Toronto, Ontario – Atlanta Gold Inc. (TSXV: ATG; OTC Pink: ATLDF) announces that its wholly-owned subsidiary, Atlanta Gold Corporation ("AGC"), has formed Mineral Point, LLC to explore AGC's Neal Property through Neal Development, LP (the "Partnership"). Mineral Point, LLC is an Idaho limited liability company and the Partnership is formed under the Idaho Uniform Limited Partnership Act, as amended.
Mineral Point, LLC will be the General Partner of the Partnership and will hold at least a 50% interest in the Partnership, and the Limited Partners will hold a 50% interest in the Partnership. One hundred (100) units of the Partnership will be offered to qualified investors at US$25,000 per unit to the aggregate subscription level of US$2,500,000.
The Neal Property is located 15 miles southeast of Boise, Idaho, in Elmore County and 45 miles southwest of the Atlanta Project within the same Trans-Atlanta-Challis fault alignment. It is on private land and it only requires State Government approval to commence operations. It can be operated by providing a Notice of Motorized Exploration. The Partnership will advance the exploration and processing method and such advancements will then be applied by AGC to the development of the Atlanta Project. The recovery process medium is water with gravity recovery and recent testing results indicate that gold concentration is up to 400:1 with recoveries greater than 80% of total gold without the use of any chemicals.
Knife River Corporation (“KRC”) will be the contractor to excavate and transport the mineralized materials from the Neal Property approximately 23 miles, to KRC’s property located on Amyx Lane for crushing. Mineral Point, LLC will process the materials at the KRC property as a contractor. The Partnership will also contract with Mineral Point, LLC to provide general, administrative and other services.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and unless so registered, may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About the Company
Atlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,159 acres (8.74 square kilometres) located 90 air kilometers east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects. The Company is focused on advancing its core asset, Atlanta, towards mine development and production.
The Company is also focused on advancing the exploration and processing method on the Neal Property, which is located approximately 15 miles from Boise, Idaho and comprises approximately 192 acres (0.78 square kilometres). The Neal Property’s geology is similar to that of the Atlanta Project and it provides the Company with all-season access to further refine the processing equipment and procedures. In June 2014, Knife River assigned certain of its rights and obligations under its lease with the owner of the Neal Property to AGC. AGC staked an additional seven contiguous claims on public land that was open to mineral entry.
This news release contains forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities laws with respect to the completion of subscriptions by Limited Partners of the Partnership, the commencement of exploration and development at Neal and the application of advancements developed at Neal to the Atlanta Project. Such are based upon various assumptions and other factors that management believes to be reasonable, including that adequate funding will be available on a timely basis and that requisite permits are obtained on a timely basis. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Risks and uncertainties that may cause actual results to vary include the ability of the Partnership to complete the financing on acceptable terms; receipt of requisite governmental approvals; fluctuations in the gold price and currency exchange rates; changes in general economic conditions and in the financial markets; as well as other risks and uncertainties which are more fully described in the Company’s annual and interim management’s discussion and analysis and other filings by the Company with the securities regulatory authorities, which are available under the Company’s profile at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied by the forward-looking statements and accordingly, readers should not place undue reliance on the forward-looking statements. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
For further information contact:
Atlanta Gold Inc.
Wm. Ernest Simmons
Atlanta Gold Inc.
CHF Investor Relations
Catherine D. Hume
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