Pengram Corporation Pays CPG and Fish Project Annual Fees; Plans to Commence Exploration Work on both Projects in Q4-11
August 23 2011 - 8:00AM
Marketwired
Pengram Corporation (OTCQB: PNGM)(PINK SHEETS: PNGM), today
announced that it has paid the annual option and filing fees due
this month under its agreements to acquire its CPG and Fish
properties. Subject to financing, Pengram plans to commence
exploration work on the two properties in the fourth quarter of
this year.
The combined option and filing fees on the two properties'
claims, including U.S. Federal Bureau of Land Management (BLM) and
local County filing fees, totaled approximately $25,000. With these
payments, the option agreements and the claims are in good standing
for the next twelve months.
CPG Project
The CPG Project is situated within the Walker Lane Mineral Belt,
Mineral County, Nevada. The project consists of 44 unpatented lode
mining claims on 1.3 square miles. The Walker Lane Mineral Belt of
western Nevada is highly mineralized, containing several
world-class epithermal precious metals deposits such as the
Comstock Lode (estimated production of 8.6 million ounces of gold
and 192 million ounces of silver), and Round Mountain (over 10
million ounces of gold produced since 1906). It also contains
porphyry copper deposits, such as Yerington (1.75 billion pounds of
copper produced from 1953-1978 by the Anaconda Copper Company).
The CPG Project is located in Eureka County, Nevada and is
situated near several existing gold mines. Approximately 10 miles
north of the CPG Project Kennecott's now closed Denton-Rawhide Mine
produced 1.4 million ounces of gold and 10 million ounces of silver
between 1990 and 2004.
The CPG Project hosts an early stage porphyry and skarn type
copper-gold-molybdenum prospect where samples returned
following:
-- Gold values ranging from less than 0.001 ounces per ton, to 0.036 ounces
per ton
-- Silver values ranging from less than 0.0031 ounces per ton, to 0.75
ounces per ton
-- Copper values ranging from 0.005% to 13.65%
-- Molybdenum values ranging from less than 0.005% to 0.012%
Fish Claims
The Fish Project is situated within the Walker Lane Mineral
Belt, Lone Mountain District, Esmeralda County, Nevada about 12
miles west of the historic mining town of Tonopah, Nevada. The
project consists of 58 unpatented lode mining claims or 1.9 square
miles.
The Fish Project is a drill ready project with permitting for a
Phase I drilling program well advanced with the Bureau of Land
management. The Fish Project is a skarn-manto gold, silver and base
metal prospect where rock chip samples have returned the
following:
-- Gold values ranging from less than 0.002 ounces per ton, to 0.307 ounces
per ton
-- Silver values ranging from less than 0.01 ounces per ton, to 32 ounces
per ton
-- Zinc values ranging from 0.01% to 32.8%
-- Lead values ranging from less than 0.01% to 16.4%
Forward Looking Statement
Statements in this news release that are not historical facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. The statements by our officers, and other statements
regarding: optimism related to the business; expanding acquisition,
exploration and development activities; and completing, a binding
agreement for mineral project acquisitions; as well as the
prospects, forecasts and projections for such mineral projects
owned; and other statements in this news release are
forward-looking statements. Such statements are based on current
expectations, estimates and projections about Pengram's business.
Actual results could vary materially from the description contained
herein due to many risk factors that affect the industry in which
Pengram operates, in particular, there is no assurance that Pengram
will be able to obtain financing sufficient for it to commence work
programs on the properties as anticipated or that work programs
will produce results consistent with prior sampling on the
properties. In addition, other risk factors listed from time to
time in Pengram's Securities and Exchange Commission (SEC) filings
under "risk factors" and elsewhere. In particular, there is no
assurance that Pengram will complete additional joint ventures or
that the joint ventures it enters will be completed or properties
commercialized. The forward-looking statements contained in this
news release speak only as of the date on which they are made, and
Pengram does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this press release.
Contacts: Investor Contact: Capitol Financial Media 702.997.2429
pengram@capitolfinancialmedia.com
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