Tri-Valley Corporation Seeks Strategic Partner to Pursue Exploration and Development of its Shorty Creek Prospect in Alaska
Company Continues to Focus on its Oil and Gas Business
Tri-Valley Corporation (NYSE Amex:TIV) today announced that its
wholly-owned minerals subsidiary, Select Resources Corporation, has
initiated efforts to attract an experienced, well-capitalized
operational and financial partner to assist in the exploration and
development of its 55-square-mile Shorty Creek Prospect located in the
Livengood-Tolovana Mining District, north of Fairbanks, Alaska. In May,
an independent geological consulting firm completed an NI 43-101 Report,
identifying a potentially large porphyry copper, gold, and molybdenum
system on the Shorty Creek property which could cover an area
approximately eight miles in diameter. The property borders
International Tower Hill′s ongoing successful exploration drilling
program at its Livengood Gold Project.
The Company has recently updated its website to include a downloadable
copy of the NI 43-101 Report on Shorty Creek completed earlier this year
by Avalon Development Corporation which can be accessed at http://tri-valleycorp.com/mineralproj-propdesc.html.
Also, a secure virtual data room has been established that contains
additional proprietary technical and legal information which qualified
parties can access upon execution of a standard non-disclosure agreement.
Mr. James G. Bush, President of Select Resources Corporation, will make
a brief presentation about the Shorty Creek Prospect on Wednesday,
November 3rd, during the Annual Convention and Trade Show of
the Alaska Miners Association being held this week in Anchorage, Alaska.
Parties interested in the project may contact Mr. Bush by phone at (661)
864-0500 or by email at JBush@tri-valleycorp.com.
In June, the Company announced that it had reached an agreement with the
Alaska Department of Natural Resources, Division of Geological &
Geophysical Surveys (DGGS), to share data with the DGGS that will
facilitate preparation of a geologic map which will include the Shorty
Creek Prospect. The study by the DGGS is still progressing, but
preliminary results are consistent with a large gold-copper porphyry
system.
'We are excited about the potential of our Shorty Creek Project. Given
the strategic direction for Tri-Valley established earlier this year by
our Board that focuses management time and corporate resources on the
development of our oil and gas assets in California, we believe the best
opportunity to generate returns to our shareholders for our Shorty Creek
asset is through a partnership with an experienced, well-capitalized
mining entity,? said Maston Cunningham, President and CEO of Tri-Valley
Corporation. 'This approach should allow us to more quickly monetize the
value of this important asset and generate increased value for our
shareholders.?
'We have also initiated efforts to determine strategies to maximize the
value to our shareholders of the high grade, high brightness calcium
carbonate deposit at the Admiral Calder Property we own near Ketchikan,
Alaska,? added Mr. Cunningham. 'The mine is a very high grade, high
bright deposit deemed to be among the top 1% of such deposits in the
world,? he concluded.
Additional information on the Shorty Creek Prospect and the other
Alaskan properties can be found on the Company′s website at www.tri-valleycorp.com/Minerals.
About Tri-Valley
Tri-Valley Corporation explores for and produces oil and natural gas in
California and has two exploration-stage gold properties and a high
grade calcium carbonate quarry in Alaska. Tri-Valley is incorporated in
Delaware and is publicly traded on the NYSE Amex, LLC exchange under the
symbol 'TIV.' Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
Forward-looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. Actual results, events, and performance could
vary materially from those contemplated by these forward-looking
statements which include such words and phrases as exploratory, wildcat,
prospect, speculates, unproved, prospective, very large, expect,
potential, etc. Among the factors that could cause actual results,
events, and performance to differ materially are risks and uncertainties
discussed in 'Item 1A. Risk Factors' and 'Item 7. Management's
Discussion and Analysis of Financial Condition' contained in the
Company's Annual Report on Form 10-K for the year ended December 31,
2009, and in 'Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations' as disclosed in the Company′s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
Tri-Valley Corporation
John Durbin, 661-864-0500
jdurbin@tri-valleycorp.com
or
EVC
Group, Inc.
Doug Sherk/Jenifer Kirtland, 415-896-6820 (Investor)
dsherk@evcgroup.com
jkirtland@evcgroup.com
Chris
Gale, 646-201-5431 (Media)
cgale@evcgroup.com
