SACRAMENTO, Calif., March 27, 2014 (GLOBE NEWSWIRE) -- Gold Mining USA, Inc. (GMUI), today announced that the Company has acquired the Palmyra property, a 160-acre gold and silver laden resource located in Lyon County, Nevada, near the world famous "Comstock Lode" mine and Gold Canyon.
Gold and silver-bearing quartz veins as well as free gold, silver and traces of copper at shallow depths have been unearthed at the Palmyra property, which is estimated to contain over 135,000 ounces of gold (inferred mineral resource) at 80% fine grade quality. The property, which Gold Mining USA acquired through a share sale agreement, has already produced over 35,000 ounces of gold in the past and is located in the Indian Springs District at the crest of the Pine Nut Mountains in Nevada.
Indian Springs is located 11 miles southeast of Dayton, Nevada which is in very close proximity to the Comstock Lode mine and Gold Canyon where massive amounts of gold and silver have previously been discovered and the area shares similar geology. The Comstock Lode is considered one of the most important mining discoveries in American history in both output and significance, representing the first major silver discovery in United States history that also produced tremendous amounts of gold.
Based on multiple samples taken by the Company's geologists from the claim's ore dump/loose shallow vein systems, the property showed XRF readings ranging from .09 to 1.38 ounces of gold per ton.
President of Gold Mining USA, Maurice Byrne, commented, "We are very pleased to announce our acquisition of the Palmyra property which we estimate holds a tremendous amount of gold based on current and previous studies. Additionally, this property has ideal mining conditions as it is very accessible, has a year-round warm climate and available water resource allotments through existing aquifers in the area."
"Further, our newly acquired gold property offers wide-open space for setting up milling and mining operations. Gold Mining USA already has several proprietors interested in entering into a joint venture agreement for this property and we anticipate this project to be highly valuable to the company and its shareholders," continued Mr. Byrne.
About Gold Mining USA, Inc.
Gold Mining USA, Inc. is an emerging mineral resources company focused on developing metallurgical and mining projects. The Company's business model is to acquire projects with the potential to provide significant resources through exploratory drilling and generate value through their development, joint venture or divestment. For more information, please visit www.gmuiinc.com.
Forward Looking Statements
This news release contains forward-looking statements made by Gold Mining USA, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. It is always best to seek advice from a licensed financial advisor before making any investment.
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