DENVER, Aug. 22, 2005 (PRIMEZONE) -- Capital Hill Gold, Inc. (OTCBB:CHGI) today announced that in anticipation of its consortium's success in the 2005 Nigerian oil bid round, Capital Hill has initiated contact with Chevron/Texaco and Royal Dutch Shell as potential joint venture partners. Shell currently produces almost half (1.1 million barrels a day) of Nigeria's oil production and Chevron/Texaco is one of the two largest oil producers in Nigeria. Capital Hill believes that these and other international oil companies are seeking to increase their Nigerian oil projects.
Capital Hill's consortium has bid for three concession blocks. The three concessions contain up to 300 million barrels with 200,000,000 barrels in proven reserves. The concessions being offered are located offshore which is an area of particular interest to the multinational oil companies currently involved in Nigeria, which include Royal Dutch/Shell, Chevron/Texaco and Exxon/Mobil. The U.S. Department of Energy's analysis of the Nigerian oil industry can be found at www.eia.doe.gov/emeu/cabs/nigeria.html. CHGI cannot predict with certainty the ultimate economic impact that an oil concession award will have until negotiations with a multinational. On the shareholders' behalf, the company will continue to pursue other petroleum and natural gas opportunities in this oil rich region.
About Capital Hill Gold
Capital Hill Gold's strategic objective is to obtain controlling interests in petroleum, uranium and other strategic and precious metal properties with excellent exploration potential for economically significant to world-class ore deposits. CHGI has acquired rights to several mineral exploration properties with uranium, gold and silver, and is actively negotiating for the acquisition of additional properties.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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