American Goldfields Announces Progress for the Hercules Project

December 8, 2005

American Goldfields, Inc. announced today that a total of 7 drill holes have been completed on the Hercules Project.
 
A total of 753 meters were drilled for an average depth of 108 meters per hole. The drilling extended the known near surface precious metals mineralization and defined several fault zones that fed these mineralized areas. Generally, the fault zones were encountered within an impermeable mudstone unit. It is believed that this mudstone unit restricted the flow of mineralizing fluids and may have caused ponding of the fluids at its base.

Management expects phase 2 drilling will test the base of the mudflow unit near the identified fault zones as well as deeper portions of these structures. Once fault attitudes are known at a deeper depth, testing of the Comstock style vein target can occur. Although some mining occurred near-surface the bulk of the 8.4M ounces of gold and 193.5M ounces of silver mined at Comstock occurred below 400 meters. Hercules, located 16 km south of the Comstock on parallel veins and similar elevation, will require several long angle holes to test the structures for high grade veins.

"The Hercules is an exciting mineral exploration property, in an area which we believe to be one of the highest-profile mineral regions in Nevada, and will give us a significant foothill in one of the most valuable and concentrated gold districts in the world," said Donald Neal, President and CEO.

Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.

 

 

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