Golden Tag Resources Ltd.

Golden Tag Resources Ltd.

January 23, 2007 09:00 ET

Golden Tag Resources Ltd.: Update on Exploration on Aquilon Main and Extension Properties, James Bay, Quebec and Mccuaig Property, Red Lake, Ontario

MONTREAL, QUEBEC--(CCNMatthews - Jan. 23, 2007) - Golden Tag Resources Ltd.(TSX VENTURE:GOG) is pleased to announce that diamond drilling programs on three of the Company's projects, namely the Aquilon Extension and Main properties in James Bay, Quebec and the McCuaig property in Red Lake, Ontario are planned to take place during the months of February and March, 2007.

"Exploration on the Aquilon properties in 2007 is focused on evaluating several new potential environments for gold mineralization", stated David Rigg, CEO of Golden Tag. "Gold occurrences on the Aquilon Main property boast some of the highest gold grades in any known gold occurrences in Quebec. There is significant gold in the system and we need to identify the best structural trap on the properties". Following is a description of the planned drilling for each of the Aquilon properties and the McCuaig Red Lake property. A news release will be issued advising of the commencement of drilling on each of the projects.

Aquilon Extension Property, James Bay, Quebec : A two phase 2,500 metre program comprising 15 holes of diamond drilling is planned to commence in mid-February, 2007. It is anticipated that the program will be of 4 to 5 weeks duration.

Diamond drilling is in response to a previous airborne geophysical survey and ground magnetic survey (2006) which have traced a banded iron formation ("BIF") horizon, estimated to be 60 metres wide, over an area of approximately 10 sq. km. Interpretation of the data supports multiple refolding of the favourable target horizon and recognition of at least 10 areas where the magnetic trend associated with the BIF is broken. One additional area on the property shows a highly suppressed magnetic signature related to the BIF of over 800 metres strike length. Diamond drilling will target magnetic lows along the trend of the BIF, abrupt breaks in the trend of the BIF and fold closures/ offsets; all potentially prime areas for favourable gold mineralization.

The BIF horizon is being evaluated using analogies with the Musselwhite gold deposit in northwestern Ontario and other known BIF - hosted gold deposits worldwide. Gold mineralization commonly occurs within BIF at structural breaks and fold closures, and is commonly associated with alteration. Alteration commonly results in the destruction of magnetite and loss of magnetic response of the BIF. The extension of the BIF horizon lies to the south of very high-grade gold occurrences within quartz veining on the contiguous Aquilon Main property.

The Extension property is held jointly by Golden Tag (60%) and Sirios Resources Inc. (40%). Golden Tag is the operator.

Aquilon Main Property, James Bay Quebec : A Pole-Pole Induced ("IP") program over 20 line-kilometres is planned to commence shortly to evaluate previously unexplored metasediments located directly to the north of the Red Toad showing and the string of gold occurrences identified along the Wolf Lake Shear Zone. The survey should identify potential for disseminated sulphide zones within the meatsediments and a model based on the recent Eleonore Deposit discovery in Quebec is being applied. Geophysics will be followed with a two phase 1,550 metre program of diamond drilling comprising a minimum of 5 holes in Phase 1. Phase 2 drilling will focus upon any favourable environments discovered during Phase 1 or down dip/plunge of several of the gold showings. Drilling is expected to commence in mid-March immediately after completion of drilling on the neighbouring Aquilon Extension property. The drilling program is anticipated to be of 3 to 5 weeks duration.

The Aquilon Main property, in which Golden Tag is the operator and is earning a 60% interest (see Golden Tag's news release of November 20, 2003 for details), covers 6,370 hectares of a folded, highly deformed greenstone belt hosting a felsic volcanic center and known to host numerous spectacular gold showings. Previous work conducted on the property (1997-2003) outlined numerous relatively short, shallow-dipping high grade ( greater than 20 g/T Au) quartz veins within the 4 km x 400 metre NE-oriented Wolf Lake Shear Zone. Very high gold assays have been returned from some of these veins including 287.4 g/T Au over 2.3 metres and 110.2 g/T Au over 3.49 metres. Diamond drilling on the Red Toad Zone (2004-2005), a new discovery to the east of previously known gold showings, resulted in the detection of native gold in 11 holes of the 16 holes drilled . The best result in this recent drilling was in hole AQU-04-03, which intersected 4.33 metres at an average grade of 10.03 g/t Au (see Golden Tag's news releases of November 9, 2004 and June 6, 2005).

McCuaig Property, Red Lake, Ontario : Rubicon Minerals Corp, operator of the McCuaig JV, has advised Golden Tag that a $200,000 drill program is planned to commence on the McCuaig property (jointly held 40% Golden Tag, 60% Rubicon) in mid-February, 2007 (see Golden Tag news release of November 8, 2006). The program is designed to test the down-dip extension of the #1 vein at the adjacent Mackenzie Mine, where the vein may enter Balmer Volcanic stratigraphy, coincident with the limb of a regional antiform. The regional setting of the target is interpreted to be similar to the new Bruce Channel Discovery Zone ("BCD") that is currently being drilled by Southern Star/Exall to the immediate southeast of the McCuaig property. Numerous multi-ounce intercepts have been reported from drilling on the BCD Zone within Balmer Volcanic rocks along the margin of a regional antiform and at a vertical depth of 800 to 1,200 metres.

Mr. David M. Rigg, P. Geo. and CEO, Golden Tag Resources, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

For more information, please visit the Company's website at where detailed presentations are available on each of the three properties listed above, as well as Golden Tag's San Diego JV with ECU Silver Mines in Durango State, Mexico. Golden Tag, with the announced drilling today and the diamond drilling currently in progress in Mexico, will have four drill programs on four different properties in progress over the next 2 to 3 months.

Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.

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

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