STUART, Fla., June 8, 2004 (PRIMEZONE) -- Capital Hill Gold, Inc. (OTCBB:CAGI) (the "Company") updates shareholders on the first phase exploration program on its Mexican Hat gold properties located in Cochise County, Arizona.
A total of 4 diamond drill holes on the Victoria fault and 10 trenches to bedrock to test the Linda and 16 zones have been completed. Core and trench samples are being submitted to Mountain States R&D International Inc., 13801 E. Benson Highway, Vail, Arizona, for assaying. Mountain States is a state certified company, involved in analytical, metallurgical and environmental services, that has also assisted senior mining companies such as the Phelps Dodge Corporation.
The objective of the Company's drilling program is to enhance the value of the Mexican Hat deposits, by exploring for increased tonnage of ore grade within the existing major gold bearing zones and potentially higher grade intercepts. The Company can only speculate what underlies the Mexican Hat, as there could be a much larger mineral system at depth. A deep diamond drilling program may prove the possibility of a Carlin-type, carbonate hosted, disseminated gold deposit in the Paleozoic Permian carbonate section that is present in the area.
Trenching of the 16 and Linda gold mineralized zones was completed to prove the possibility of bulk tonnage surface mineable deposits utilizing a gravity separation plant.
Management is actively pursuing private placement financing to facilitate the Company's on-going exploration program.
Capital Hill Gold, Inc. is a precious metal exploration and development company focused on exploring and developing precious metal projects.
On Behalf of the Board,
KENT CARASQUERO
Secretary, CFO
Statements contained in this press release, which are not historical facts, are forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release and other factors discussed in the Company's filings with the Securities and Exchange Commission. These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.