RENO, Nev., June 21, 2006 (PRIMEZONE) -- Battle Mountain Gold Exploration Corp. (OTCBB:BMGX) ("Battle Mountain") is pleased to announce the sale of Pediment Gold LLC ("Pediment") to members of its exploration team. The sale will result in the cancellation of 7.8 million previously issued BMGX shares and the creation of two 1.25% Net Smelter Royalties on the Hot Pot and Fletcher Junction exploration projects in Nevada.
There are now 63,072,256 BMGX shares outstanding, which represents an 11% reduction versus the pre-sale figure.
Mark Kucher, Chairman and CEO of Battle Mountain, stated: "The sale of Pediment to our exploration founders allows Battle Mountain to streamline our efforts to create and acquire precious metals royalties. We have a balanced portfolio of four producing, three near-term, and five exploration stage royalties that provide our shareholders with a stable stream of long term cash flows. The addition of these two exciting exploration stage royalties in Nevada complements our longer term growth profile."
Wade Hodges, President of Pediment, commented: "Pediment Gold is now 100% owned by its founders, who will now be able to focus their expertise on the business of successful exploration and discovery. Over the last two years, we have spent more than $1,000,000 to develop and apply our proprietary groundwater chemistry exploration technology in the search for gravel-covered gold deposits in Nevada. The acquisition of these assets provides a sound basis for the next stages of exploration and discovery."
About Pediment
Pediment is a privately held, Nevada Limited Liability Company that is pioneering the use of a new exploration technology: groundwater chemistry. Pediment is using a proprietary diagnostic water analysis technique and a proprietary hydro-chemical geo-database to identify and acquire highly prospective new gold properties in Nevada. Pediment has two gold exploration properties located in the Battle Mountain and Walker Lane gold trends and is actively acquiring more targets identified by the groundwater chemistry program. For more information about Pediment, please contact Wade Hodges, President at (775) 721 0008.
About Battle Mountain
Battle Mountain is a gold royalty company headquartered in Reno, Nevada, with a diverse portfolio of 12 gold royalty assets in 8 countries. Battle Mountain's portfolio includes four producing, three near-term, and five exploration-stage royalties.
On behalf of the Board of Directors, Mark Kucher Chairman and CEO
To learn more please visit www.bmegold.com or email info@bmegold.com.
Battle Mountain Gold Exploration Corp.
Sixth Floor, Suite 9
One East Liberty Street
Reno, Nevada 89504
1 800 436 0167
Safe Harbor for Forward-Looking Statements: This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, the availability of needed personnel and equipment for future exploration and development, fluctuations in the price of minerals, and general economic conditions.