subject: Stock Update From Pennytobuck On Sila.ob [print this page] Gold American Mining Corporation (OTC:SILA) is a development stage company and is focusing on acquisitions of profitable mineral reserves and precious metal properties. Its Guadalupe property consists of highly regarded historical mines. These mines are located in Mexicos oldest mining areas which are located around 5 miles of the Fresnillo Mine which is regarded as the worlds richest underground silver mine managed and operated by Fresnillo plc.
Further almost 6.8 miles to the southwest of the Guadalupe property is the worlds highest grade undeveloped silver reserve which is operated in a joint venture between MAG Silver Corporation and Fresnillo plc
SILA.obs Guadalupe property consists of more than 20 operational and two historic mines by the name of Santa Rita and San Antonio which had produced to their optimum level between 1910 and 1920 and last produced in the 1980s.
SILA.ob has initiated a comprehensive exploration program for its Guadalupe property including magnetic and induced polarization surveys. Finding better than expected results SILA.obdecided to increase the geophysics program to cover more areas of the property.
CEO Gold American Mr. Johannes Petersen commented on finding, "During this new phase of exploration, we have been able to expand significantly our knowledge of the property and we are very excited about the progress. We still need to further review and analyze the data obtained to incorporate it into our geological model of the property and design the best drilling program to test it; the historical data acquired is consistent with the high-grade silver results found during our initial work program."
Gold American Mining Corporation (OTC:SILA) is pleased to provide an update on the Guadalupe property.
Further to our press release of July 14, 2010 (Source: Click here or goto http://biz.yahoo.com/iw/100714/0640882.html?.v=1) SILA.ob is pleased to announce that the geophysics program at the Guadalupe property was completed on July 20, 2010. The final work performed during this phase of exploration included a total of 20.5 line kilometers of magnetic and induced polarization surveys, additional sampling of the area and the mapping of newly identified historic workings.
SILA.ob anticipate having the final plans and interpretation for the geophysics program within the next two weeks, as well as the assay results of the sampling carried out. Please visit our photo gallery on http://www.gold-american.com to review the latest pictures on our field program at the Guadalupe property.
Johannes Petersen, President of Gold American said "We are very satisfied with the work progress on our properties as we continue to evaluate other interesting exploration properties with a view to add them to our portfolio."
For The Full Article Click Here or goto http://finance.yahoo.com/news/Gold-American-Mining-Corp-iw-3307042667.html?x=0&.v=1
ABOUT GOLD AMERICAN MINING CORPORATION
Gold American Mining Corporation is a publicly traded (OTC:SILA) precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. For more information the Company and its projects, visit Gold American's website at www.gold-american.com.
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