PRZOOM - /newswire/ -
Winston-Salem, NC, United States, 2010/08/02 - SmallCapReview, a leading site for news and information on small caps, penny stocks and microcaps is adding Gold American Mining (OTCBB: SILA) to its list of stocks "On the Radar".
Gold American Mining is a precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich silver and gold production potential.
The company primarily explores for silver and gold deposits. Its properties include Keeno Strike project, which is located in the Clark county, Nevada; and Guadalupe project that is located in Zacatecas State, Mexico.
SILA Investor Highlights
Announced that the geophysics program at the Guadalupe property was completed on July 20, 2010. The final work performed during this phase of exploration included a total of 20.5 line kilometers of magnetic and induced polarization surveys, additional sampling of the area and the mapping of newly identified historic workings. The Company anticipates having the final plans and interpretation for the geophysics program within the next two weeks.
Announced the appointment of seasoned Mining Engineer, Mark See, to the Company's growing management team in the role of VP of Exploration. He was selected by The "Engineering News Record" as one of the Top 25 Engineers in North America for his engineering innovations. His tenure in the mining industry includes experience with major producers and projects, including acting as Mine Manager for Rio Tinto ($94B NYSE-traded producer of gold and silver), Projects Manager of the "Alberta Oil Sands Projects" at Fort McMurray, COO of PetroTech Resources Inc, and Engineering Intern with Gold Fields Ltd. ($8.9B NYSE-traded South Africa gold producer).
Reported that the initial field program at the Company's 698.91-acre Guadalupe Property in Zacatecas State, Mexico, has confirmed the project's significant potential by returning several high grade silver results. Highlight results from the program are: 1.00 g/t gold and 946.9 g/t silver over 1.1 m (including 1.83 g/t gold and 1,800.0 g/t silver over 0.5 m). 5.35 g/t gold and 1,189.0 g/t silver from a mineralized dump.
Announced the Company's acquisition of the Guadalupe Property silver and gold project in Zacatecas State, Mexico.
The property contains two historic mines and is located in one of Mexico 's oldest mining districts, roughly 5 miles north of the Fresnillo Mine, the world's richest underground silver mine. A chip channel sample taken from one face of the workings on Silver America's 698.91-acre property returned 3.32 g/t gold and 342.0 g/t silver across 1.5 meters of vein.
The Guadalupe Property is currently processing 3 to 4 tonnes of ore per day from one of five known veins on the property at a depth of only 30 meters, and this is expected to continue until the Company has completed the purchase of the property at a maximum of 1,500 tonnes per year (~4 tonnes per day).
Mexico is currently the world's second leading producer of silver, with an estimated 3,240 metric tons of production in 2008, and the country with the world's fourth largest silver reserves at 37,000 metric tons according to the US Geological Survey (USGS).
Announced the Company's acquisition of the Keeno Strike Property silver and gold project in Clark County, Nevada. The project's exploratory work program will test ~1.1 million ounces of gold and ~69.0 million ounces of silver potential, which would be accessible via open-pit bulk handling methods unavailable to the industry at the time these properties were initially developed.
Among the many mines in the Goodsprings district that historically produced ore is the Yellow Pine mine some seven miles northwest of Silver America's property, which contained over 1.4 million ounces silver to make up two thirds of the entire district's silver production.
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