Grandview Gold Inc.
OTC Bulletin Board : GVGDF
TSX : GVX

Grandview Gold Inc.

January 24, 2008 05:00 ET

Grandview Gold Inc. Commences Drilling in Red Lake Gold District; Follows-Up on High-Grade Assays of 22.9g/T, 61.97g/T, and 163.75g/T in New NS Zone

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2008) - Grandview Gold Inc. (TSX:GVX)(OTCBB:GVGDF) ("Grandview" or the "Company") is pleased to report that the Company has commenced drilling on its Dixie Lake Property (the "Property") in the 30 million ounce gold Red Lake Mining District of Ontario, Canada. The five-hole diamond drilling program follows up on drilling done on the Property last season (see Company news release dated September 18, 2007, titled Grandview Gold Announces Significant Red Lake Drilling Results) which resulted in the discovery of high-grade gold intercepts in the new NS Zone and continuation of four existing mineralized zones.

At the Property, Grandview geologists will concentrate on the newly discovered NS Zone, to further test the mineralization in and around the thick alteration zone, where three quartz veins containing visible gold were intersected returning assays of 2.23 g/T gold over 1.5 m (2 gold grains were observed) from 173.9-175.4 m, 163.75 g/T gold over 0.47 m from 181.83-182.30 m (greater than 90 grains of gold were observed) and 22.90 g/T over 2.86 m from 200.62-203.48 m including 61.97 g/T over 1m from 202.12-203.12 m (see Company news release dated September 18, 2007).

The Company had planned on initiating the 2008 Red Lake exploration season by drilling 2,500 metres (8,202 ft) over 12 to 15 holes at the Sanshaw-Bonanza property, contiguous to the Goldcorp/Premier Rahill-Bonanza property, to test mineralization around the old mine workings and also step out and drill geophysical/structural targets beneath the ice. However, in order to best advantage time spent preparing drill pads and waiting for ideal ice conditions at Sanshaw-Bonanza, Company management opted to accelerate the exploration program for the Dixie Lake Property and return to the Dixie NS Zone for follow-up drilling. Upon completion of the five-hole drill program at Dixie Lake, Grandview geologists will mobilize immediately to Sanshaw-Bonanza to join Company geologists already on site and initiate the drill program there.

"On surface it appears that things are going very well for us at Dixie and we will certainly gain important information that will help us target more accurately when we return to Dixie again later in the season. I expect that our Red Lake team will be ready to leave Dixie and mobilize to Sanshaw-Bonanza before the end of January. We would have been on the ice at Sanshaw already but we are waiting on mother nature to deliver a few more days of extreme cold to build the required ice thickness. In the end, this is a positive development for the Company as we will supplement our Dixie data base, and admittedly our Canadian geologists were very eager to return to the NS Zone and build on their understanding of its potential." says Grandview President and CEO Paul Sarjeant.

About Dixie Lake

Grandview has an option agreement with Fronteer Development Group, to earn a 64% interest in the 1,664 hectare Dixie Lake property located just 16 miles south of Goldcorp's 11 million ounce Red Lake Mine, one of the richest, lowest cost production gold mines in the world. The Red Lake Mining District has produced over 30 million ounces gold worth over USD$26 billion at today's prices.

The Property was first drilled in 1944 by A. Boyle and sporadically thereafter by companies like Newmont, Teck and Fronteer. The Property represents one of the most attractive undeveloped resource areas in the Red Lake Belt. Diamond drilling conducted on the Dixie Lake gold property prior to Grandview's participation, generated economically interesting gold grades in three dimensions. Teck Corporation, in 1990, calculated a tonnage for the 88-4 zone of 1.1 million tons grading 0.10 ounces gold per ton. This inferred gold resource included high grade intercepts up to 15.60 g/t gold over 2.83m (from DL89-09) at depths of less than 50m. Grandview has not completed the work required to verify this historical estimate and is not treating this historical estimate as being compliant with current standards under 43-101 and as such this historical estimate should not be relied upon.

About Sanshaw-Bonanza

Grandview entered into an agreement with "EMCO" effective October 30, 2006 for an option to earn an undivided 60 percent interest in the Sanshaw-Bonanza property by incurring $250,000 (CAD) in resource exploration and development expenditures on or before August 31, 2007. In July of 2007, the Company signed an amendment to its option agreement (the "Agreement") with "EMCO" extending the option period by an additional year through to August 31, 2008.

The Bonanza property was first staked by the Sanshaw Mines Syndicate, which later became Sanshaw Mines Ltd. In 1937 Sanshaw drilled 1178 metres, with a 9.1 metre shaft sunk on Whitehorse Island. From 1939 to 1941, MacKenzie Red Lake Gold Mines drilled 17 holes for 353.6 metres.

During World War II work on the property was suspended until 1946-47 when Orlac Red Lake Mines Ltd deepened the shaft to 139 metres and established levels at 68 and 106 metres (termed the Orlac deposit). During this period, Orlac drilled 701 metres of underground development, 15 surface holes that totaled 1655 metres, and 523 metres in 54 underground drill holes.

In 1948, Cable Mines and Oils Ltd. drilled four surface holes at 1200 metres, followed by 4,207 metres drilled between 1958 and 1965. At this time, Cable Mines and Oils Ltd. issued a statement that read that, above the 375 ft. level, a resource of 175,000 tons averaging 0.20 ounces of gold per ton had been calculated (historical resource as per Ferguson, S.A. 1966, Geology of Dome Township. District of Kenora; Ontario Department of Mines, Geological Report 45). Following this discovery, Cable Mines Oils Ltd. continued drilling sporadically, testing northern extensions to mineralization.

Bonanza Red Lake Explorations Ltd. moved in 1979 and conducted geophysical surveys, followed by a six hole drill program. The best intersection was reported from hole B79-1, which returned 0.159 ounces per ton over 17.02 feet. This was followed by Pure Gold Resources Inc. who in 1987-88, optioned the property, and conducted exploration on behalf of Noramco Mining Corporation. Diamond drilling of 48 holes totaling 6,637 metres, took place along the east side of Whitehorse Island and on the lake just off the northeast side of the island.

In 1988-89 Noramco completed a further 34 holes for a total of 4785 metres in a follow-up program, & outlined a mineralized zone 3 to 5 metres wide, 150 metres long and 125 metres deep. Grades within the zones ranged from up to 2.1 to 12.7 g/T.

Caution should be used when evaluating these resources as they were calculated prior to NI 43-101 existing and a qualified person has not done work to classify the historical estimate as a current mineral resource.

About the Red Lake Gold District

The Red Lake Gold Mining District in northwestern Ontario is to Canada what the Carlin Gold Trend is to the United States, and what Witwatersrand District is to South Africa - the most prolific gold producing region in the entire country.

Since the mid-1960's The Red Lake District has yielded over 30 million ounces of gold worth over USD$26 billion at today's prices and is home to Goldcorp's Red Lake Mine, one of the richest, lowest cost production mines in the world. The Red Lake Mine produces approximately 600,000 ounces worth USD$528 million annually, with over 11 million ounces (USD $9.6 billion) gold to date.

Despite Red Lake's long history, the most prolific discovery was made just ten years ago. Dickenson Mines Ltd. had been successfully operating the Arthur White Mine in the region since 1948 and was acquired by Goldcorp in 1989. After applying advanced science and contemporary perspective to the former Arthur White Mine site and surrounding area, and implementing an impressive exploration program, Goldcorp made one of the highest grade gold discoveries in the world, averaging 9.08 ounces of gold over 7.5 feet on nine drill holes.

The now high profile Red Lake district has attracted nearly 60 juniors over the past five years and District real estate has elevated to blue chip status.

Grandview has considerable interests in the Red Lake District and on the Red Lake Gold Trend. These three projects, namely Sanshaw-Bonanza, Dixie Lake and Loisan, plus interests in Manitoba's emerging Rice Lake District fit perfectly into the Company's Canadian exploration strategy of applying advanced geology, geophysics and geochemistry to the Red Lake & Rice Lake greenstone belts.

This document may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Grandview Gold Inc's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Grandview Gold Inc's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Grandview Gold Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information