RENO, Nev., Aug. 24, 2006 (PRIMEZONE) -- Consolidated Goldfields Corporation (Pink Sheets:CDGF), formerly Helena Silver Mines, Inc. (Pink Sheets:HLSV), announced today that it has completed the acquisition of 100% of the issued and outstanding shares of Dome Copper Corporation. Dome Copper is a privately held corporation with mining assets located in Nevada, Idaho and California.
The acquisition dramatically expands the portfolio of mining properties held by Consolidated Goldfields, particularly in the state of Nevada where the Company intends to focus its exploration and production efforts. Consolidated Goldfields now controls nine properties in Nevada, three in Idaho, three in California and four in Montana. The company intends to announce more detailed information about these precious and base metal projects in upcoming news releases.
Consolidated Goldfields changed its name from Helena Silver Mines, Inc. and approved the acquisition of all shares of Dome Copper on a one to one basis effective July 14, 2006. The Company also announced the installation of new directors and officers. The new President and CEO is Thomas K. (Toby) Mancuso who has extensive experience in the exploration and development of mining properties in the United States. Becky Corigliano was appointed Chief Financial Officer and Thomas E. Callicrate as Vice President Exploration.
Mr. Mancuso was formally President and CEO of Western Goldfields, Inc. which successfully purchased the Mesquite mine from Newmont in November of 2003. He was also Chief Geologist for Kennecott Exploration Company and involved in the start-up of the Rawhide mine in Nevada and the Flambeau mine in Wisconsin, among other mining operations.
Ms. Corigliano has extensive experience in mining operations and has held the position of Assistant Secretary/Treasurer for Apollo Gold, formally Pegasus Gold, for eighteen years. She most recently served as Chief Financial Officer for Western Goldfields, Inc. and was the former Chief Financial Officer for Little Squaw Gold Mining Company and Marfill Mines Limited.
Mr. Callicrate has held positions as Vice President Exploration with Western Goldfields, Inc., Trending Mining Company; Senior Geologist with Kennecott and District Geologist with Romarco Minerals. Mr. Callicrate has extensive experience conducting generative exploration activities for precious metals, base metals, diamonds, gemstones and industrial minerals and stone commodities.
Mr. Mancuso, in commenting about the operational plans of Consolidated Goldfields, noted that the Company currently controls several high-grade precious and base metal properties which he believes are capable of near-term production from underground operations. "Our plan is to develop a positive cash flow from our most prospective high-grade underground properties that can be developed quickly and cost effectively. We will then focus on exploration of our other properties and acquisition of superior projects that host significant precious metal resources.
"By applying this strategy, we feel that Consolidated Goldfields can quickly evolve into a self-sustaining, profitable junior mining company capable of successfully achieving our goals and objectives in both the short and long term."
Certain information contained in this news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections. However, such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward-looking statements. The Company disclaims any intent or obligation to update publicly any forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.