September 30, 2004
LINCOLN GOLD ACQUIRES THE JENNY HILL GOLD PROPERTY MINERAL COUNTY, NEVADA
CARSON CITY, NEVADA - September 30, 2004 - LINCOLN GOLD CORP. (OTCBB:LGCP) is pleased to announce that it has signed a Letter Agreement that sets out terms for a Lease with Option to Purchase Agreement on the Jenny Hill gold property located in Mineral County, Nevada.
The Jenny Hill property is located 18 miles west of Gabbs, Nevada at the southern end of the Monte Cristo Range. The property lies on eastern margin of the northwest-trending Walker Lane between the Paradise Peak and Rawhide mines. Two styles of gold mineralization are present at Jenny Hill: 1) Distal disseminated gold in Triassic siltstone (Carlin-type) and 2) Gold skarn associated with Cretaceous dike swarms in Triassic siltstone and limestone. Rock-chip sampling (300+ samples) has returned anomalous and ore-grade gold values at the surface. A partial ground magnetic survey on the claim block indicates major concealed structures that may localize gold mineralization. The property has never been drilled. Lincoln plans to complete a program of geologic mapping and soil sampling and will expand the ground magnetic survey to cover the entire claim block. Data compilation and target definition will follow.
The terms of the Letter Agreement allows for Lincoln to acquire 100% of the Jenny Hill property comprising 89 lode claims by making escalating payments totaling $1,500,000 US over a period of seven years. The project is subject to a 2% net smelter return royalty and Lincoln will retain the right of first refusal concerning any eventual sale of the royalty. An initial payment of US$7,000 has been made by Lincoln upon signing of the Letter Agreement and a further US$13,000 is due upon the signing of the formal agreement. The parties have until November 15, 2004 to finalize the formal Agreement. Work commitments include a minimum of $50,000 in the first year and $100,000 US minimum per year thereafter.
Lincoln also announces that it has terminated its joint venture of the Hercules gold-silver property in Lyon County, Nevada. Lincoln completed a three-hole drill program and determined that the property does not meet its criteria for further work at this time.
Lincoln Gold Corp. is a gold exploration company focused on Nevada with several gold exploration projects in various stages. For more information, visit the Company’s website at www.lincolngold.com or call Barry Forward, Investor Relations, at 1-800-689-1659.
LINCOLN GOLD CORP.
/s/ "Jeffrey Wilson"
Jeffrey L. Wilson,
V.P. Exploration and COO
For more information contact:
Investor Relations: 800-689-1659
www.lincolngold.com
 |
|
|
|
 |
 |
 |
|
 |
 |
||
|
|||
 |
 |
||