Corporate Update

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Corporate Update

posted on Jul 20, 2011 05:19AM

July 18, 2011

Harte Gold Corp.: Corporate Update

TORONTO, ONTARIO--(Marketwire - July 18, 2011) - Harte Gold Corp.: ("Harte") (TSX:HRT)(FRANKFURT:H4O) is pleased to provide an update on current exploration initiatives at the Sugar Zone property.

Highlights:                                                                 

--  Drilling has re-commenced at the Sugar Zone property to complete the
    10,000 metre program 
    
--  Potential new "Third Zone" found in footwall of Drill Hole SZ-11-14 
    
--  Downhole geophysics program initiated to define new footwall discovery
    and test for additional targets at depth 
    
--  IP Survey has been completed over the Fold Nose area, data
    interpretation is currently underway 
    
--  Road construction to provide improved access within the Sugar Zone
    property continues 
    
--  Flow-Through financing closes at $1.145 million

The current exploration program will follow up on drill holes SZ-11-18 and SZ-11-14 which intersected Sugar Zone mineralization at the 400 and 700 metre levels respectively (please see news releases dated April 21 & June 1, 2011). The exploration program will consist of:

--  Drilling below the existing Sugar Zone Deposit to confirm down dip
    continuation of Sugar Zone gold mineralization and, 
    
--  Downhole geophysics at the Sugar Zone and Wolf Zone to establish the
    presence of additional targets at depth

On completion of the drill program, an updated resource and NI 43-101 report will be completed. This report will be used for block modelling and mine planning for the feasibility study on the Sugar Zone Deposit, including a Preliminary Economic Assessment.

Harte announced the final closing of its non brokered private placement of flow through common shares. Harte raised an additional $245,000 and issued 612,500 common shares for total gross proceeds of $1,145,000 and the issuance of 2,862,500 common shares. Finder's fees payable in connection with the final closing consist of a cash payment equal to 5% of cash raised and that number of common share purchase warrants equal to 5% of flow through common shares issued pursuant to certain orders for a total applicable to the final closing of $11,250 and 28,125 warrants and a total of $39,200 and 99,250 warrants. Each Finder's warrant is exercisable into one common share on payment of $0.40 for a period of 12 months from closing. Proceeds from the private placement will be focused on Harte's Sugar Zone Property in White River, Ontario.

Harte also announced that it has granted 400,000 options to acquire common shares to a new Director. The stock options are exercisable at $0.40 per common share and expire on July 14, 2016.

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