Final Stages of Concession Application Process in Dominican Republic Begun; Next Phase Exploration Planning Underway
Vancouver, B.C. - June 11, 2013 - Precipitate Gold Corp. (the "Company" or "Precipitate") (TSXV: PRG) is pleased to announce it has advanced to an important stage in the process to attain its concession grant for the Juan de Herrera concession application in the Tireo belt of the Dominican Republic. The Company has recently received an "Extracto" for Juan de Herrera, which represents a critical threshold in the concession approval process. Having received the Extracto, Precipitate will complete the remaining minor applicant obligations which will secure final grant of the concession. The remainder of the procedure is anticipated to be completed in 60 to 90 days.
In anticipation of the final concession grant, Precipitate is planning the next exploration phase for Juan de Herrera. An induced polarization ("IP") geophysical survey is being devised for the Ginger Ridge area to identify prospective sub-surface targets of high sulphide content and silicification. IP has proven to be a highly effective tool in identifying areas of buried gold-copper mineralization and delineating drill targets on other high profile projects in the Tireo belt. Precipitate's recent surface work at Ginger Ridge has identified a highly prospective zone yielding an open-ended 13.0 metre chip sample grading 1.5 grams per tonne ("g/t") gold and 20 g/t silver within a gold enriched multi-element soil geochemical anomaly exceeding 1,000 metres long and up to 400 metres wide. Any IP anomalies identified from the proposed survey would be evaluated to delineate targets for a possible first phase drill program.
The Company's landholdings in the Dominican Republic now include two concession applications, Juan de Herrera and Hato Nuevo; which collectively cover 10,573 hectares. The two contiguous concessions adjoin the southern border of GoldQuest Mining Corp's property which hosts the Las Tres Plamas discoveries. Based on exploration results to date, Precipitate has chosen not to complete the application process for the Higos Blancos concession, located outside the Tireo belt.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Tireo Gold Trend of the Dominican Republic and Sonora State, Mexico. The Company also maintains assets in north British Columbia and the southeast Yukon Territory and is actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
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
Tel: 604-558-0338 Toll Free: 855-558-0335