California Gold Corp.: Agreement with American Strategic Minerals Corporation

LA CANADA, Calif., March 26, 2012 /CNW/ - California Gold Corp. (OTC BB: CLGL) ("California Gold" or, the "Company") announced today that it entered into an agreement with American Strategic Minerals Corporation ("Amicor"). As set forth in the agreement, Amicor will provide the Company with a geological review (the "Report") of Amicor's Bull Canyon and Martin Mesa properties in Montrose County, Colorado, pursuant to which California Gold may determine and identify the approximate locations and scope of geologic formations that could contain potential gold deposits on these properties. Amicor will deliver the report on or prior to March 30, 2012.

In consideration for delivery of the Report, the Company agreed to pay Amicor $125,000, which payment may, at the election of the Company, be paid in cash or in unregistered shares of the Company's common stock. In the event that the Company elects to pay Amicor in shares of common stock, it shall deliver such number of shares of common stock that shall be equal to the number which results from dividing $125,000 by the closing price of a share of common stock as quoted on the Over the Counter Bulletin Board on March 19, 2012.

For more information on the Company and its projects, go to the California Gold website: www.californiagoldcorp.com.

Forward-Looking Statements

Certain statements in this news release are forward-looking. All statements other than statements of historical facts included in this news release including, without limitation, statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company's actual results to differ materially from the forward-looking statements including, but not limited to, the Company's ability to successfully start and complete its exploration drilling program at its AuroTellurio Project in Mexico, to establish technical and managerial infrastructure, to raise the required capital to take advantage of and successfully complete its AuroTellurio Project, future economic conditions, political stability and business conditions in Mexico and fluctuations in rare and precious metal prices. For further information about the risks faced by the Company, see the "Risk Factors" section in the Company's Form S-1 filed with the Securities and Exchange Commission on February 10, 2012. The Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE California Gold Corp.

George Duggan, California Gold Corp., [phone]

http://www.californiagoldcorp.com