CBR Gold Corp.
TSX VENTURE : CBG
FRANKFURT : C3M

CBR Gold Corp.

January 18, 2010 08:30 ET

CBR Gold Corp.: Expansion of New Discovery Continues at Niblack

EDMONTON, ALBERTA--(Marketwire - Jan. 18, 2010) - CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG" or the "Company") and joint venture partner and operator Heatherdale Resources Ltd. (TSX VENTURE:HTR) announce that additional intersections of high-grade copper-gold-silver-zinc mineralization have been encountered in underground drilling at the Niblack Project in southeast Alaska. The drill program continues to expand a new precious-metals enriched mineral body recently discovered to the southwest of the Lookout Deposit; one of six known volcanogenic massive sulphide (VMS) deposits within the 10 square mile Niblack property.

Assays from the first six holes of an ongoing 25,000-foot drill program have been received. Results from the first three of these holes were highlighted in CBG's press release dated December 17, 2009. Important intersections from the latest three holes are in the Niblack Assay Table 1. A cross section showing the drill holes is available at www.cbrgoldcorp.com.

NIBLACK ASSAY TABLE 1

Drill Hole Number   From (feet) To (feet) Intercept (feet) Cu
%
Au
g/t
Zn
%
Ag
g/t
CuEQ1 %
U032   848.0 858.7 10.7 1.51 2.16 2.53 52 4.49
U032 and 883.0 896.0 13.0 1.92 3.34 1.21 60 5.15
U033A   768.5 950.0 181.5 2.52 4.53 4.68 105 8.45
U033A incl. 832.5 935.8 103.3 3.29 5.43 6.76 127 10.92
U033A incl. 881.0 932.5 51.5 3.93 7.11 10.09 159 14.37
U033A incl. 889.6 910.0 20.4 3.96 8.98 14.95 221 18.30
U034   754.8 759.4 4.6 1.15 1.99 4.42 32 4.64
U034 and 875.5 933.5 58.0 1.09 1.78 1.48 49 3.35
U034 incl. 885.0 898.5 13.5 1.83 2.96 3.90 85 6.25

1 Copper equivalent (CuEQ) calculations use metal prices of Cu US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
 CuEQ = Cu % + (Au g/t x 25.72/40.79) + (Ag g/t x 0.410/40.79) + (Zn % x 17.637/40.79).
 Metallurgical recoveries and net smelter returns are assumed to be 100%.

The initial six holes (U029 – U034) were drilled in a fan pattern from an underground set-up designed to cross-cut the mineralized target zone southwest of the known Lookout Deposit. To date, the true widths of the intersections have not yet been accurately established. Mineralized intersections in holes U032, U033A and U034 are located on section, up to 130 feet above and 95 feet below the intersections encountered in the previously announced holes. The results from all six holes, as well as the two holes drilled in 2008 (U027 and U028), are included in the Niblack Assay Table 2 at the bottom.

The Joint Venture has now initiated a second series of underground drill holes, utilizing a fan drill pattern at stations along the wide open extension of the newly discovered high-grade mineral body. Hole U035, the first hole in the second fan, is nearing completion and has intersected massive sulphide mineralization approximately 100 feet further along strike. Assay results from holes on this second fan will be released when they are received. In order to accelerate the drilling program, a second underground diamond drill rig and crew has been mobilized and is expected to be fully deployed this month.

"The first fan of underground drill holes has certainly demonstrated a continuity of high-grade, precious-metals enriched VMS mineralization. What's more exciting is that we haven't yet determined the outer dimensions of this thick high-grade copper-gold-silver-zinc mineralized body. It is still wide open," said John Williamson, President and CEO of CBR Gold Corp.

Niblack's location at tidewater on Prince of Wales Island in southeast Alaska presents a number of project benefits, including year-round marine access, a well-trained labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 kilometres) from Ketchikan, a community of 8,000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'. For reference, Hecla's Greens Creek, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 kilometres) to the northwest of Niblack on Admiralty Island.

About CBR Gold Corp.

CBR Gold Corp. is a global exploration and development company creating opportunity through project acceleration. We deliver value through innovative thinking to identify and acquire underappreciated projects worldwide. Our experience in the capital markets and technical expertise allow us to develop early and advanced stage projects to the point of joint venture or production. Our strategy is to partner with best in class companies to reduce our risk while maximizing the potential for success. CBG is partnered with Heatherdale Resources Ltd., a Hunter Dickinson associated company, which will earn a 70% interest by expending $25 million and completing a Feasibility Study on the Niblack Project.

The diverse CBR Gold Corp. portfolio currently includes two advanced stage projects, Niblack (Alaska) and Committee Bay (Nunavut), multiple generative projects, marketable securities holdings and drilling companies in Australia and Canada.

CBR Gold Corp. is a member of the Discovery Group of companies. For more information on the group visit www.discoveryexp.com.

Peter Kleespies, P. Geol., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of CBG and has reviewed the content of this release. Sample preparation and analysis is done at ISO 9001 accredited ALS Chemex laboratories in Vancouver, BC. All samples are assayed for gold by 30 g fire assay fusion with Inductively Coupled Plasma – Atomic Emission spectroscopy (ICP-AES) finish. Copper, silver, zinc, lead and 29 additional elements are determined for all samples by four acid digestion, followed by ICP-AES finish. All over limit copper, zinc or lead results (greater than 10%) and all over limit silver results (greater than 200 grams per tonne) are re-assayed by high grade single element four acid digestion ICP-AES analysis. As part of a comprehensive QA/QC program, one standard is inserted into the sample stream in each group of 20 samples, as well as one or more field blanks in each analytical batch. One sample in each group of 20 is a duplicate, which is analyzed by Acme Analytical Laboratories in Vancouver.

On behalf of the Board

CBR Gold Corp.

John Williamson, President, CEO & Director

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

NIBLACK ASSAY TABLE 2

Drill Hole Number   From (feet) To (feet) Intercept (feet) Cu
%
Au
g/t
Zn
%
Ag
g/t
CuEQ1 %
U027   629.2 644.0 14.8 3.06 6.57 18.51 101 16.22
U028   460.8 488.3 27.5 4.11 20.03 14.03 301 25.84
U028 and 590.6 627.6 37.0 3.73 5.47 13.00 114 13.95
U028 incl. 618.7 627.6 8.9 5.73 10.60 12.98 177 19.80
U028 and 688.8 694.2 5.4 4.77 2.36 11.95 50 11.93
U029   763.7 825.1 61.4 1.40 2.40 2.81 48 4.61
U029 incl. 790.4 799.4 9.0 2.79 4.81 1.10 85 7.15
U029 incl. 815.7 825.1 9.4 2.63 4.92 9.80 108 11.06
U030   835.1 867.8 32.7 1.83 3.39 2.56 57 5.65
U030 incl. 856.0 867.8 11.8 1.96 4.34 3.38 70 6.86
U031   762.0 905.9 143.9 2.25 3.01 5.52 76 7.29
U031 incl. 809.4 905.9 96.5 2.65 3.38 7.28 90 8.84
U031 incl. 838.0 905.9 67.9 3.21 3.86 8.66 112 10.51
U031 incl. 847.0 895.5 48.5 3.51 4.01 10.08 109 11.50
U031 incl. 866.8 895.5 28.7 4.19 5.18 13.85 133 14.78
U032   848.0 858.7 10.7 1.51 2.16 2.53 52 4.49
U032 and 883.0 896.0 13.0 1.92 3.34 1.21 60 5.15
U033A   768.5 950.0 181.5 2.52 4.53 4.68 105 8.45
U033A incl. 832.5 935.8 103.3 3.29 5.43 6.76 127 10.92
U033A incl. 881.0 932.5 51.5 3.93 7.11 10.09 159 14.37
U033A incl. 889.6 910.0 20.4 3.96 8.98 14.95 221 18.30
U034   754.8 759.4 4.6 1.15 1.99 4.42 32 4.64
U034 and 875.5 933.5 58.0 1.09 1.78 1.48 49 3.35
U034 incl. 885.0 898.5 13.5 1.83 2.96 3.90 85 6.25
U034 incl. 897.5 898.5 1.0 2.00 1.19 26.20 39 14.47

 1 Copper equivalent calculations use metal prices of Cu US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
 CuEQ = Cu % + (Au g/t x 25.72/40.79) + (Ag g/t x 0.410/40.79) + (Zn % x 17.637/40.79).
 Metallurgical recoveries and net smelter returns are assumed to be 100%.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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