SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 8, 1999
TRI-VALLEY CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE 0-6119 84-0617433
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification no.)
230 South Montclair Street, Suite 101 Bakersfield, CA 93309
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (661) 837-9300
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ITEM 5 OTHER EVENTS
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On December 8, 1999, Tri-Valley Corporation announced that it had been notified
by Placer Dome U.S., Inc., that it will proceed with the second year of
exploration on the approximately 36 square miles of Tri-Valley's claim block at
Richardson, Alaska. The notification is described in the press release filed
herewith as an exhibit.
ITEM 7 FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
99.1 Press Release dated December 8, 1999
Placer Dome U.S., Inc. (PDUS) has notified Tri-Valley Corporation (TVC)
that it will proceed with the second year of exploration on the 36-square miles
of Tri-Valley claims optioned by PDUS, it was announced today by F. Lynn
Blystone, TVC president and chief executive officer.
Tri-Valley maintains a claim block of approximately 61 square miles at
Richardson, Alaska and PDUS began exploring a portion of the claims last summer
with a broad-base soil auger sample grid. Several
gold/bismuth/tellurium/tungsten anomalies were identified and three diamond
drill core information holes were drilled in the area of one of the anomalies.
"We still have not received all the data from the 1999 program, but
obviously it must be encouraging to enable our property to make the cut on
Placer Dome's worldwide property retention list. Their level of interest
confirms our own views on the potential of this ground we began staking in
1987," Blystone said.
Placer Dome must spend a total of $6.5 million in exploration, including a
minimum of $750,000 in the year 2000, to earn 51% interest in its portion. By
additional expenditures including a bankable feasibility study estimated by
Tri-Valley to exceed $10 million, PDUS may earn an additional 29% interest in
its portion of the TVC claim block.
In 1991, Tri-Valley began a joint effort with TsNIGRI, the principal
Russian mineral research institute, to explore the area and TsNIGRI
geoscientists have evaluated approximately 250 square miles of the area from
which Tri-Valley selected its present holdings, all on State of Alaska lands.
The property lies about 65 miles south of Fairbanks, Alaska and is sandwiched
between the Richardson Highway and the Aleyeska Pipeline service road for
year-round access on both sides. A power line runs through the claim block and
ample fuel and water are available. TsNIGRI geoscientists have found physical
gold at 60 locations along a 20-mile swath. Bulk sampling at one high-grade
dike yielded over 3,000 rough ounces of lode gold from 30,000 tons of partially
crushed ore.
"We have only admiration for the job TsNIGRI does for us. They are
competent, very hard working, honorable people and are largely responsible for
base of original data Tri-Valley now has which helped attract Placer Dome to our
property. We are also pleased with the effort being made by Placer Dome, one of
the world's largest gold mining companies, to advance a portion of the property
while TsNIGRI continues on the 25-square mile portion we have retained for
Tri-Valley's account at this time," Blystone said.
Placer Dome U.S., Inc. is headquartered in Reno, Nevada and the world
headquarters is in Vancouver, British Columbia. Tri-Valley is an exploration
company headquartered in Bakersfield, California, where it pursues California
petroleum prospects through its subsidiary, Tri-Valley Oil & Gas Co. Tri-Valley
is publicly traded over-the-counter under the symbol "TRIL" and its projects and
filings are detailed on its website, www.tri-valleycorp.com.
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This press release contains forward-looking statements that involve risks and
uncertainties. Actual results, events and performance could vary materially
from those contemplated by these forward-looking statements. Among the factors
that could cause actual results, events and performance to differ materially are
risks and uncertainties discussed in the company's quarterly report on Form
10-QSB for the quarter ended September 30, 1999, and the annual report on Form
10-KSB for the year ended December 31, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRI-VALLEY CORPORATION
December 8, 1999 /s/ Thomas J. Cunningham
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Thomas J. Cunningham
Chief Financial Officer
