Reliance Resources Limited announced that it has entered into a joint venture to explore and develop a previously drilled gold and silver project in the state of Nevada, USA. The project lies in a prolific belt of gold and silver deposits that historically have produced in excess of 25 million ounces of gold. The company believes that the property's historical resources can be upgraded to 43-101 standards, to be followed by a pre-feasibility study.

The property is prospective for a modern open-pit operation with heap-leach processing. The deposit shows very good potential for expansion both laterally and at depth. The plans for the property include staking additional claims, compiling all project data into modern software packages, performing a drill program to verify the historical results and upgrade the resource to 43-101 standards, completing a new resource calculation, and undertaking a pre-feasibility study.

Reliance's intent is to move the deposit toward production as quickly as possible. Since the project is surrounded by additional attractive ground open for staking new claims, details as to its location will remain temporarily confidential for competitive reasons pending the completion of the staking process.