VANCOUVER, BRITISH COLUMBIA - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce the initial NI 43-101 compliant resource estimate for a portion of the Main Zone at the Spanish Mountain Project in central British Columbia. Independent resource estimate consultants Gary Giroux MASc, P. Eng (of Giroux Consultants Ltd) and Giles Peatfield Ph.D., P.Eng have authorized the release of this estimate. Using a cut-off grade of 0.5 g/t gold, the Main Zone is estimated to contain 1.75 million ounces of gold in the Measured and Indicated categories (67.06 million tonnes averaging 0.81 g Au/t). Current drilling has expanded the Main Zone beyond the limits of this initial resource. The map included with this release displays the extent of the Main Zone stratigraphy and the location and size of the area of drilling that forms the basis for this initial resource estimate.
The following Tables summarize the results using various cut-offs:
Spanish Mountain: Measured Resource
---------------------------------------------------------------------
Contained
Cut off Grade Gold
(g/t gold) Category Tonnes (g/t gold) (oz)
---------------------------------------------------------------------
0.3 Measured 41,950,000 0.665 900,000
---------------------------------------------------------------------
0.4 Measured 32,230,000 0.761 790,000
---------------------------------------------------------------------
0.5 Measured 24,750,000 0.855 680,000
---------------------------------------------------------------------
0.6 Measured 18,880,000 0.951 580,000
---------------------------------------------------------------------
0.7 Measured 14,460,000 1.044 490,000
---------------------------------------------------------------------
Spanish Mountain: Measured and Indicated (M&I) Resource
---------------------------------------------------------------------
Contained
Cut off Grade Gold
(g/t gold) Category Tonnes (g/t gold) (oz)
---------------------------------------------------------------------
0.3 M&I 164,990,000 0.557 2,950,000
---------------------------------------------------------------------
0.4 M&I 103,580,000 0.682 2,270,000
---------------------------------------------------------------------
0.5 M&I 67,060,000 0.811 1,750,000
---------------------------------------------------------------------
0.6 M&I 45,100,000 0.940 1,360,000
---------------------------------------------------------------------
0.7 M&I 31,010,000 1.073 1,070,000
---------------------------------------------------------------------
Spanish Mountain: Inferred Resource
---------------------------------------------------------------------
Contained
Cut off Grade Gold
(g/t gold) Category Tonnes (g/t gold) (oz)
---------------------------------------------------------------------
0.3 Inferred 19,880,000 0.454 290,000
---------------------------------------------------------------------
0.4 Inferred 9,870,000 0.563 180,000
---------------------------------------------------------------------
0.5 Inferred 4,320,000 0.721 100,000
---------------------------------------------------------------------
0.6 Inferred 2,020,000 0.913 60,000
---------------------------------------------------------------------
0.7 Inferred 1,040,000 1.164 40,000
---------------------------------------------------------------------
Brian Groves, President of Skygold Ventures, stated: "We are extremely encouraged by the results of this initial resource estimate and with three drills active on the property, we anticipate updating this resource estimate later in 2008. We have already released results from drilling well outside of this current resource area that intersected Main Zone type grades and widths (Hole 07-DDH-670 intersected 92.5 metres of 1.0 g/t gold including 49.0 metres of 1.27 g/t gold and 12.0 metres of 1.36 g/t gold; see News Release dated March 26, 2008) and are awaiting results from holes that intersected Main Zone stratigraphy up to 500 metres from the area of the current resource. This initial resource estimate complements other aspects of the Spanish Mountain project such as favourable project location and infrastructure and promising preliminary metallurgical recoveries."
A high resolution version of the map will be available at the company's web site.
Scott Weekes, VP Exploration, stated: "This initial resources marks a major milestone in the exploration of the gold system at Spanish Mountain. It is important to keep in mind we have not found the limits of the Main Zone which currently, at a 0.2 g/t cutoff, hosts over 3.5 million ounces of gold at a grade of 0.445 g/t Au. This is an indication of the scale of the mineralizing system at Spanish Mountain. Our exploration program is moving forward with three drills currently active on the project and plans under way for a bulk sampling program to begin this summer."
The current resource is based on 248 diamond drill holes completed by Skygold and Wildrose from 2005 to 2007. This represents a total of 56,620 metres of drilling and 29,877 individual gold assays. Analysis of the gold grade distribution resulted in individual sample assays being capped at 26 g/t Au which affected only 9 assays. Additional factors included in the resource estimate are as follows:
- A three dimensional solid constraining the mineralization was produced from cross sections and level plans by Skygold geologists.
- Uniform 5 metre down hole composites were produced within the constraining solid. Intervals less than 2.5 metres (at the solid boundaries) were combined with adjoining intervals.
- A block model, with blocks 20 x 20 x 10 metres was superimposed over the three dimensional solid.
- 181 specific gravity measurements were taken (using the weight in air - weight in water method) from core samples across the mineralized zone and from multiple lithologies. The resource used the average value of 2.78 with a maximum value of 3.05 and a minimum value of 2.57.
- Grade interpolation was done using ordinary kriging and search ellipses determined by variography.
The complete NI 43-101 compliant report will be filed on Sedar as soon as possible.
Mr. Gary Giroux, MASc, P.Eng (BC) is a geological engineer working for Giroux Consultants Ltd. and is the Qualified Person as defined by NI 43-101 for the resource estimate. Mr. Giroux has over 30 years of experience in mineral exploration, development and production. He specializes in computer applications in resource estimation and has authored numerous papers related to that field. He has practiced as a geological engineer since 1970 and has provided geostatistical services to the industry since 1976. Mr. Giroux and Giroux Consultants Ltd. are independent of Skygold and Wildrose under NI 43-101.
Dr. Giles Peatfield, P.Eng. is an independent geological engineer. He has over 40 years experience in mineral exploration as an employee of a major mining company and latterly as an independent consultant. He specializes in project evaluation and quality control issues, including design of sampling protocols and on-going monitoring of assay data. Dr. Peatfield is independent of Skygold and Wildrose under NI 43-101.
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.
MULTIMEDIA AVAILABLE:
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
(604) 685-6465
