In anticipation of the significantly expanded drill program this year, the Company has purchased a 34 hectare piece of property within the town of Likely to accommodate extra work crews. The property lies approximately three kilometres from the Spanish Mountain claims and will provide an excellent site for the location of offices, camp including complete kitchen services, core handling facilities, and storage. Construction is currently underway and progressing on schedule. The camp will house up to 35 workers.
Skygold's President Doug Fulcher said, "The purchase of land and construction of a complete facility on site is a huge step forward in the advancement of the Spanish Mountain project. The town of Likely has supported the Project for the past three years and will continue to be a large part of the ongoing support.
It's exciting that a new phase of exploration is now underway. With two drills on the way and another two diamond drills planned within a few weeks, we will be able to confidently test the size potential of this property. We have a very highly skilled technical team on site with an aggressive exploration program. This combination will only improve our chances for success and increase shareholder value."
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
Scott Weekes, V.P. Exploration
"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. This news release may contain certain.
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B&D Capital Partners
VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV), (the "Company") and joint-venture partner, Wildrose Resources Ltd. (Wildrose) (TSX VENTURE:WRS), are pleased to announce that exploration crews have mobilized to Likely, British Columbia to prepare for the 60,000 metre 2007 diamond drill program. Four drill rigs have been commissioned to explore the project with two of the rigs planned to start in the first week of June. The two other rigs, including a helicopter portable rig that will test outside targets in the Oscar showing area and near Cedar Creek, are planned to start later in June.