Mengold Resources Inc.

Mengold Resources Inc.

November 29, 2007 09:44 ET

Mengold Stakes an Additional 6,500 Hectares at the Goldcreek Property-Shebandowan, Ontario

MONTREAL, QUEBEC--(Marketwire - Nov. 29, 2007) - Mengold Resources Inc. (TSX VENTURE:MNI) has successfully staked 411 mining claims, measuring 65 square kilometres, adjacent to the south of its Goldcreek Property, located in the Shebandowan area, west of Thunder Bay, Ontario. The entire Property now covers approximately 152 square kilometers (15,200 hectares).

The staking was undertaken following encouraging results of a geochemical survey on the Centre Zone of the Goldcreek Property which identified an extensive gold anomaly measuring at least 1.2 km long and 100m - 200m wide that trended off the Property onto open ground to the south (refer to NR-07-09 dated October 22, 2007). Airborne input anomalies were also identified on the open ground which could be associated with this new gold trend. The additional claims could extend this new zone several kilometres to the southeast.

Mengold intends to carry out a systematic exploration program on the new claims early in 2008. The technical team is currently planning to extend the grid at the Centre Zone over the southeasterly trend of the gold anomaly which will be followed by an Induced Polarization (IP) survey to identify disseminated sulphide mineralization. Management is enthused with the acquisition of this new ground and the Goldcreek land package.

A 5,000m drill program is planned to commence in the first week of January and approximately 40 high-priority targets have already been identified from prospecting, mapping, geophysical and geochemical surveys. The drill program will investigate both of Mengold's Shebandowan Properties, the Burchell Lake and Goldcreek Properties.

The Qualified Person supervising the work being carried out on the Burchell Lake and Goldcreek Properties is Joel Scodnick, P.Geo., President and CEO of Mengold Resources Inc. and the President & CEO of Helm Exploration Ltd.

The Burchell Lake and Goldcreek Properties are prospective for gold and Volcanogenic Massive Sulphide (VMS) style base metal - copper-lead-zinc-molybdenum-nickel - mineralization. Both properties are qualified by independent NI-43-101 Reports conducted by Geologica Consulting Group and the Reports are available on SEDAR.

Mengold is engaged in mineral exploration for precious and base metals. The Company is currently conducting exploration programs at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc and nickel, in the Shebandowan area west of Thunder Bay, Ontario. Mengold also holds the Mountain River Property near Sainte-Anne-du-Lac, Quebec. Mengold has 31,245,088 common shares outstanding.

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Contact Information

  • In Canada: Mengold Resources Inc.
    Joel Scodnick
    President and Chief Executive Officer
    (705) 522-4439
    (705) 522-8694 (FAX)
    Mengold Resources Inc.
    Douglas G. Reeson
    C.F.O. and Director
    (416) 533-9664
    (416) 533-2890 (FAX)
    In Europe: Mengold Resources Inc.
    W. Ian L. Forrest
    Chairman and Director
    011 41 22 809 9511
    011 41 22 899 9501 (FAX)