[b]$GNCP[/b] News out GNCC Capital, Inc. -- Potential Low Cost Mining at Gold Hills Property
NEW YORK, July 31, [b]Jul 31, 2013[/b] (GLOBE NEWSWIRE via COMTEX) -- GNCC Capital, Inc.'s Management stated that they were primarily focusing on certain of its existing Gold Exploration Properties, "Clara" and "Burnt Well," as well as its recently acquired "White Hills" as these properties meet Management's immediate and stated objectives of "Low Cost" and potentially economically viable Gold Mining Properties.
The Company's strategy is to generate revenue streams from the Joint Venture Agreements on its Properties, the proceeds to be deployed in the acceleration of exploration for other potentially viable Gold Properties in its portfolio, thereby leading to further Joint Venture Agreements, and cash flow. The Company will also expend funds on further development on certain of its properties with a view to a sale of advanced stage exploration properties.
Company's Management updates on its Gold Hill property, which is located at the company's Clara gold property in La Paz County, Arizona. Management is of the opinion that this has the potential to be a low cost producer.
Clara is a detachment fault gold deposit. The mineralization is in a flat lying breccia zone at the base of Gold Hill, which is ringed with historic adits (mine tunnels), pits and other mine workings. The breccia zone is 5 to 30 feet thick and it underlies the Gold Hill property. In Management's opinion, this has great economic potential.
Company Management is looking at Gold Hill in an entirely new way from previous owners. The last company to explore Gold Hill found, through sampling the workings around and under Gold Hill, very encouraging results. Their surface sampling reportedly returned gold values of up to 0.652 ounces gold per ton and copper values of up to 20% copper. Underground sampling returned up to 0.512 ounces gold per ton with copper values up to 2.59%. The 36 samples taken averaged 0.091 ounces gold per ton and included a section of continuous chip / channel samples which averaged 0.162 ounces gold per ton over 85 feet. They then drilled nine holes at Moreau Hill, which included intercepts of 45 feet grading 0.097 ounces gold per ton and 15 feet grading 0.089 ounces gold per ton.
Company Management is analyzing these drill results and sampling patterns with the intention of developing an underground mining plan utilizing the latest technology in order to deliminate the mineralized breccia zone which has an access road. Company Management has determined that this has the potential to be a low-cost underground mine which requires no shaft sinking or large capital expenditures.
Low cost is the Company Management's top priority for mining its Arizona properties given the volatility of the gold price. All of its mines are in a mining-friendly State, with good infrastructure and a well-educated workforce.
The Company does not require any additional funding in this fiscal year in order to achieve their stated objectives. The Company's management has secured the requisite funding to meet its stated objectives for this fiscal year.
The Company's Management is working to monetize its existing assets and to acquire additional assets, should they be of a strategic and economic fit, in order to secure sustainable revenue streams for the Company.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is primarily a Gold Exploration Company, with a secondary focus on Silver Exploration. The initial exploration properties are located in Arizona and consist of "White Hills, Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts Mountain." The Company intends to create significant value for its initial portfolio of properties through continued exploration, joint ventures, and through the acquisition of additional Gold and Silver Exploration assets. GNCC Capital, Inc. is a current information filer on the OTC Markets under the symbol "GNCP."
