FAIRBANKS, Alaska, Dec. 7, 2011 /PRNewswire/ -- Linux Gold
Corp. (LNXGF-OTCBB) completes rental fees and assessment on the
following claims in Alaska:
Trout Property - Comprised of claims covering several
blocks in the Livengood-Tolovana Mining District near International
Tower Hill (ITH.V). The International Tower Hill property is
proving to be a major gold discovery with a reported 12 million oz.
gold indicated and inferred. Linux is preparing a drill
program on Trout for Spring 2012. Assays pending on an
exploration program for 2011.
Dime Creek - On the eastern Seward Peninsula of Alaska, Linux Gold Corp. owns a 100% interest
in a strip of 12 contiguous State of
Alaska mining claims. Both have placer and Lode
potential.
Fish Creek (50-50 JV Property) - Linux Gold Corp. holds a
50% interest in 30 mineral claims known as the Fish Creek Prospect
situated 20 miles northeast of Fairbanks. The 50% interest is
optioned to Teryl Resources Corp. (TRC.V), wherein after
$400,000 is spent, Linux can backin
for a 25% interest or keep a 5% net profit interest. Furgo
Airborne Survey, Inc. has identified six main gold targets on the
site and Linux is considering a low-cost placer mining
operation. An exploration program is planned in 2012.
ABOUT LINUX GOLD CORP.
Linux Gold Corp. symbol LNXGF is involved with exploration of
mineral properties areas of Alaska
known for finding gold and other precious metals. It's
strategy is to focus on prospective areas that have the geology to
become producing mines. The Company currently plans to
explore and drill their promising gold and platinum properties:
Trout Property (Gold Prospect) near the Livengood, Tovovana mining
district, Dime Creek (Gold and Platinum Property) near Granite
Mountain, and the Fish Creek (Gold Prospect), both near major Gold
deposits and basic metal properties.
For more information please visit www.linuxgoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"John Robertson"
John Robertson, President
Phone Contact: John Robertson 800-665-4616
READER ADVISORY
This news release may contain certain forward-looking
statements, including management's assessment of future plans and
operations, and capital expenditures and the timing thereof, that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control. There can
be no assurance that such statements will prove accurate, and
actual results and developments are likely to differ, in some case
materially, from those expressed or implied by the forward-looking
statements contained in this press release. Readers of this press
release are cautioned not to place undue reliance on any such
forward-looking statements.
Forward-looking statements contained in this press release
are based on a number of assumptions that may prove to be
incorrect, including, but not limited to: timely implementation of
anticipated drilling and exploration programs; the successful
completion of new development projects, planned expansions or other
projects within the timelines anticipated; the accuracy of reserve
and resource estimates, if any, grades, mine life and cash cost
estimates; whether mineral resources can be developed; title to
mineral properties; financing requirements; changes in laws, rules
and regulations applicable to Linux, and changes in how they
are interpreted and enforced, delays resulting
from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, and the
United States, industry conditions, increased
competition, the lack of availability of qualified personnel or
management, fluctuations in foreign exchange, stock market
volatility and market valuations of companies with respect to
announced transactions. The Company's actual results, performance
or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements, including those
described in the Company's Financial Statements, Management
Discussion and Analysis and Material Change Reports filed with the
Canadian Securities Administrators and available at www.sedar.com,
and the Company's 20-F annual report filed with the United States
Securities and Exchange Commission at www.sec.gov.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits, including the amount
of proceeds, that the Company will derive there from.
Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these
cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news
release and the Company does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
SOURCE Linux Gold Corp.
