VANCOUVER, May 18 /PRNewswire-FirstCall/ - Lincoln Mining
Corporation, TSX-V: LMG ("Lincoln" or the "Company") is pleased to
announce that continued review of recent drill data from its
Pine Grove property in
Lyon County, Nevada is revealing
high-grade gold intercepts worthy of a step-out drilling
program.
Reverse-circulation drill hole WL-68, located on the
northeastern edge of the Wilson deposit, encountered a 5 ft zone
(not true thickness) yielding 12.95 oz. per ton gold (444 g/T Au).
Nearby holes also contain intercepts from 5 to 15 ft in thickness
(not true thickness) grading from 0.112 to 0.275 oz per ton gold
(3.84 g/T to 9.43 g/T AU) with attending lesser grades. The Company
plans to follow known gold mineralization along a 400 ft front by
systematic step-out drilling on 100 ft centers for approximately
400 ft to the northeast.
Additional high-grade drill hole intercepts have been
encountered on the southwestern edge of the Wilson deposit.
Reverse-circulation holes WL-80, WL-97 and WL-89 hit various 5 ft
zones (not true thickness) including 0.385, 0.519, 0.820, and 1.17
oz per gold (ranging from 13.20 g/T to 40.11 g/T).
Company drilling on the nearby Wheeler deposit encountered two
new high-grade intercepts. Reverse-circulation hole WR-105
encountered 5 ft grading 2.25 oz per ton gold (77.14 g/T Au) from
170 to 175 ft and hole WR-117 hit 5 ft grading 2.27 oz per ton gold
(77.83 g/T Au) from 85 to 90 ft. (not true thicknesses).
These results reaffirm the existence of high grade mineralized
zones which formed the basis of past production. Historic
production from the district focused on high-grade gold
mineralization with the underground production of an estimated
240,000 ounces of gold grading an average of 1.4 oz per ton (or 48
g/T Au.).
In addition to systematic step-out drilling on the Wilson
deposit, Lincoln plans to conduct
various metallurgical and geotechnical drilling to advance the
property towards production.
Mr. Jeffrey Wilson, the Company's
Vice President Exploration and a Qualified Person under National
Instrument 43-101, supervised the preparation of this news
release.
The Company is having the resource estimate recalculated using
the most recent drill results combined with historical drilling
results as a basis for a scoping study leading to feasibility and
potential production.
Gold resources (NI 43-101 compliant Sept.
30, 2008) in the Wheeler and Wilson deposits are estimated
by MineFill Services Inc. at 6.06 million tons Inferred grading
0.053 opt gold at a cutoff grade of 0.010 opt gold (assays capped
at 0.500 opt gold) containing approximately 320,000 ozs gold, as
reported on SEDAR on January 22,
2009.
Lincoln Mining Corp. is a Canadian precious metals exploration
and development company with several projects in various stages of
exploration and development which include the Pine Grove gold property in Nevada, the Oro Cruz gold property in
California and the La Bufa gold-silver property in Mexico. In the
United States, the Company operates under Lincoln Gold US
Corp., a Nevada corporation and in
Mexico under Minera Lincoln de
Mexico S.A. de C.V.
On behalf of Lincoln Mining Corporation
"Paul Saxton"
Paul Saxton, President &
CEO
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 RELEASE.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR
INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL
FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION,
STATEMENTS REGARDING FUTURE PLANS AND OBJECTIVES OF LINCOLN MINING
ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND
UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL
PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD
DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS.
IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THE COMPANIES' PLANS OR EXPECTATIONS INCLUDE
AVAILABILITY OF CAPITAL AND FINANCING, GENERAL ECONOMIC, MARKET OR
BUSINESS CONDITIONS, REGULATORY CHANGES, TIMELINES OF GOVERNMENT OR
REGULATORY APPROVALS AND OTHER RISKS DETAILED HEREIN AND FROM TIME
TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL
REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION
AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS.
SOURCE Lincoln Mining Corporation