SOURCE: Grenville Gold Corporation

October 17, 2007 09:15 ET

Grenville Seeks Development Proposals for Espanola, Assigns Exploration Project Manager for Silveria

VANCOUVER, BC--(Marketwire - October 17, 2007) - Grenville Gold Corporation (TSX-V: GVG) (PINKSHEETS: GVLGF) (FRANKFURT: F9I) (WKN: A0KELU) ("Grenville" or "the Company") announces the Company is accepting development proposals for the Espanola Property. An initial NI 43-101 compliant report has been completed and available on the Grenville Gold Corp. website at: http://www.grenvillegoldcorp.com/Properties/Espanola/tabid/68/Default.aspx

A total of 45 grab samples of rock were collected from various underground workings with assays ranging from 70 parts per million to 11.37 per cent copper and 0.007 to 0.794 grams of gold/tonne. Mineralization on surface is hosted by steeply dipping malachite-stained quartz veins averaging between 0.5 to 3 meters wide. In the underground workings sulphide mineralogy consists of bornite and chalcopyrite. Results are consistent with the former producing Raul/Condestable Mines, located 15 kilometers west of Espanola. These mines are reported to have produced over 20 million tons of ore grading 1.5% copper and 0.5 grams of gold per tonne. The average of the samples was 0.19 ppm Gold and 2.51% Copper. The table below lists results.

-----------------------------------------------------
Sample Number Gold  Copper Sample Number Gold  Copper
               ppm    %                   ppm    %
-----------------------------------------------------
    01526     0.609  3.23     01549      0.027  0.52
-----------------------------------------------------
    01527     0.464  2.88     01550      0.011  0.53
-----------------------------------------------------
    01528     0.094  1.85     01633      0.043  5.05
-----------------------------------------------------
    01529     0.101  2.14     01634      0.018  1.64
-----------------------------------------------------
    01530     0.499  8.77     01635      0.185  4.35
-----------------------------------------------------
    01531     0.011  0.01     01636      0.597  2.96
-----------------------------------------------------
    01532     0.783  3.95     01637      0.189  0.94
-----------------------------------------------------
    01533     0.177  4.69     01638      0.283  2.17
-----------------------------------------------------
    01534     0.794  5.70     01639      0.052  2.93
-----------------------------------------------------
    01535     0.170  3.60     01640      0.111  5.46
-----------------------------------------------------
    01536     0.104  1.89     01641      0.103  0.52
-----------------------------------------------------
    01537     0.325  0.61     01642      0.457 11.37
-----------------------------------------------------
    01538     0.008  0.09     01643      0.189  5.70
-----------------------------------------------------
    01539     0.015  2.19     01644      0.239  4.60
-----------------------------------------------------
    01540     0.009  0.83     01645      0.189  1.51
-----------------------------------------------------
    01541     0.007  1.92     01646      0.189  3.03
-----------------------------------------------------
    01542     0.037  0.44     01647      0.048  1.54
-----------------------------------------------------
    01543     0.017  0.51     01648      0.114  0.04
-----------------------------------------------------
    01544     0.012  0.01     01649      0.364  1.46
-----------------------------------------------------
    01545     0.012  0.31     01650      0.445  3.88
-----------------------------------------------------
    01546     0.009  0.71     01419      0.142  0.10
-----------------------------------------------------

At present, Grenville is focused on the development of the Silveria Property. Sr. Manuel Escalano, Ph.D, Manager of Exploration and Mine Development for Inversiones Mineras Alexander S.A.C., has been assigned the task of organizing the early stage exploration at the Silveria Project. The focus of exploration is to identify above surface and underground drill targets.

The technical information contained in this release has been reviewed by Jeffrey Reeder P.Geo technical advisor for Grenville Gold and qualified person as defined in National Instrument 43-101 in a release dated May 16, 2007.

About Grenville Gold Corporation

Grenville Gold (www.grenvillegoldcorp.com) is a junior resource company seeking prospective properties in Peru and Ecuador. The company has three subsidiaries: 90% owned Inversiones Mineras Alexander S.A.C. in Peru which owns the Silveria Property which has a resource target of 40-100 ounces of Silver, Espanola Property and the Chorobal Property, Minera MineGreville S.A. in Ecuador which has an option to acquire the La Tigrera Project, and Parkman Diamond Corp. in Ontario, Canada which owns the Parkman Diamond Prospect. Grenville Gold plans to leverage the experience of its Board and Management in exploration and mining to develop its growth strategy in North and South America.

On behalf of the Board of Directors,

"A. Paul Gill"
President & CEO
Ph. 604-669-8842
info@grenvillegold.com

We Seek Safe Harbour

The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission.

Contact Information

  • Contact:
    A. Paul Gill
    President & CEO
    Ph. 604-669-8842
    Email Contact