California Gold Mining Inc. announced new assay results from the company's ongoing Phase III drill program at its Fremont Project in Mariposa County, California. The Phase III drill program commenced on September 11, 2015 with the objective of drilling 35 to 40 HQ-sized (2.5" diameter) diamond drill holes totaling 30,000 to 35,000 feet (9,144 to 10,668 metres). Currently, there are four diamond drill rigs operating on-site.

A total of 33 diamond holes, and 30,052 feet (9,160 metres) of drilling have been completed in the Phase III drill program to-date. This brings the total number of Phase III drill holes for which assay results have been publicly released to 11. Assay results for the other eight drill holes were released on November 9, 2015, November 23, 2015, and December 15, 2015.

The three holes discussed are part of the infill drilling segment of the Phase III drill program, focused on providing greater confidence in the geological continuity of the main Pine Tree- Josephine mineralized zone, in order to help generate a maiden resource estimate for the Project. The results from all currently analyzed Phase III drill holes show strong correlation with the geology documented during the recent Phase I and II diamond, and historic RC, drilling campaigns, and geological analysis of the Pine Tree-Josephine deposit. Drill hole DD-15-026 was drilled with an azimuth of 240° and an inclination of -55° to a depth of 190.0m.

This hole intersected two important mineralized zones with gold values exceeding 1.4 g/t. A 8.1m (26.5ft) interval with an average of 1.49 g/t Au was intersected between 35.7m and 43.8m. The interval is located within the overlying mafic volcanic and volcaniclastic sequence, and is characterized by coarse disseminated sulfide mineralization, however, the presence of an interval of foliated and serpentinized ultramafic rocks indicates that this interval is associated with a splay of the main Melones shear zone. A 4.6m (15.0ft) interval with an average grade of 7.25 g/t Au was intersected between 105.6m and 110.2m, and is associated with the quartz veins including the Pine Tree Lode, fault breccia, and arsenopyrite mineralization within the tectonic melange.

This interval includes intersections of 1.1m (3.5ft) with an average grade of 9.33 g/t Au (105.6m to 106.7m); and 1.1m (3.5ft) with an average grade of 18.41 g/t Au (109.1m to 110.2m). Drill hole DD-15-028 was drilled with an azimuth of 240° and an inclination of -55° to a depth of 167.6m. This hole intersected one important mineralized zone with gold values exceeding 1.9 g/t. A 21.5m (70.5ft) interval with an average of 1.96 g/t Au was intersected between 133.3m and 154.8m.

This interval is located at and below the basal contact of the tectonic melange with the underlying Mariposa Formation sedimentary rocks. The interval is associated with disseminated sulfides and ribboned quartz, and sporadic massive quartz veins up to 0.61m (2.0ft) wide. This interval includes intersections of 3.2m (10.5ft) with an average grade of 3.30 g/t Au (133.3m to 136.5m); and 3.0m (10.0ft) with an average grade of 3.55 g/t Au (146.3m to 149.3m).

Drill hole DD-15-031 was drilled with an azimuth of 240° and an inclination of -55° to a depth of 199.0m. This hole intersected one important mineralized zone. A 3.0m (10.0ft) interval with an average of 4.40 g/t Au was intersected between 172.8m and 175.8m.

The zone is associated with ribboned quartz veinlets, and disseminated sulfide mineralization located at the contact of the tectonic melange with the underlying Mariposa Formation. The interval includes an intersection of 1.2m (4.0ft) with an average grade of 8.19 g/t Au (172.8m to 174.0m).