GOLD: Coastal Gold updates high grade estimate at Hope Brook

NEWFOUNDLAND – Coastal Gold Corp. of Toronto has updated the high grade underground resource at the Hope Brook gold project near Port aux Basques. The former producer is believed to contain 5.5 million indicated tonnes at 4.77 g/t Au (844,000 oz) and 836,000 inferred tonnes at 4.11 g/t (110,000 oz) using a 3.0 g/t cut-off.

The high grade zone is close to the ramp that runs to a depth of 350 metres.

Hope Brook project manager Allan Polk said, "The new model, with its tighter constraints and a focus on the higher grade core, shows promise for an underground mining scenario that is enabled by the existing decline and ventilation infrastructure. The existing ramp passes by the lateral extensions of the deposit for quick production opportunities and there are also remnants within the old workings that we believe will prove mineable, especially with the integration of sorting technology to the process flowsheet."

Hope Brook is the flagship property of Coastal Gold. Further information is available at CoastalGold.ca.