Drilling
Commences
Near The Pipeline Gold Mine
Coral
Gold's (TSX.V: CLH; OTCBB CLHVF) -- www.coralgold.com
--major exploration development project is located in North Central
Nevada on the famous "Battle Mountain Gold Trend" and
is known as the Robertson property. The trend hosts a number
of large gold deposits, including the 8 million ounce Pipeline
Gold Mine.
Owned by Cortez Gold
Mines, the open pit Pipeline mine has produced over 1 million
ounces annually since 1997 at a cost under US$75 per ounce, making
it one of the world's lowest-cost producing gold mines in the
world.
Cortez Gold Mines is
comprised of two major mining companies Placer Dome with 60%
interest, and Kennecott holding 40% interest. Situated adjacent
to the Pipeline mine along the gold trend to the north are the
mineral holding of Coral Gold Corporation, a land position that
represents one of the most promising locations to explore for
gold anywhere.
Mathew Wayrynen, President,
recently announced that drilling has commenced on the property
that adjoins Cortez Gold Mines.
The program will involve
approximately 9,000 feet of exploratory drilling. The drilling
will focus in two areas: follow-up drilling in the immediate
vicinity of ore grade hole PR-380 (Drilled in 1999 by Cortez
which intersected 70 feet of 0.067-oz/ton gold between 260-330
feet) and a series of 1,500-ft-deep offset holes in the vicinity
of 97401 (Drilled in 1997 by Cortez which intersected 20 feet
of 0.051-oz/ton gold between 1,160-1,180 ft depth).
"We believe a
major gold discovery on our property near Pipeline is quite possible,"
says Wayrynen.
Contact:
CORAL GOLD Corp.
TSX.V: CLH OTC BB CLHVF
Contact: David Wolfin, Investor Relations
Suite 400 455 Granville St.
Vancouver, B.C. V6C 1T1, Canada
Phone: (604) 682-3701
Fax: (604) 682-3600
Email: investor-relations@coralgold.com
Web: www.coralgold.com
