Tomagold Consolidates Its Land Holdings at Monster Lake
MONTREAL, QUEBEC -- (Marketwire) -- 04/16/12 -- TomaGold Corporation Inc. (TSX VENTURE: LOT) ("TomaGold" or the "Company") is pleased to announce that it has entered into an agreement with Diagnos Inc. to acquire a 100% interest in 25 mineral claims covering 1,395 hectares (Lac a L'eau Jaune property) in the Chibougamau region, just northeast of TomaGold's Monster Lake property. This acquisition is part of the Company's corporate strategy to consolidate its land holdings near its wholly-owned Monster Lake property.
David Grondin, President and Chief Executive Officer of TomaGold, said that: "Our major discovery of 237.6 g/t of gold over 5.7 metres in Hole M-12-60 has changed our short-term priorities. We have decided to quickly consolidate our land position around our property and establish a dominance in the Monster Lake area, and to mobilize a drill as soon as possible to continue drilling and test the potential of the discovery, which is open along strike and at depth."
TomaGold has acquired the Lac a L'eau Jaune property in consideration of the issuance of 250,000 common shares to Diagnos Inc. Diagnos retains a 2% NSR royalty, half of which can be bought back for $1,000,000. The agreement is subject to regulatory approval.
ABOUT THE MONSTER LAKE PROJECT
The Monster Lake property is located 44 kilometres southwest of the town of Chibougamau in northern Quebec. It is easily accessible by road and has a major power line nearby. From 1984 to 1995, SOQUEM drilled 142 holes for nearly 20,000 meters of diamond drill core and excavated several trenches along this 4 kilometre long mineralized corridor. Before Stellar's drilling, there were more than 45 known intersections of greater than 1 g/t Au from drill core or channel samples. The three principal showings, Eratix, Zone IV/III and Zone 52, have been drilled at 50 meter intervals, but for the most part with only one hole per section, leaving several mineralized intersections wide open, along strike and at depth.
The Monster lake property was recently acquired by TomaGold, along with two other gold projects (Urban and Vassan), from Stellar Pacific Ventures Inc. Over the past two years, Stellar drilled 46 diamond drill holes (5,235 m) on gold bearing structures defined along a 4 km long NNE striking mineralized corridor. The mineralization is related to dark quartz-sulphide veins within an altered shear zone ranging from 3 to 10 metres in width in basaltic units.
ABOUT TOMAGOLD CORPORATION INC.
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
The technical content of this press release has been reviewed and approved by Mr. Maurice Giroux, a qualified person as defined in NI 43-101 regulation.
For a complete list of drill results from the Monster Lake project, please visit the TomaGold website at www.tomagoldcorp.com.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
TomaGold Corporation Inc.
Mr. David Grondin
President and CEO
(514) 206 7727
www.tomagoldcorp.com
