Goldrich Exploration Update
Spokane, WA - September 15, 2011 - Goldrich Mining Company (OTCBB: GRMC) (the "Company") reports good progress on its Chandalar, Alaska HQ core drilling and gold exploration program as follows:
To date, Goldrich has drilled nineteen diamond drill core holes for a total of approximately 11,000 feet, of which sixteen holes were completed to target depth. Initial drilling on three gold targets, Summit, Mikado, and St. Mary's, has been finished. The fourth target, Rock Glacier, is currently being drilled, and road access to a fifth target, Aurora, is being prepared. Subject to weather, the Company believes it will be able to continue drilling through the third week of September and possibly into October. Drill core assays have a current turnaround time of approximately six weeks and all assay results should be released by mid-November 2011.
Goldrich recently completed a grid-based soil geochemical sample survey over the Chandalar district. Seven hundred and fifty samples were taken and work is now focused on tightening up the grid with more closely spaced sampling sites. This program is expected to involve more than 2,000 samples and will continue as long as weather permits.
A low-elevation airborne geophysical survey is underway by an international geophysical contractor and, subject to weather, should be completed shortly. The detailed helicopter-borne magnetic and gamma-ray spectrometry survey encompasses the whole Chandalar gold district. Gold mineralization appears to be spatially related to restricted magnetic lows occurring within a large northeasterly trending magnetic high that envelops the entire district. The results of this survey are expected to aid in the definition of drilling targets.