STEUBENVILLE, OH - (NewMediaWire) - November 02, 2015 - November 02, 2015 - Osceola Gold Inc. (OTC PINK: PYHH) is pleased to announce that the Company has entered into a business consulting agreement with Geo Scan Inc. to analyze the entirety of the mining claims owned by the company in the Osceola Mining District near Ely, Nevada. As recently announced, Osceola Gold paid its reclamation bond to the Nevada Bureau of Land Management (http://www.blm.gov/nv/st/en.html) in the amount of $476,800. In addition the Mav G lease through Pizz Inc., which has been funded in the amount of $50,000.
"This is another important step forward for Osceola Gold," stated Christopher Tarquinio, Chief Executive Officer, Osceola Gold, Inc. "We anticipate the delivery of our custom-made state of the art mining equipment in the near future. Everything is now rapidly being put in place for the commencement of our mining operations."
Preliminary testing of locations adjacent to the company's claims have shown the locations for alluvial migrations along the magnetic flow indicators, subsequent testing with trenching and drill cores have resulted in locating averages of 8 grams of gold per cubic yard (approximately 290 to 300 dollars per cubic yard at today's gold price) in the mine gravels.
Testing is done using proprietary Quantum Geo Analysis, a pre-curser to ground penetrating radar studies and satellite deep scanning and imaging, as well as targeted, on site, analytical work to determine the positioning and depths of the gold and silver concentrations in the gravels. The algorithms used will be able to provide quantitative value estimates, location and depth parameters.
This will assist in providing a strategic mining excavation plan for the entirety of the economic mineable gravels as well as the more concentrated target zones of high target metal concentrations. This will allow for a very efficient and profitable short, medium, and long term planning of the mining operation.
Quantitative testing of the claims is scheduled to begin November 9, 2015: CEO, Christopher Tarquinio concludes; "based on the adjacent parcels, we have very high expectations for migrations of the alluvial flow moving directly across key areas of the claim site." Osceola Gold Inc. has also obtained first right of refusal for production on the other Mav claims.
As previously announced, the Company has now emerged as a gold mining operation focused in the famous Osceola Mining District of White Pine County, Nevada. Osceola Gold Inc. has retained all mineral rights for all precious metals, including gold deposits, on their leased land, an over 20 acre expanse of gold mining claims known as Mav G.
Geological reports prepared by Skookum Geological have indicated the value of Mav G at $300-500 million. Historical reports have an average value to a FALSE bedrock at $132.00 per cubic yard. All permits and bonds have been put into place for the mobilization of this project.
Mining in the Osceola District, White Pine County, Nevada, was launched in the 1870s and continues to this day. Major efforts were put forth in the late 1800s, 1930s and 1970s, with both lode and placer mining striking success with the removal of considerable amounts of gold. Studies conducted throughout these periods indicate economically viable amounts of gold in both the bedrock and in particular, the placer deposits that remain. For more information visit: http://www.nbmg.unr.edu/
The Company has applied for a corporate name and symbol change.
As FINRA concludes due process yielding a final approval, the new name and symbol are expected to go immediately into effect.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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