Reese Corp. Acquires 100% of Second Gold Property in Nevada with Surface Samples of up to 31 grams per tonne Gold Aug 4, 2006 9:05:00 AM
RENO, NEV., August 4 /CNW/ - Reese Corp.(OTCBB:RESE)(FWB:R5E) is pleased to announce that it has signed a Letter of Intent to acquire a 100% interest in the Ox Creek property, located 13 miles northeast of Austin, Nevada. The property consists of 29 claims covering approximately 560 acres, where surface samples have shown gold grades of up to 31 grams per tonne over a width of 3 feet. Geologically, it is located within and adjacent to the Callaghan Mountain structural window through the Roberts Mountains Thrust, in an area of strong hydrothermal alteration and highly anomalous geochemistry. These are associated with high angle faulting as well as the low angle thrust zones.
Bill Reed, VP Exploration, North America, commented, "The initial attraction to this area was due to a number of factors including the significant 3 foot wide outcrop that ran 31 grams per ton gold; its proximity to the ongoing adjacent exploration activity by Teck Cominco and J-Pacific Gold; and a recently published article in Economic Geology Magazine suggesting that this area contains an under-explored significant hydrothermal system as indicated by regional geochemical studies. We intend to aggressively explore Ox Creek in this emerging district with the objective of proving up an economic resource."
Available data from prior exploration in the area confirms in detail the presence of highly anomalous concentrations of gold, arsenic, antimony, mercury, zinc and silver in soils, rock chips and drill cuttings, with associated decalcification of silty limestones and locally intense silicification. There have been narrow drill intercepts and surface rock samples with gold contents up to 0.10 ounces per ton. Lithologic units very favorable to mineralization are thinly overlain by thrust plates of less favorable host rocks.
A significant exploration target is located on the southern extension of the poorly defined Cottonwood Spring resource of 50,000 - 75,000 ounces of gold, apparently controlled by faulting and favorable lithologies. Reese Corp. technical personnel are currently compiling a large amount of data produced by earlier exploration groups to better define additional structural, geochemical and lithological exploration targets.
Under the terms of the agreement, Reese Corp can earn a 100% interest in Ox Creek by making property payments totaling $110,000 and by incurring exploration expenditures of a minimum of US$100,000. In addition, the property vendor is entitled to a 2% NSR on any production which Reese Corp. can buy-back 1% for US$1,000,000 at its sole discretion.
About Reese Corp.
Reese Corp. is a precious metals exploration and development company. It is management's objective for Reese to become a gold and precious metals producer by developing the El Tiliche project in Mexico, the Bailey Hills and Ox Creek properties in Nevada, and by acquiring other advanced-stage projects and/or producing mines in proven precious metal districts throughout the world. The Company trades on the OTC market under the symbol "RESE" and on the Frankfurt Exchange under the symbol "R5E". For more information, please visit the Company's web site at: www.ammexgoldmining.com (now available in the following languages: English, German, Mandarin, Spanish and French).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Reese Corp. Investor Relations: Skyline Communications 613-226-9881 Toll-free: 1-866-481-2233
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