GOLD CREST MINES, INC. REPORTS ON STIBNITE, IDAHO ACQUISITION
Gold Crest Mines, Inc. (OTC Bulletin Board: GCMN - News) is pleased to announce it has completed a Lease and Option to Purchase Agreement with the Bradley Mining Company (BMC) covering 175 acres of patented mining claims owned by BMC in the Stibnite-Yellow Pine Mining District, Valley County, Idaho. A preliminary letter agreement related to this transaction was reported in a press release dated March 14, 2008. The Agreement provides GCMN with a one-year lease on the patented claims and an option to purchase the claims during the term of the lease. The acquisition covers approximately 1.5 miles of the surface expression of the Meadow Creek Fault, the primary mineralized zone in the district. Underlying the claims are the past producing Meadow Creek underground mine, the DMEA and North Tunnel exploration workings and the majority of the Monday Tunnel, an exploration drift. GCMN will also have access to BMC's historic files for the claims. The acquisition of this parcel completes GCMN's consolidation of the land package in this historic mining district.
According to the Idaho Geological Survey, the Stibnite-Yellow Pine District has produced over 500,000 ounces of gold as well as silver, antimony and tungsten. With this lease, GCMN now controls more than 4,350 acres in the Stibnite district and named the project the "Golden Meadows Project." In total, GCMN now controls over 3.5 miles of the surface expression of the Meadow Creek fault. Historic drilling, underground exploration and development work by previous operators has outlined several areas of gold mineralization along the fault that will be the subject of future exploration efforts by GCMN.
One such area, situated northeast of the historic Meadow Creek Mine underground workings was extensively sampled and drilled by Bradley Mining Company under a mid-1950's U.S. Government-sponsored Defense Minerals Exploration Administration (DMEA) program targeting tungsten and antimony. Work included completion of 17 underground diamond drill holes totaling 2,109 feet and systematic sampling of over 1,100 feet of underground exploration drifts, crosscuts and raises on three levels. During the late 1980's, Hecla Mining Company conducted extensive surface testing of the up-dip expression of this mineralized lens.
Results from sampling and drilling in the southern end of the main exploration drift reported in a series of U.S. Bureau of Mines reports are provided in Table 1. GCMN has not conducted confirmation drilling in this area and no proven or probable ore reserves have been developed. The Company's President and CEO, Tom Parker stated, "We are pleased to have secured the lease and option to purchase on the Bradley Mining Company lands and are excited about the exploration potential of the Company's land holdings 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 NASDAQ Electronic Bulletin Board (OTCBB) under the symbol "GCMN."
Further information about Gold Crest Mines, Inc. and its properties can be found at the Company's website at http://www.goldcrestminesinc.com.
GOLDEN MEADOWS PROJECT
TABLE 1: SOUTH DMEA DRIFT - SIGNIFICANT INTERCEPTS
DMEA
PROJECT TOTAL INTER- INTER- INTER-
HOLE COLLAR HOLE HOLE HOLE CEPT CEPT CEPT
NUMBER ELEVATION INCLINATION BEARING DEPTH WIDTH GRADE INTERVAL
DESIGNATION (FEET) (DEGREES) (DEGREES) (FEET) (FEET) (OPT) (FEET)
(1) (2) (3) (4) (5) (6)
DMEA-11 A 0 123 481 176 0.031 305-481
DMEA-12 A 0 278 304 50 0.011 5-55
DMEA-13 A +2 120 400 305 0.045 95-400
DMEA-14 A +2 132 79 69 0.050 10-79
DMEA-15 A +1 330 225 215 0.092 10-225
DMEA-16 A +2 217 85 65 0.105 10-79
DMEA-17 A -39 137 200 50 0.016 10-60
" " " " 95 0.015 105-200
DMEA-18 A +2 271 108 80 0.047 25-105
DMEA-19 +30 133 280 190 0.050 60-250
DMEA-20 A +44 299 135 120 0.235 10-130
DMEA-21 A +2 142 100 20 0.010 50-70
DMEA-22 C +58 290 90 85 0.107 5-90
DMEA-23 C +2 101 50 45 0.091 5-50
DMEA-24 C +39 212 73 60 0.113 10-70
DMEA-25 B +2 085 99 94 0.034 5-99
DMEA-26 C +30 129 48 38 0.050 10-48
DMEA-27 C +40 191 137 25 0.010 5-30
" " " " 92 0.053 45-137
Drift-2DS A 0 - - 180 0.048 -
Crosscut-4DS A 0 - - 190 0.068 -
Raise-1R A-B +68 300 104 104 0.080 -
Drift-1DS B 0 - - 176 0.237 -
Crosscut-1XW B 0 - - 50 0.189 -
Raise-2R B-C +50 176 91 91 0.068 -
Note (1): 'A' Level is ~6661 feet elevation; 'B' Level is ~ 6750 feet
elevation; 'C' Level is ~ 6820 feet elevation
Note (2): Inclination is angle in degrees above (+) or below (-)
horizontal plane of level of workings
Note (3): Bearing is in relation to local grid north
Note (4): Downhole intercept width, estimated true width varies, but most
intercepts are near true widths. Composite may include up to 10
feet of waste below cutoff grade
Note (5): Results reported by Bradley Mining Company in DEMA files.
Analyses by conventional fire assay with gravimetric finish.
Lower reporting limit of 0.005 opt gold. Reported grade is
length weighted average grade using 0.01 opt cutoff.
Note (6): Start and bottom footages of reported composited mineralized
interval
Sources:
Wallace, K.G., 1956, Final Report by the Bradley Mining Company to the
Defense Minerals Exploration Administration, Docket No. DMEA-1284
(Antimony); Yellow Pine Mine, Valley County, Idaho. contract No. Idm-453.
Report dated March 1, 1956.
Wallace, K.G., 1956, Final Report by the Bradley Mining Company to the
Defense Minerals Exploration Administration, Docket No. DMEA-2636
(Antimony); Yellow Pine Mine, Valley County, Idaho. contract No. Idm-453.
Report dated April 7, 1956.
Bardill, J.D. and Kellum, D.F., 1956, Department of the Interior, Defense
Minerals Exploration Administration, Field Team, Region 1, Northwest
District, Final Report, Amended Contract Idm-E173, docket No. DMEA-1284
(Antimony).
"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. For example, there is no assurance that past mining activities on the Company's leases are indicative that any proven or probable reserves exist on the claims. 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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