Mobilizes Crews to the Dominican Republic for Follow-up Exploration Program
Vancouver, B.C. -- February 11, 2013 - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce the commencement of follow up exploration on its concession applications in the Dominican Republic's Tireo Gold Trend.
Following encouraging recent results from the Company's initial sampling programs, exploration personnel have returned to the Dominican Republic to carry out follow up geological mapping, detailed ridge & spur soil sampling and rock chip sampling at the priority Melchor and Ginger Ridge gold zones on the Juan de Herrera concession. As reported earlier, sampling and mapping at Ginger Ridge has identified a prospective area extending at least 1,100 metres long, with rock grab samples up to 11.8 g/t gold and >100g/t silver. Sampling at the Melchor zone has identified an area of surface quartz vein outcrop and float, where rock grab samples have yielded results up to 6.3 g/t gold. Crews will also investigate other drainages on Precipitate's concession applications that yielded anomalous results that were not followed up on earlier trips.
Jeffrey Wilson, Company President & CEO states, "We are pleased that our recently reported results warrant the commencement of a three week long detailed work program at the newly discovered Melchor and Ginger Ridge gold zones. Results of this program will help the Company determine the scope and nature of surface gold mineralization at the two zones and, importantly, provide technical guidance for possible future IP style geophysical surveying. IP geophysics has become a well-established tool for identifying potential drill targets -- both outcropping and blind - in the Tireo Gold Trend".
The Company also wishes to announce it has entered into a Consulting Agreement with Grandich Publications LLC ("Grandich") dated February 11, 2013. Pursuant to the terms of the Agreement, Grandich has agreed to provide investor relation services to the Company for a period of three months in consideration of the payment of C$2,000 per month and the grant of 100,000 stock options to purchase up to 100,000 common shares of the Company at a price of C$0.40 subject to vesting according to the Company's stock option plan. Headed by Peter Grandich, Grandich Publications, LLC will assist the Company in strategic marketing and communications. The Agreement and the grant of stock options to Peter Grandich are subject to the acceptance of the TSX Venture Exchange.
Note: Rock grab samples are selective by nature and are unlikely to represent average grades on the property.
Additional information can be viewed at the Company's website www.precipitategold.com.
Michael Moore, VP Exploration of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
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 labour 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: 855-558-0335