PINNACLE ANNOUNCES CHANGES TO BOARD OF DIRECTORS; PROGRESS ON SILVER COIN SCOPING STUDY
Vancouver, B.C., August 21, 2009; Pinnacle Mines Ltd. (TSX-V: PNL, “Pinnacle”) announces the resignation of Mr. Paul Saxton from the Pinnacle Board of Directors. The Board wishes to thank Mr. Saxton for his years of work on Pinnacle, both as President and Director as he embarks on new endeavors. As stated in an earlier release (July 17, 2009), Dr. Lawrence Dick was appointed President and CEO and Director, to oversee Pinnacle’s growth as the Company’s flagship project, Silver Coin, advances towards pre-feasibility-related studies, and new opportunities in the precious metals sector are evaluated as potential acquisitions.
The Board of Directors of Pinnacle now consists of Lawrence Dick, Herrick Lau, David Eaton, Thomas Wan, Ringo Hui and Robert Wolfe.
Scoping studies on Silver Coin are advancing. A new geologic model has been constructed utilizing the more than 800 diamond drill holes completed to date. This model has been completed in anticipation of a new resource calculation which will incorporate all drill hole information. Additionally, the metallurgical testing program (being carried out by F.W.Wright Consulting Inc.) has been expanded. Results to date on bench scale metallurgical testing show excellent results with flotation gold recoveries that are consistently above 90% and range up to 96%.
Currently, environmental consulting groups are being petitioned to submit proposals for environmental base line studies and a data base for project costs is being compiled. Once completed, more detailed economic assessments, including capital cost estimates and preliminary engineering studies, are planned to take the deposit closer to eventual production.
Pinnacle is searching for additional precious metals projects, primarily in the SW United States, with the objective of building a high-quality portfolio of gold and silver projects.
About Pinnacle
Pinnacle Mines Ltd. is a Canadian based minerals exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds the Silver Coin gold prospect as its major asset and is developing and increasing the value of the Silver Coin gold resource through continued drilling, exploration, and on-going scoping studies. Silver Coin is located in an emerging major metals district that includes the historic Silbak-Premier gold mine and Barrick Gold’s famed Eskay Creek Mine.
For further information about this news release contact Lawrence Dick at 604-688-9588 or visit Pinnacle’s website at www.pinnaclemines.com for further information.
“Herrick Lau”
Director & CFO
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