GOLD CREST MINES, INC. REPORTS ON NSR OPTION ACQUISITION
SPOKANE, Wash., Feb. 27 /PRNewswire-FirstCall/ -- Gold Crest Mines, Inc. (OTC Bulletin Board: GCMN - News) is pleased to announce it has completed several months of negotiations with the J.J. Oberbillig Estate and heirs concerning a 5% Net Smelter Royalty (NSR) and real property in the Stibnite Mining District in central Idaho. GCMN has purchased an option, through August 15, 2008 to acquire the 5% NSR from the heirs of the J.J. Oberbillig Estate. This royalty applies to any metal produced from lands sold by the Oberbilligs to Bradley Mining Co. in 1941. The Yellow Pine gold property, now controlled by Vista Gold Corporation and the subject of a December, 2006 Canadian National Instrument 43-101 report, is subject to the 5% NSR.
In addition, GCMN has acquired an option from the personal representative of the J.J. Oberbillig Estate. This option gives GCMN the right to acquire approximately 255 acres of patented mining and mill site claims in the Stibnite area from the Oberbillig Estate. These lands have been the subject of several exploration programs over the years, but contain no resources calculated to modern standards. GCMN has also acquired access to all the historical data for the district owned by the Oberbilligs.
The Stibnite district has produced over 500,000 ounces of gold as well as tungsten and antimony.
GCMN has previously staked 185 mining claims and 46 mill site claims in the Stibnite district. The GCMN claims surround the Vista Gold property and cover areas of known gold oxide and sulfide mineralization, developed by Dakota Mining Co. and other operators, as well as portions of the past producing underground Meadow Creek mine.
Tom Parker, President and CEO for Gold Crest, said, "We are pleased to have reached agreements with the J.J. Oberbillig Estate and heirs. We feel the 5% NSR has real value and we are excited about the exploration potential associated with the patented claims under option and our own extensive claim block."
GCMN has begun planning exploration activity for the 2008 season to include continued compilation of historic data, geologic mapping, geophysics and soil and rock sampling. A drilling program is currently being developed to confirm and expand the historically documented mineralization and test new targets being developed by GCMN's continuing work in the district.
Gold Crest Mines, Inc. is a junior gold exploration company with properties in Alaska and Idaho, and is a reporting company under the Securities and Exchange Act of 1934. GCMN is listed on the OTCBB.
'Safe Harbor' Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained herein constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains 'forward-looking statements' which can be identified by the use of forward-looking terminology such as 'believe', 'expect', 'may', 'should', 'up to', 'approximately', 'likely', or 'anticipates' or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the Company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.
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