Home » Business News » 2011 » June » June 9, 2011

TWDL Doing Geological Study to Certify Proven Reserves at Their Yellow Jacket Mine Site

June 9, 2011 - LAS VEGAS, NV

Texas Wyoming Drilling, Inc. (PINKSHEETS: TWDL) today announced that geological tests undertaken late in 2010 for gold, platinum and rhodium substantiated the 1985 Yellow Jacket Mine study by Christenson which showed reserves that in today's dollars are estimated to be worth up to 58+ billion dollars. Geologist Frederic (Fred) C. Johnson (Utah Professional Geologist license #5223618-2250), who has 35 years of experience in this field, will be heading the team of experienced assayers and geologists. They will be using far more sophisticated instruments and methods than used in the past. Their goal and intent is to obtain certified proven reserves. The tests are scheduled to begin on June 21st with results expected to be available four to six weeks later.

Numerous tests have been conducted on the property in recent years in addition to the major geological studies completed in 1985. However, due to current rulings, the company has decided to use the latest up-to-date technology to do more sophisticated tests that will officially certify proven reserves.

As reported previously, the Company has several million dollars in equipment ready and waiting to be utilized to mine the full gamut of gold and precious metals found at the Yellow Jacket Site. It has also acquired financial partners ready to begin the mining process.

Scott Whipple, President and Chief Operating Officer of Legacy Rock says, "When we look at the abundance of Gold, platinum and rhodium on this property, as well as Silver, Platinum and other Rare Earths, and multiply each by the price per ounce, we can anticipate a bright future for TWDL and all of its shareholders."

TWDL is pleased to report that financial audits for the first quarter of 2011 have been completed by the company's CPA with the exception of footnotes. These will be posted on the web upon completion. TWDL is pleased to announce net tangible assets and shareholder's equity of over $23 million -- not including the value of gold or other elements found at the mine sites. This amount alone gives shareholders a book value of approximately thirty-four cents ($0.34) per share.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Texas Wyoming Drilling, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

Media and Investor Relations Contact:
Al Roensch
Phone: (415) 342-1779


Comment on this story