VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce diamond drill results from the on-going exploration program at the Spanish Mountain Project in Central British Columbia. Wide zones of gold mineralization continue to be intersected outside the limits of the initial resource calculation indicating the potential to significantly expand on this resource.
Highlights:
- Hole 08-DDH-722 intersected 47.5 metres of 2.04 g/t gold including 25.0 metres of 3.19 g/t gold and 16.0 metres of 1.51 g/t gold in two separate zones 275 metres west of the resource area.
- Hole 08-DDH-706 intersected 25.0 metres of 1.16 g/t gold 150 metres west of the resource area.
- Hole 08-DDH-714 intersected 1.0 metre of 37.6 g/t gold and 10.5 metres of 1.13 g/t gold 350 metres west of the resource area.
Discussion of Results:
Drilling at Spanish Mountain continues to expand upon the area of known mineralization previously included in the Company's NI43-101 compliant preliminary resource estimate which was reported on April 3, 2008. To date, 97 holes totaling 26,313.6 metres have been drilled to confirm the expansion of the Main Zone. Final assay results for these holes are anticipated by July of 2008 at which time Skygold will begin updating the resource calculation. Hole 08-DDH-722 returned one of the widest intercepts of gold grading in excess of 2 g/t from the Main Zone. This hole lies approximately 275 metres west of the current resource area and remains open for follow-up drilling. High grade mineralization was intersected in hole 08-DDH-714, 350 metres west of the resource area. This mineralization which averaged 37.60 g/t gold over 1.0 metre is similar in character to other high grade intercepts in this area and remains open in all directions.
Mr. Brian Groves, President and CEO of Skygold Ventures, stated, "We are very pleased with on-going work at Spanish Mountain - our flagship property in the historic Cariboo gold camp. With our current resource, we believe that the Spanish Mountain Property now hosts one of the largest gold deposits ever discovered in the region. Holes such as 08-DDH-722 clearly indicate that there is excellent potential to significantly expand upon the current compliant resource. We have drilled an area of the Main Zone that is now approximately twice the area of the initial resource estimate and many holes have assays pending. The Main Zone still remains open in several directions beyond the expanded area of drilling. Combined with this potential, we have already reported very positive metallurgical results. The Company also plans to drill several areas of the property which lie up to 3 kilometres away from the Main Zone and over which previous work has shown strong gold anomalies with similar characteristics to the Main Zone."
The following table summarizes drilling results to date:
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Width Gold
Hole From To (m)(i) (g/t)
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08-DDH-722 98.50 114.50 16.00 1.51 275m west of resource
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08-DDH-722 and 154.50 202.00 47.50 2.04
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08-DDH-722 incl. 156.00 181.00 25.00 3.19
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08-DDH-722 and 241.00 247.25 6.25 1.75
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08-DDH-697 149.00 168.50 24.00 1.04 150m west of resource
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08-DDH-698 106.50 118.00 11.50 1.09 230m west of resource
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08-DDH-701 227.50 233.50 6.00 0.56 230m west of resource
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08-DDH-705 124.00 140.00 16.00 1.80 320m west of resource
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08-DDH-706 85.34 96.00 10.66 0.55 150m west of resource
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08-DDH-706 and 264.00 295.00 25.00 1.16
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08-DDH-707 67.50 78.00 10.50 2.81 230m west of resource
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08-DDH-707 and 150.00 159.00 12.00 0.92
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08-DDH-711 22.00 47.00 25.00 0.57 500m west of resource
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08-DDH-711 and 174.00 181.50 7.50 1.11
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08-DDH-714 240.00 252.00 10.50 1.13 350m west of resource
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08-DDH-714 and 358.00 359.00 1.00 37.60
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Holes 618,626,635,637,708,712,717,718,719,720 and 721 are pending
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Hole 703 returned no significant values
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Holes 700,704,709,713,715 and 716 contained anomalous gold values
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(i) - indicates core length
Eco Tech Laboratories Ltd. of Kamloops, BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold/Wildrose are submitting standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P.Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
On Behalf of the Board,
SKYGOLD VENTURES LTD.
Brian Groves, 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. 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.
Tim Mikula
(604) 484-6317
(604) 684-0279 (FAX)
Website: www.skygold.ca
or
B&D Capital Partners
Brad Aelicks
(604) 685-6465
