more information on Meadow Bay Gold or a copy of the Ubika report, please visit their website at www.meadowbaygold.com (http://www.meadowbaygold.com/) or contact Matthew Harrington at 613-882-7467 or email ir@deserthawk.ca (mailto:ir@deserthawk.ca).
For a copy of the Resourcexinvestor report, please visit www.resourcexinvestor.com (http://www.resourcexinvestor.com/).
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Source: InvestmentPitch via Thomson Reuters ONE
