Gossan Resources Limited

Gossan Resources Limited

June 12, 2009 09:12 ET

Gossan's Partner Provides Coppermine Drill Results at the Bird River Project

WINNIPEG, MANITOBA--(Marketwire - June 12, 2009) - Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT/FREIVERKEHR XETRA:GSR) has been advised by its joint venture partner, Marathon PGM Corporation ("Marathon"), of the completion of a 6 hole, 549 metre drill program on the Coppermine Zone located at the western end of the Bird River Project in southeast Manitoba. Lenses of sulphides were intersected in 5 holes with assay results outlined below:

Assay Results - Coppermine Zone - 2009 Spring Drill Program
True Total PGM +
From To Width Pd Pt Au Au Cu Ni
Hole (m) (m) (m) (gpt) (gpt) (gpt) (gpt) (%) (%)
MC-09-01 51 57 6 0.46 0.21 0.13 0.79 0.23 0.13
MC-09-02 71 77 6 0.32 0.15 0.06 0.52 0.16 0.11
MC-09-03 44.5 50 5.5 0.35 0.17 0.16 0.68 0.71 0.07
MC-09-04 31 33 2 1.38 0.37 0.20 1.95 0.36 0.02
MC-09-04 59 67 8 0.03 0.01 0.09 0.13 0.36 0.02
MC-09-06 15 37 22 0.51 0.30 0.11 0.92 0.20 0.11
MC-09-06 21 29 8 0.87 0.50 0.16 1.53 0.29 0.19
(1) MC-09-05 intersected no significant values

The drill results identified a more favourable palladium to platinum ratio of 2.27 in the Coppermine Zone compared to 4.35 at the eastern end of the property. To date, Marathon has identified an 800 metre long mineralized strike length at the Coppermine Zone. A single hole at the Coppermine Zone was drilled by Canex Placer Ltd in 1973 which contained a 12.2 m intersection grading 0.24 % nickel, 0.42 % copper, 1.02 gpt platinum and 1.19 gpt palladium. Additional prospecting was carried out by Marathon along strike from this hole, yielding a total of 77 grab samples, of which 20 returned values of greater than 0.5 gpt platinum plus palladium, including 8 samples in the range of 1-3 gpt platinum plus palladium (please see Gossan news release 07-09 of June 11, 2007).

Marathon is also prospecting at the Chrome and Galaxy Zones to follow up on geophysical anomalies. The 15 km of strike length separating the Coppermine and Chrome Zones is highly prospective and warrants future drilling. Reinterpretation of the Page and Ore Fault drill databases and re-logging of select Ore Fault and Page holes from as far back as the 1970s will assist in further refinement of the model of mineralization. To date Marathon has successfully delineated over 5 million tonnes of in-pit resource at the Ore Fault and Page Zones in 2008. The Bird River Project is a joint venture between Gossan Resources and Marathon with Marathon acting as operator of the project. Gossan contributed funding to the 2009 Spring drill program to maintain its interest and currently holds an approximate 45% interest in the Project. The Bird River Project covers a strike length of 22 km of the Bird River Sill, which is host to two past producing mines and numerous mineralized zones of base and precious metals. Drilling to date has focused on 3 km at the eastern end of the Property. On January 15, 2009, two NI 43-101 compliant resource estimates were announced for the Ore Fault North Zone and the Page Block (see NR-09-01).

Samples consist of NQ-size drill core that are split by diamond saw on site, prepared at ALS Chemex Thunder Bay, and assayed by fire assay with an ICP-OES finish (for Pt, Pd and Au) and acid dissolution and ICP-OES finish for base metals at ALS Vancouver. Marathon's quality assurance-quality control (QA-QC) program consists of insertion of standards of known PGM content and duplicates every 40 samples. After sampling, the remaining half core is retained on site for future verification and reference purposes.

David Good, P.Geo., VP Exploration, is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Gossan.

Gossan Resources Limited is engaged in mineral exploration and development in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty and minor metals, tantalum, lithium, chromium, titanium and vanadium. The Company also has a large deposit of magnesium-rich dolomite, the world-wide rights to the Zuliani magnesium production process, and a silica sand deposit. Gossan trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and has 29,020,900 common shares outstanding.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the interim period ended September 30, 2008. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

For further information, please bookmark www.gossan.ca.

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