CHEYENNE, Wyo., Aug. 17, 2010 (GLOBE NEWSWIRE) -- Strategic Mining (Pink Sheets:SMNG) announced today that it has recently completed a geological report for its East Canyon gold property located in both Nevada and Utah. Due to the presence of both gold and silver, further geological mapping, geochemical and geophysical surveys are required to develop new or refined exploration targets for both gold and silver.
Hassan Alief, the company's geological consultant, reviewed geochemical and field reports from historic and recent exploration to evaluate the property and write a report. Pending further investigation, Strategic Mining has plans for the further acquisition of adjacent properties.
President, Todd Sterck commented: "We are fortunate to have our gold property located in pro-mining states. Our goal is to establish ourselves in this region that has a long and proven track record for successful gold production."
The company has entered into negotiations with interested parties for the initial financing of $5 million required to develop at least one of its properties and begin gold production. These negotiations are in the early stages and SMC will update its shareholders on the progress as it develops.
Strategic Mining Corporation is engaged in the exploration and development of gold properties in Vietnam, the U.S. (Nevada/Utah) and Africa. The company intends to expand by acquiring mineral rights to more key properties and initiating strategic joint ventures.
Safe Harbour: No assurance can be given that past or similar results of precious metal mining will be indicative of future results. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.