| March 27, 2008 Prospect Uranium, Inc. Acquires Connors Uranium Project, North Dakota | |
| La Jolla, California, March 27, 2008. Prospect Uranium, Inc., a subsidiary of Tonogold Resources Inc. (Pink Sheets: TNGL), announces the acquisition of the Connors Uranium Project in Slope County, North Dakota. The Connors Uranium Project is leased from private land owners by the Secure Energy, LLC. joint venture. Prospect Uranium is the managing member of Secure Energy. The Connors properties consist of three uranium leases on 1,026 acres of private property. The terms of the leases are ten years or perpetual upon production and each has a $10 per acre per year rental fee of which $90,492 has been pre-paid. The leases carry a production royalty which varies from $.75 per pound of contained uranium to 5% of the net proceeds from uranium bearing ore or leach solutions. Prospect is evaluating historic drill data on adjoining land and may increase the size and scope of the project. Prospect Uranium is in possession of 242 historic drill hole logs, including gamma and resistivity logs. The logs indicate uranium mineralized roll fronts in the sandstones with mudstone and lignite layers encapsulating the sandstone. Additional layers of sandstone exist at deeper intervals, but have not been cored or logged. Prospect has analyzed an additional 1,400 drill logs in the region. Prospect Uranium, Inc. is a uranium exploration company based in La Jolla, California. Prospect Uranium is a subsidiary of Tonogold Resources, Inc. For more information on the Company visit their websites at www.tonogold.com and www.prospecturanium.com. Connors Project Page Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This press release contains certain forward-looking information about Prospect Uranium, Inc. ("Prospect") and Tonogold Resources, Inc. ("Tonogold") which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" "potential", "goal", and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Tonogold Resources, Inc., that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include: our lack of operating revenue and earnings history, our need for additional capital to pursue our business strategy, the grade and quantity of minerals in our projects may not be economic, we do not have fee title to our properties, but derive our rights through leases and the Mining Law, we are a non-reporting company and as such do not make periodic filings with the Securities and Exchange Commission, we trade on the Pink Sheets and there can be no assurances that a liquid market will develop in our securities, mining is subject to extensive environmental regulations and can create substantial environmental liabilities, gold and silver are commodities which have substantial price fluctuations, a drop in gold and/or silver prices could adversely affect future profitability and/or capital raising efforts, and mining can be dangerous and present operational hazards for employees and contractors. Readers are cautioned not to place undue reliance on these forward-looking statements. Tonogold does not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Contact: Phillip Winter 858-456-1273 ir@tonogold.com | |
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