Goldcliff Resource Corporation

Goldcliff Resource Corporation

May 15, 2006 17:29 ET

Goldcliff Plans Ambitious Exploration Program and Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 15, 2006) - Leonard Saleken PGeo., President of Goldcliff Resource Corporation (TSX VENTURE:GCN), is pleased to announce plans for the most ambitious exploration program to date at the Company's 100 per cent owned Panorama Ridge property near Hedley, B.C. Goldcliff plans 2,000 metres of trenching and a diamond drill program of up to 4000 metres. Drilling will focus on expanding the York-Viking zone as well as testing several other targets on Panorama Ridge.

The Panorama Ridge property is a sedimentary-strata-bound gold skarn environment similar to the historic Nickel Plate mine. Located some 4 kilometres west of Panorama Ridge, Nickel Plate's historic gold production was 1.5 million ounces of high-grade gold from the underground mine, while recent production of an additional one million ounces came from surface open pit mining by Mascot Gold Mines. Cumulative drilling of 5,408 metres by Goldcliff over the last three field seasons has demonstrated strong continuity of the Gold Mineralized Zone (GMZ) and has outlined an area of potential economic interest at the York-Viking zone.

"The significantly strong drilling and trenching results at the York-Viking gold zone (YVZ) successfully establishes that gold mineralization occurs concurrently at depth and on the surface," states Goldcliff President Leonard Saleken. "An aggressive exploration program is required to fully evaluate the gold potential of Panorama Ridge."

Goldcliff has engaged Raymond James Ltd. to act as Agent on a best efforts basis to complete a brokered private placement of up to 4,000,000 units at a price of $0.25 per unit for gross proceeds of $1,000.000. Each unit will consist of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at a price of $0.35 per share for a period of one year. Raymond James Ltd. has also been engaged as Agent on a best efforts basis to complete a brokered private placement of up to 3,000,000 Flow Through common shares at a price of $0.30 per Flow Through common share. If both offerings are fully subscribed, gross proceeds will be $1,900,000. Raymond James Ltd. will receive a fee of 7% cash and an Agent's Option of 7%, entitling the Agent to acquire one common share at a price of $0.35 per common share for a period of twelve months from the closing of the placement. Raymond James Ltd. will receive a Corporate Finance fee of $20,000 plus GST.

Goldcliff has retained Contact Financial Corporation to provide Investor relations services to the Company. Commencing immediately, the engagement will be for an initial period of six months. Contact will be paid a monthly fee of $7500. Contact will also be granted incentive stock options to purchase up to 150,000 common shares of Goldcliff at a price of $0.25 per share for 2 years. The incentive stock options are subject to Goldcliff's stock option vesting schedule.

Leonard W. Saleken, PGeo., is the qualified person as defined by National Instrument 43-101 who supervised the preparation and verification of the technical information in this release.


Leonard W. Saleken, PGeo., President

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

Contact Information