Grayd Resource Corporation

Grayd Resource Corporation
Gold Reach Resources Ltd.

Gold Reach Resources Ltd.

April 05, 2005 16:35 ET

Gold Reach-Grayd Resource Report Phase II Drill Results on the Seel Property; New Cu-Au-Mo-Ag Zone Discovered


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GRAYD RESOURCE CORPORATION

TSX VENTURE SYMBOL: GYD

AND GOLD REACH RESOURCES LTD.

TSX VENTURE SYMBOL: GRH

APRIL 5, 2005 - 16:35 ET

Gold Reach-Grayd Resource Report Phase II Drill
Results on the Seel Property; New Cu-Au-Mo-Ag Zone
Discovered

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2005) - Gold Reach
Resources Ltd. (TSX VENTURE:GRH) and Grayd Resource Corporation (TSX
VENTURE:GYD) are pleased to announce results from the phase II drill
program recently completed on the Seel Property in Central B.C. Hole
S05-14 intersected a new zone with porphyry-style mineralization
containing copper, gold, molybdenum and silver throughout a 263.1 metre
long intersection (263 m @ 0.13% Cu, 0.10 g/t Au, 0.016% Mo and 2.57 g/t
Ag). There are significant portions within this intersection that are of
potentially economic grades, including 55.5 m grading 0.22% Cu, 0.25 g/t
Au, 0.030% Mo and 4.9 g/t Ag. Hole 14 is 500 metres west of hole S05-08,
drilled in Phase I, which intersected 102.1 m grading 0.44% Cu and 0.48
g/t Au (as reported in a Feb. 10, 2005 news release). The continued
association between gold and copper, with the addition of values in
molybdenum and silver, make this an important new intersection. The hole
ended in mineralization, and mineralization is open along strike in both
directions.

Eight (8) holes were drilled totalling 1,740 metres during the phase II
program. Holes were drilled to test the area around the copper-gold
porphyry discovered in the first phase of drilling, and to test a few
additional targets within the large IP anomaly on the property. Drilling
was suspended before all planned holes were drilled due to unseasonably
warm temperatures resulting in problems with access. Drill intercepts
are given in the table below. Results from holes S05-10, 11 and 12
indicate that copper-gold mineralization intersected in holes 3, 4, 7, 8
and 9 (reported previously in a press release dated Feb. 10, 2005)
continues to the northeast. Hole 10, drilled 50 m north of hole 8,
intersected 167 m grading 0.27% Cu and 0.26 g/t Au. The width of
mineralization appears to decrease to the northeast of this hole. Hole
S05-13, drilled to the southwest of Phase I drill holes, intersected
78.5 m grading 0.13% Cu and 0.08 g/t Au. Holes S05-14, 15 and 16 were
drilled to test across the IP anomaly 400 metres to the south and west
of previous drilling. All holes intersected strong alteration, with Hole
14 intersecting a well-mineralized porphyry system. Hole S05-17 was
drilled on the western flanks of the IP anomaly. This hole intersected
altered intrusive rocks with anomalous copper and gold, indicating
potential in the general area of the drill hole for other deposits.

Grayd and Gold Reach have now completed 17 holes on the Seel property.
All holes intersected alteration typically associated with porphyry
deposits and several had intersections with greater than 0.2% Cu and 0.2
g/t Au. Recent intersections containing increased molybdenum, including
5.5 m grading 0.158% Mo in S05-13 and 7.5 m grading 0.082% Mo in S05-14,
show potential for economic values from multiple elements on the
property. For comparison, the Endako Mine, which produces only
molybdenum, has a reported grade of 0.075% Mo (www.bcminerals.ca). To
date, a 1 km by 1 km area of the property has been drill tested. This
translates to only a small portion of both the known IP anomaly and the
7 km long alteration zone on the property. Gold Reach and Grayd are
planning a large IP geophysical program followed by additional drilling
in the summer of 2005.



Seel Property - Phase II Drilling - Significant Intercepts

---------------------------------------------------------------------
Inter-
Hole From To val Cu Au Mo Ag
Az Dip Depth (m) (m) (m) (%) (g/t) (%) (g/t)
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-10 135 -60 218.5 12.2 179.8 167.6 0.27 0.26 0.002 0.77
---------------------------------------------------------------------
including 64.7 108.2 43.5 0.33 0.38 0.002 0.46
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-11 315 -60 218.5 56.1 134.5 78.4 0.17 0.12 0.001 0.47
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-12 135 -50 212.5 87.3 128.6 41.3 0.23 0.15 0.004 0.80
---------------------------------------------------------------------
143.2 158.2 15.0 0.25 0.14 0.005 1.00
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-13 135 -70 221 46.8 125.3 78.5 0.13 0.08 0.014 0.68
---------------------------------------------------------------------
210.3 215.8 5.5 0.05 0.08 0.158 0.31
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-14 315 -60 270.4 7.3 270.4 263.1 0.13 0.10 0.016 2.57
---------------------------------------------------------------------
including 87.0 238.5 151.5 0.18 0.15 0.021 3.49
---------------------------------------------------------------------
including 115.5 171.0 55.5 0.22 0.25 0.030 4.90
---------------------------------------------------------------------
including 156.0 163.5 7.5 0.46 0.43 0.082 12.86
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-15 135 -50 178.2 no significant intersections
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-16 315 -50 219.6 171.0 219.6 48.6 0.18 0.06 0.016 2.96
---------------------------------------------------------------------

---------------------------------------------------------------------
S05-17 315 -50 200.3 no significant intersections
---------------------------------------------------------------------


The exploration program on the Seel property is under the supervision of
Hans Smit, P.Geo., Vice-President Exploration for Grayd Resource
Corporation, a qualified person under NI 43-101. Gold Reach can earn a
61% interest in the Seel property by incurring $1,000,000 in exploration
expenditures before December 31, 2006. Once Gold Reach has vested, Grayd
has 60 days to elect to earn back 10% of the interest by incurring the
next $250,000 in exploration expenditures (effectively forming a 51%
Gold Reach - 49% Grayd Joint Venture). During the earn-in period, Grayd
is the operator.

A drill hole location map can be viewed on both companies' websites
along with additional information at www.grayd.com and
www.goldreachresources.com.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Grayd Resource Corporation
    Marc A. Prefontaine, M.Sc., P.Geo.
    President and CEO
    (604) 681-7446
    or
    Grayd Resource Corporation
    Freeform Communications Inc.
    (778) 371-9100 - ext 1220
    www.grayd.com
    or
    Gold Reach Resources Ltd.
    Mike Sieb, B.Sc., MBA
    President and Director
    (604) 331-2263
    www.goldreachresources.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.