Soil Values up to 935 ppb Gold
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (TSX VENTURE:SKV) ("Skygold"), is pleased to announce the discovery of a significant gold geochemical anomaly at its 100% owned Prince George Property, south east of Prince George, British Columbia. The Prince George Property is one of five 100% owned properties being explored by Skygold for Sediment Hosted Vein (SHV) gold deposits similar to its Spanish Mountain Project (Skygold-Wildrose Resources Joint Venture). All of the projects are located within a historic gold district stretching over 400 km through central British Columbia.
Work conducted by Skygold in 2006 outlined anomalous to strongly anomalous gold values in stream sediments and soil sampling. In 2007, follow-up soil sampling on a detailed grid has outlined a large gold soil geochemical anomaly with values up to 935 ppb or 0.935 g/t gold. The anomaly covers the entire 300 x 350 metre grid so the ultimate size of the anomaly is still unknown. Reconnaissance panning on the property has returned angular coarse gold grains indicating a very near source for the gold mineralization. Recent silt sampling in this area has returned gold values as high as 14092 ppb or 14.092 g/t gold. This anomaly is part of an anomalous gold trend, defined by silt, till and soil samples, which is at least 4 km long and remains open. An image of the soil results can be found on the company's web site (www.skygold.ca).
The area is believed to be underlain by slate and phyllite assemblages (Nicola-Talkla equivalent) which are part of the same rock suite which host gold mineralization at the Spanish Mountain Project.
The regional exploration program was supervised by J. Dawson, P.Eng. and G. Belik, P.Geo. Samples were submitted for standard ICP-MS analysis using a 15 gram sample to ACME Analytical Laboratories Ltd an ISO 9002 accredited Lab.
Scott Weekes, VP Exploration for Skygold, said, "Skygold has put significant resources into the discovery of new Spanish Mountain type targets in British Columbia and it is evident that our approach to the regional exploration program is working. It was the large gold soil anomaly that exists at Spanish Mountain that originally brought Skygold to the project. This impressive soil anomaly on the Prince George property may be the beginnings of another Spanish Mountain type target. The high values of gold from the soil and silt sampling together with the right rocktypes and alteration make this property a high priority target for follow-up drilling."
Robert Darney, P.Geo. and Bob Singh, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
About Skygold Ventures Ltd.
Skygold Ventures is a Vancouver-based resource company exploring for precious metals in North America. Its shares trade on the TSX-V exchange under the symbol SKV.
Skygold's Spanish Mountain property, located near the historic town of Likely in south-central British Columbia, is one of the top gold prospects of the Cariboo region. Although Spanish Mountain has a long history of exploration, results from the past four years have produced the most convincing evidence to date that this exciting property may contain the source of some of the Cariboo's richest placer finds.
The Spanish Mountain project is a joint venture between Skygold and Wildrose Resources Ltd. Skygold owns a 70% interest and Wildrose holds a 30% participating interest.
On Behalf of the Board,
SKYGOLD VENTURES LTD.
Doug Fulcher, President
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Skygold Ventures Ltd.
(604) 684-0279 (FAX)
B&D Capital Partners