TomaGold scoping study shows 4.8 g/t Au head grade

2012-11-21 07:20 ET – News Release

Mr. David Grondin reports

TOMAGOLD ANNOUNCES THE RESULTS OF A PRELIMINARY METALLURGICAL SCOPING STUDY ON THE ZONE 325 AT THE MONSTER LAKE PROJECT

TomaGold Corp. has released the results of a metallurgical scoping study on a composite sample collected from drill core from zone 325 at the Monster Lake project, located southwest of the Chapais-Chibougamau mining districts.

TomaGold retained the services of METCHIB Metallurgical Services of Chibougamau to perform a metallurgical study on a gold composite sample collected from the Monster Lake “325 Gold Zone”. The main objective of the scoping program was to characterize the Monster Lake mineralization in order to process a bulk sample.

The program included mineralogical characterization, ball mill work index evaluation, gravity separation, static acid-generation testing, gold cyanidation kinetics at different percent solids, particle sizes, cyanide concentrations, lead nitrate concentrations and the kinetics of gold absorption on activated carbon (CIP and CIL).

The average gold head grade obtained after all tests was 4.8 g/t Au. The sample provided contained quartz as the major mineral, followed by plagioclase and iron sulphides. Analysis showed a possible association of gold with iron sulphides.

Cyanidation of whole rock yielded a good response, with gold recovery of up to 96.3%.

Two Acid Base Accounting tests (Sobek method) were conducted to determine the acid mine drainage potential. Both tests showed acid mine drainage potential for the tailings, mainly due to the high iron sulphide content (9%), and additional static tests on other composite samples were recommended.

David Grondin, President and CEO of TomaGold, stated: “These preliminary metallurgical results are very positive, as the composite sample was taken close to surface. Given the nugget effect found in the samples, they also confirm the need for TomaGold to do a bulk sample at Monster Lake to get a better idea of its mining potential.”

ABOUT THE MONSTER LAKE PROJECT

The Monster Lake property is located in northwestern Quebec, 44 kilometres southwest of the town of Chibougamau. It is easily accessible by road and near a major power line. Over 25,000 metres of diamond drilling has been done since 1984 along the four-kilometre mineralized corridor. During the winter of 2012, TomaGold drilled 16 additional holes for a total of 2,420 metres, and made a major discovery of 237.6 grams per tonne gold over 5.7 metres in Hole M-12-60. The mineralization is associated with dark quartz-sulphide veins within a shear zone 3-10 metres wide in basaltic units.