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Prosper Gold Extends Star Porphyry Copper Gold Discovery; Sheslay Project-Northwestern BC

-- DDH S027: 0.35 % Cu, 0.11 g/t Au over 334 m

-- DDH S028: 0.45 % Cu, 0.26 g/t Au over 144 m

-- DDH S029: 0.34 % Cu, 0.21 g/t Au over 252 m


 
Oct 29, 2013

QUESNEL, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2013) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased to report results from the final three drill holes of a six hole 2339.74 metre drill program completed on the Sheslay porphyry copper gold project (the "Property") in northwestern British Columbia. This follows the previously announced qualifying transaction with Firesteel Resources Inc. (May 7, 2013 news release) in which Prosper Gold may acquire an 80% interest in the 6,829 hectare Property.

Drill Results

DDH FROM (m) TO (m) INTERVAL (m) Cu % Au g/t Ag g/t
S027 7 341 334 0.35 0.11 0.84
incl 7 160 153 0.41 0.13 1.05
incl 7 267 260 0.39 0.12 0.93
Incl 204 267 63 0.43 0.12 0.75
S027* 504 576 72 0.27 0.10 0.57
S028 8 152 144 0.45 0.26 0.80
incl 15 30 15 0.54 0.22 0.89
incl 61 70 9 0.96 0.41 1.15
incl** 61 121 60 0.63 0.30 0.91
S028 193 270.77EOH 77.77 0.43 0.23 0.78
incl 197 213 16 0.66 0.35 1.12
S029 11 263 252 0.34 0.21 0.71
incl 11 88 77 0.46 0.27 0.82
incl 29 88 59 0.53 0.31 0.94
incl 179 263 84 0.35 0.18 0.61
S029 403 428 25 0.2 0.136 0.61
*Deepest porphyry copper gold intercept to date on the property, confirming depth potential of the Sheslay mineralized system.
**Higher grade near surface porphyry copper gold intercept.

Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Drill hole locations and drill result details are given on the company website at www.ProsperGoldCorp.com.

Previously released drill hole results (October 1, 2013 News Release) for DDH's S024, S025 and S026 are as follows:

  • DDH S024: 0.37 % Cu, 0.24 g/t Au over 312.16 m (Incl. 77.12m @ 0.66 % Cu, 0.55 g/t Au, 1.11 g/t Ag)

  • DDH S025: 0.42 % Cu, 0.20 g/t Au over 269.00 m (Incl. 237 m @ 0.46 % Cu, 0.22 g/t Au, 0.65 g/t Ag)

  • DDH S026: 0.35 % Cu, 0.15 g/t Au over 263.00 m (Incl. 165 m @ 0.44 % Cu, 0.20 g/t Au, 0.78 g/t Ag

Phase 1 Drill Program Completion - Key Points

  • Drill holes S024 to S029 cover an area of approximately 300 metres by 300 metres of the Star Porphyry body. They confirm consistency of grade for all 6 drill holes.

  • Mineralization is open for extension in all directions. DDH S027 shows the mineralized system is deep rooted with depth potential to at least 598 metres from surface.

  • Based on historical drill results, new geophysical chargeability and magnetic data, and soil geochemistry and highly mineralized trenches 500 metres to the south, less than 20% of the Star copper gold porphyry body has been drill tested to date.

  • The Star North target located 800 metres to the northeast and the Star East target located 800 metres to the east have not been drill tested. They appear to have similar size potential to the main Star porphyry discovery, with similar associated geophysical and anomalous geochemical signatures.

Pete Bernier, the Company President and CEO comments: "We are pleased with the first phase of exploration results and confirmation of our interpretation of the size of this mineralized system. Prosper looks forward to expanding the scale of the 2014 drill program to grid drill the Star discovery to a NI 43-101 compliant resource level, and drill test the remaining porphyry targets (Star North, Star East, Copper Creek, and Pyrrhotite Creek). It is also our intent to expand on the Company's current project base with a focus in North and South America."

Quality Assurance/Quality Control

Prosper Gold has applied a rigorous quality assurance/quality control program at the Sheslay Project using best industry practice. The core is logged; spot XRF measurements are made directly on the core at 33 cm intervals and magnetic susceptibility measured at 10 cm intervals. Drill core is sawn in half lengthwise at the property and half of the core is placed in plastic bags and sealed. The remaining half core is retained in core boxes stored at the project. The program includes chain of custody of samples from drill to laboratory.

A standard sample, a blank sample, or a duplicate sample is inserted into the sample stream every tenth sample. Two certified ore assay laboratory standards used in the process, were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, BC. In total, 144 quality control samples (about 10% of 1454 samples) were analyzed. Prosper Gold detected no significant QA/QC issues in reviewing the results.

Samples, including those for quality control, are shipped to ALS Minerals' preparation lab in Terrace, B.C. Samples were analyzed at ALS's ISO 9001:2008 certified North Vancouver laboratory for gold by fire assay and ICP-AES finish, and for 48 elements including copper, molybdenum and silver by ICP-MS using four acid digestion.

Qualified Person

The technical information in this news release has been reviewed by Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bernier, President & CEO

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms of the Option Agreement, exploration potential of the Property and terms of the proposed financing are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Prosper Gold Corp.
Peter Bernier
President & CEO
(250) 992-6644
(250) 992-6643 (FAX)
pete@prospergoldcorp.com
www.ProsperGoldCorp.com