Mengold Resources Inc.
TSX VENTURE : MNI

Mengold Resources Inc.

September 27, 2007 08:45 ET

Exploration Update on Mengold's Shebandowan Programs

Diamond Drilling Planned for This Fall

MONTREAL, QUEBEC--(Marketwire - Sept. 27, 2007) - Mengold Resources Inc. (TSX VENTURE:MNI) has been conducting ongoing field programs at its Burchell Lake and Goldcreek Properties, located in the Shebandowan area, west of Thunder Bay, Ontario. A 5,000m diamond drilling contract was signed this week and the Company intends on undertaking a drill program at both of these properties this fall.

During the summer of 2007, Mengold has been conducting exploration programs at the Burchell Lake and Goldcreek Properties. Field crews are taking soil samples on all the previously cut grids at 25m intervals. There are three grids at the Goldcreek Property totalling 92.1 line-km and one 27.0 line-km grid at the Burchell Lake Property. To date, about 2,500 samples have been sent to the laboratory for analysis. The results are anticipated to be received shortly. The field crews are also running a beep mat survey over all the grids in order to test for metallic conductors down to a depth of a few meters. Prospecting and geological mapping are being done concurrently with the other surveys mentioned. The purpose of these programs is to identify and prioritize target areas for an upcoming 5,000m diamond drill campaign which is slated to commence this fall.

In late March 2007, a Beep Mat survey was conducted over the I-Zone on the Goldcreek Property. Beep Mats are used to locate conductors which are within a few metres of surface. The survey identified five new beep mat conductors. Management is encouraged by the location of these near-surface conductors as prior geophysical surveys have indicated an 800m long structure at the I-Zone which carries some high-grade gold values within two parallel structures measuring up to 4m-5m in width.

The Qualified Person supervising the work being carried out on the Burchell Lake and Goldcreek Properties is Joel Scodnick, P.Geo., President and CEO of Mengold Resources Inc. and the President & CEO of Helm Exploration Ltd.

The Burchell Lake and Goldcreek Properties are prospective for gold and Volcanogenic Massive Sulphide (VMS) style base metal - copper-lead-zinc-molybdenum - mineralization. Both properties are qualified by independent NI-43-101 Reports conducted by Geologica Consulting Group and the Reports are available on SEDAR.

Mengold is engaged in mineral exploration for precious and base metals. The Company is currently conducting exploration programs at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc and nickel, in the Shebandowan area west of Thunder Bay, Ontario. Mengold also holds two properties in Quebec, the Mountain River Property near Sainte-Anne-du-Lac, and the Thetford Property in the Eastern Townships. Mengold has 28,245,088 common shares outstanding.

For further information, please bookmark www.mengold.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • In Canada
    Mengold Resources Inc.
    Joel Scodnick, President and Chief Executive Officer
    (705) 522-4439
    (705) 522-8694 (FAX)
    Email: scodnick@netspectrum.ca
    or
    Mengold Resources Inc.
    Douglas G. Reeson, C.F.O. and Director
    (416) 533-9664
    (416) 533-2890 (FAX)
    or
    In Europe
    Mengold Resources Inc.
    W. Ian L. Forrest, Chairman and Director
    011 41 22 809 9511
    011 41 22 899 9501 (FAX)
    Website: www.mengold.com