Stock Watch On Gold American Mining (Formerly Silver America). OTC.BB.SILA
Sunday, August 1st, 2010![]()
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Silver America, Inc. (OTC.BB:SILA) changed its name to Gold American Mining Corp. to better reflect the nature and primary focus of its business operations. The name change was effected as a result of the Company’s more specific emphasis on exploring for gold within the precious metals industry, and the belief that it would be in the best interest of the Company and its shareholders. The Company’s shares continue to trade on the OTC BB under the symbol SILA.
Gold American Mining Corp. is pleased to provide an update on the Guadalupe property. 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.Gold American anticipates 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.
“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,” said Johannes Petersen, President of Gold American. “The results to date at our Guadalupe property are in line with what we expected to find. The values at surface, the historical information acquired and the recent identification of the geophysics anomalies, all suggest that the vein systems in the property have the potential to continue to much greater depths. We are confident that we will soon be in a position to start drilling operations in the property to test this concept,” added Mr. Petersen.
Gold American Mining Corp. is a 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.
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