Clontarf Regulatory News (CLON)

7 Jul 2005 07:30

Persian Gold PLC07 July 2005 Persian Completes First Phase of Gold Sampling in Northwestern Iran with Positive Results Highlights • First Phase of sampling completed • Gold anomalies discovered • Application for five further exploration licenses Persian Gold (AIM: PNG) which is exploring for gold in Northwestern Iran ispleased to announce that as a result of its initial sampling and analysis, theCompany is applying for five exploration licences covering an additional 200square kilometres. Field crews have begun the process of second phase follow upsampling of the initial gold anomalies that have been discovered The first phase of the rock chip geochemical sampling program has beencompleted. From over 2,500 geochemical analyses a number of gold anomalies havebeen discovered. Recent results have identified two particular areas withdistinct potential. We have applied to replace the 1800 sq km study concessionwith 8 x 40 sq km exploration licences. John Teeling, Chairman said: "These results are very encouraging. The positive results - whilst at a veryearly stage - have lead us to increase the number of applications for fullexploration licences from 3 to 8". Mike Thomsen, senior technical adviser stated: "In South America, the discovery process for most of the major gold deposits ofthe quartz-alunite type follows a common process: • Identification of large areas of quartz-alunite alteration in volcanic rocks • Wide spaced first phase rock chip geochemical sampling for gold • Recognition and interpretation of initial gold anomalies • Detailed follow up sampling of initial gold anomalies • Drilling of anomalies and discovery In our current program, Persian Gold is well advanced in the exploration anddiscovery process. The initial gold anomalies, especially in two areas, aremost encouraging in that they are found in areas of strong quartz and alunitealteration with nearby silica-iron oxide breccias indicating a strong anddynamic hydrothermal system. I am very pleased with the results of the programto date and we are anxious to continue with the second stage of geochemicalsampling." For further information please contact: Persian Gold plcJohn Teeling, Chairman + 353 87 258 1178 Bell Pottinger Corporate & Financial + 44 207 861 3232Nick LambertPaddy Blewer Rowan Dartington + 44 117 933 0020Ian Rice This information is provided by RNS The company news service from the London Stock Exchange