Provides Dominican Republic Progress Update
Vancouver, B.C. - September 12, 2012 - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSXV: PRG) is finalizing, and expects to execute shortly, the formal contract with the vendors as announced August 16th to acquire 100 percent interest in two concession applications located in western Dominican Republic.
Precipitate has acquired regional data and satellite imagery for the two concession areas. Evaluation of this data has highlighted a number of structural lineaments and color anomalies that will be investigated during a preliminary reconnaissance program. An initial program of geological mapping, prospecting, silt and or bulk leach extractable gold (BLEG) sampling is currently being designed. The primary focus of this early exploration phase will be the prospective Tireo formation lithologies found within the northeastern region of the Juan de Herrera concession application area. This will be followed by ridge and spur and detailed sampling and contour and grid soil sampling. Precipitate is also investigating the use of airborne and ground geophysics to aid in mapping and target definition. With $1.8 million in working capital, Precipitate is well positioned to cover all near term exploration expenditures planned for its newly acquired Dominican Republic assets.
Darcy Krohman, Precipitate's CEO commented that "We are rapidly assembling a comprehensive data base for the Tireo Project area that will give us a strong footing to work from. The addition of historical data from GoldQuest and initial field observations from our VP Exploration will allow us to hit the ground running early in Q4 and start defining and refining gold targets on this exciting new project."
Precipitate's VP Exploration and Technical Advisor are travelling to the Juan de Herrera concession this month to carry out initial ground proofing and set up logistical support for the detailed exploration programs to follow. GoldQuest Mining (GQC-V) is generating a list of historical samples from within the Juan de Hererra concession area taken by GoldQuest during its reconnaissance programs in the Tireo Formation region. This sample list will be used to finalize the data acquisition agreement between Precipitate and GoldQuest.
Additional information can be viewed within Precipitate's recently updated corporate presentation, which includes geological maps and other reference material: www.precipitategold.com.
Precipitate is focused on exploring and developing its gold properties in the Dominican Republic and northwestern Canada. The Company continues to review opportunities in both these and other geological and geopolitically attractive jurisdictions. With a proven management team, a growing portfolio of quality gold assets, including a prospective concession adjacent to GoldQuest's Tireo holdings in the Dominican Republic, and $1.8 million in working capital, the Company is well positioned for continued growth in 2012.
On Behalf of the Board of Directors of Precipitate Gold Corp.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For further information, please contact:
Daniel Caamano - Investor Relations
Toll Free: 1-855-558-0335