Pengram Corporation to Proceed With Deep Drilling on Clisbao Property
22 Janvier 2010 - 12:37AM
Marketwired
Pengram Corporation (OTCBB: PNGM) (the "Company") issued the
following update on its Clisbako Property located in the Cariboo
Mining Division of the Province of British Columbia, Canada.
The directors of the Company have approved proceeding with an
exploration program including the drilling of the main targets on
the property.
The property consists of 10 contiguous mineral claims covering
approximately 8,370 acres, 80 miles west of Quesnel, British
Columbia in an area where several highly prospective epithermal
gold showings have been discovered. Approximately $2.2 million
adjusted to current value has been expended to do exploration work
on the property. The Company's geological consultants in a report
dated December 19, 2008 have concluded that a "strong potential for
mineralization on the property lies within structurally controlled
features at depth." The consultants have recommended a three-phase
program including drilling to depths of 250 - 300 meters to test
this deep potential. A copy of the report which is NI 43-101
compliant is available on the Company's website:
www.PengramGold.com.
The Company has also obtained an extension until February 15,
2010 of its obligations to pay $70,000 CDN to the property vendor
of the Clisbako Property under a promissory note issued in
connection with the Company's acquisition of the property. The
Company will issue 10,000 common shares for the extension.
Forward-Looking Statement
This document may include statements that constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect", or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
Company's limited operating history, future trends in mineral
prices, the availability of capital, geological or mechanical
difficulties affecting its planned geological work programs and
other risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. In particular, there is no
assurance that the Company will obtain sufficient financing to
permit it to proceed with the proposed exploration program. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes in
the future.
Contacts: Pengram Corporation Richard W. Donaldson President,
Secretary and Treasurer (360) 255-3436 www.PengramGold.com
Pengram (CE) (USOTC:PNGM)
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