The visit included tours of the Natalka and Degdekan deposits. The Natalka deposit has reserves in excess of 48 million ounces of gold making it the third largest gold mine in the world. The reserves have been classified by GKZ the Russian state agency responsible for mineral resources and listing of reserves. Exploration and definition drilling is continuing at Natalka over an area of 6 kilometres x 2 kilometres. Although no reserves were quoted for Degdekan, gold mineralization has been traced by diamond drilling and trenching over an area of at least 3 kilometres x 1.5 kilometres.
Management of projects was under the direction of Mikhail Kazamirov, General Director of "Rudnik imeni Matrosova" and a mining engineer by trade. The projects benefit from a large, highly skilled professional and labour workforce. Technical work is being conducted to western standards with close attention to quality control both in the field and in the assay lab.
At both Natalka and Degdekan gold mineralization is associated with a mixed package of black argillites and coarser sediments very similar to the package of rocks at Spanish Mountain. Spanish Mountain also has very similar alteration patterns and trace element chemistry to these large Russian gold deposits.
Mikhail Kazamirov, and his technical team gave an exceptional tour that included access to geological and geochemical maps and sections, lab facilities, personnel, drill core as well as outcrops and trenches. Scott Weekes, VP Exploration for Skygold states: "I am extremely impressed by the scale of the deposits we visited and the speed at which they are being evaluated and developed. Mikhail Kazamirov has put a strong emphasis on geological understanding based on extensive drilling and trenching to develop and explore at Natalka and Degdekan. Rigorous sampling procedures and a modern assay lab assure high quality data. Skygold is using a similar approach at Spanish Mountain in its search for new deposits within British Columbia. The work done at Natalka and Degdekan provide a great model for moving forward at Spanish Mountain."
About the Spanish Mountain property
The Spanish Mountain property is host to a large size gold mineralizing system which has only been partially tested with diamond drilling. Previous work has outlined a mineralized zone extending approximately 1.2 kilometres by 0.8 kilometres which remains open in all directions. This year's program will test an area approximately five times the size of the Main Zone. This area has similar geochemical and geophysical characteristics to known gold mineralization on the property.
The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has 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.
B&D Capital Partners
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV), (the "Company") is very pleased to report their observations on a recent tour of gold deposits in Russia. Skygold was invited by the Magadan government to tour a number of gold development and exploration projects in eastern Russia. The projects have many geological similarities to Skygold's Spanish Mountain project in central British Columbia.