Toronto, Ontario – Atlanta Gold Inc. (TSX: ATG) announces that it has been notified by the Toronto Stock Exchange (the “TSX”) that the Company’s common shares will be delisted at the close of market on October 9, 2009, for failure to meet the continued listing requirements of the TSX. While the Company will endeavor to meet the continued listing requirements of the TSX prior to the delisting date, the Company has also made application to list its common shares on the TSX Venture Exchange.
About the Company
In March 2009, The Company completed a Canadian Securities Administrators National Instrument 43-101 compliant Technical Report and Resource Estimate (the “Technical Report”) on the Company’s Atlanta Gold project (“Atlanta”) in Idaho.
The Technical Report estimates the total Measured and Indicated resource for Atlanta to be 3.0 million tons above cut-off grades of 0.05 ounces per ton (opt) gold for the mini-pit resource and 0.100 opt gold for the underground resource with an average grade of 0.154 opt gold and 0.357 opt silver, that contain 460,300 ounces of gold and 1,069,900 ounces of silver, respectively, or 474,900 equivalent ounces of gold (including silver resources as a gold equivalent) using an average expected recovery rate of 90 % for gold and silver. Copies of the Technical Report and the 2007 Technical report are available on SEDAR at www.sedar.com.
Exploration at Atlanta is ongoing and is expected to outline additional resources that will be incorporated in the mine plan at the appropriate time. Therefore, the Technical Report should not be used as a definitive measure of the ultimate economic potential of Atlanta.
Atlanta Gold Inc. holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,197 acres located 65 miles east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects.
The Company is focused on advancing its core asset, Atlanta, towards mine development and production and on acquiring, exploring and developing other attractive gold projects.
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as "may", "intend", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward looking information and statements, including with respect to our intent to complete the offering, the intended use of proceeds therefrom and the stock exchange listing of the Company's common shares. Such are based upon assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward looking information and statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward looking information and statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the Company's limited financial resources and the availability of financing alternatives; the speculative nature of mineral exploration, development and mining (including with respect to size, grade and recoverability of mineral reserves and resources); operational and technical difficulties; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards; government action or delays in the receipt of governmental approvals, permits and licenses; changes in resource prices and fluctuations in currency exchange rates; contests to the title of Company property and changes in general economic conditions or conditions in the financial markets; as well as other risks and uncertainties which are more fully described in the Company's annual information form on Form 20-F, annual and quarterly Management's Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information or statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
For further information:
Atlanta Gold Inc.:
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Telephone: (416) 868-1079 ext.237
Fax: (416) 868-6198