Mill City Corporate Update
23 June 2014 - 11:15PM
Marketwired Canada
MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX
VENTURE:MC)(OTCBB:MCYGF)(FRANKFURT:NJ6) would like to take this opportunity to
update its shareholders with recent events.
Mill City is pleased to report that it has signed a Letter Agreement with PT
Mega Malindo ("Malindo") of Jakarta, Indonesia wherein Malindo has agreed to
vend a 70% interest in the Entikong Gold Project (the "Property") to the Company
in return for a 2% net smelter return. Pursuant to the Letter Agreement, Mill
City is not required to issue any shares or make any cash payments, and does not
have any work commitments. The Letter Agreement also grants Mill City a 90 day
due diligence period. The western edge of the 7,000 hectare Property is located
in West Kalimantan, Indonesia, approximately 100 kilometers due south of Kuching
City, East Malaysia and can be accessed by paved highway and improved dirt
roads. Electrical power lines supply power to the local towns and are accessible
to the Property.
Previous work at the Property, including surface sampling and limited drilling,
has discovered three types of anomalous gold mineralization as well as alluvial
diamonds.
Primary gold mineralization occurs in a sequence of granodiorites, diorites,
porphyry dacites, porphyry andesites, and rock intrusions in the form of stocks,
plugs, dikes, and sills, and a second sequence of granodiorites, diorites,
quartzes, biotite-hornblende granites, and tonalites.
Secondary gold mineralization has been discovered in a third sequence of
sedimentary rocks that includes slate, carbonaceous mudstones, siltstones,
sandstones, local limestone and tuffs.
Placer gold and alluvial diamonds are currently being mined by local artisanal
miners on a small scale from a fifteen kilometer watershed corridor running
east-west across the Property. This corridor is downslope from and parallel to a
normal fault structure that hosts anomalous gold values and which has been
traced on surface for over 15 kilometers and averages eight meters in width.
Subject to completion of satisfactory due diligence, the Company may choose to
conduct field work programs to further identify the source of gold and diamond
mineralization known to exist on the Property.
For further information please visit the Company's website at www.millcitygold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown, Chairman, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this Release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mill City Gold Corp.
James R. Brown
403-640-0110
www.millcitygold.com
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