2012-12-12 00:32:15 -
TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 -- Touchstone Gold Limited ("Touchstone" or the "Company") (AIM:TGL) is pleased to announce that the Company's common shares will be listed and posted for trading on the Toronto Stock Exchange ("TSX") at the opening of trading on Wednesday, December 12, 2012 under the symbol "TCH". Touchstone will be quoted on both the AIM market of the London Stock Exchange (AIM:TGL) and the Toronto Stock Exchange (TSX:TCH).
At the request of the TSX, Touchstone is providing a more detailed contingent Phase II budget than in its previously filed technical report titled "Technical Report on the Rio Pescado Gold Property, Republic of Colombia" dated June 30, 2012 and prepared by Peter A. Christopher, PhD., P.Eng of PAC Geological Consulting Inc. The technical report is available on the Company's website at www.touchstonegold.com : www.touchstonegold.com and under Touchstone's profile on SEDAR at www.sedar.com.
This phase II budget takes a longer term view towards what Touchstone anticipates will be required for future exploration beginning mid-2014. This future budget is contingent on the results and experience of Touchstone's 2013 exploration program and will be adjusted by management accordingly.
Phase II Budget
Rio Pescado Project
Anticipated to commence mid-2014
Personnel $ 2,232,000
Drilling $ 4,550,000
Assays $ 260,700
Air Support $ 660,000
Transportation $ 239,200
Equipment Supplies, Shipping & Capital $ 523,000
Environmental Consulting $ 300,000
Report Writing $ 75,000
Contingency @ 12.5% $ 1,104,988
Total Cost $ 9,944,888
Touchstone is a gold exploration company and its primary assets, which collectively comprise its Segovia Gold Project, are the Rio Pescado, El Cinco, San Miguel, and Frontino Norte properties along the Segovia-Remedios Gold Belt in Colombia. Rio Pescado is comprised of four mining concessions, the El Cinco property is comprised of one mining concession, the San Miguel property is comprised of one mining concession and one proposed mining concession, and the Frontino Norte property is comprised of five mining concessions. Touchstone owns further options on the Santa Rosa Project, in the South Bolivar area of Colombia, comprised of four proposed mining concessions and one mining concession. With a philosophy of creating value by the systematic exploration and development of Touchstone's existing assets as well as the acquisition of suitable exploration and development mineral projects, Touchstone's long-term intention is to build a significant gold exploration and production company.
This news release has been prepared under the supervision of, and approved by, John Nicholson, P.Geo., B.Sc., who is a "qualified person" as defined under National Instrument 43-101. Mr. Nicholson serves as the Chief Geologist of Touchstone.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, the anticipated future exploration and the costs of such exploration.
Forward-looking information is often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking information. The budget is preliminary in nature and may change depending on the results of the Phase I exploration and changes in the costs and estimates indicated in the budget. The Phase II budget will also depend, among other things, on the Company's ability to fund such required exploration at the time it decides to proceed. Additional risk factors are disclosed in the Company's other public disclosure documents available on SEDAR at www.sedar.com. Although Touchstone has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended. There can be no assurance that forward-looking information will prove to be accurate. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding the Company's plan, objectives, and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Touchstone Gold Limited
Chief Executive Officer
+1 647 260 1247