SOURCE: Grenville Gold Corporation

June 04, 2007 13:13 ET

Silveria Mine Dump Grab Samples From Multiple Veins and ADIT Levels Grade 2200 g/t Silver, 2.63 g/t Gold, 19.7% Zinc, 3.9% Copper & 7.2% Lead

VANCOUVER, BC--(Marketwire - June 4, 2007) - Grenville Gold Corporation (TSX-V: GVG) (PINKSHEETS: GVLGF) ("Grenville" or "the Company") is pleased to announce that it has received the assay results of 34 samples collected from the Silveria project. The Silveria claims cover 26 square kilometers and encompass the past producing Pacococha, Millotingo, Silveria and Germania mines located in the San Mateo Mining District, Province of Huarochiri, Department of Lima, Peru.

Highlights

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Sample #      Vein       Au g/t   Ag g/t   Cu%   Pb%   Zn%
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PA-17       Germania     0.325     274    3.90  3.65  4.92
PA-21       Reserva      0.322     103    0.13  2.32 19.70
PA-28   Ernesto Segundo  0.717    2200    0.12  6.79  8.85
PA-34     Millotingo      2.63     401    0.01  0.04  0.07
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"These reconnaissance exploration samples confirm the Silveria property encompasses rich mineralization," stated A. Paul Gill, President & CEO. "We look forward to receiving a full 43-101 report on this project and continuing forward with the development of the project."

Pete Ellsworth, consulting geologist to the Grenville Gold Silveria Project, examined 44 principal portals at the Pacococha, Millotingo, and Germania mining districts to observe vein outcrop and survey the portal locations. In addition, 34 mine dump grab samples were collected and analyzed at ALS Chemex Lima laboratory for gold plus 35 element ICP scan to characterize the geochemistry and zonation of the district. Results show anomalous to low-grade gold values in most samples plus gold ore grades in the Millotingo, Belgica, Reserva and Ernesto Segundo veins.

Silver values show mineralization from all samples collected, with assays ranging from 3.5 to 2,220 grams per ton and base metal credits range up to 3.9% copper, 7.2% lead, and 19.7% zinc. This confirms the high-grade polymetallic nature of the veins from all the districts. Basic statistics of the 34 samples show the following results:

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           Au g/t       Ag g/t       Cu%      Pb%      Zn%
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 Average   0.409         212       0.693     1.83     5.43
 Minimum   0.046         3.5       0.007     0.01     0.07
 Maximum    2.63        2200        3.90     7.15     19.7
# samples     34         34           34       34       34
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The geochemical results from the sampling program confirm Grenville's assumption that these veins are epithermal and the upper levels of the system are eroded over the Pacococha veins. Structural geologic interpretations combined with the geochemical studies suggest the Millotingo mine is stratigraphically higher in the epithermal system where precious metals are enriched and base metals depleted. The boiling level therefore must daylight between the Millotingo zone and the Pacococha mines. These epithermal deposit model interpretations will guide a regional exploration program to locate additional veins and disseminated mineralization.

As stated in a release dated May 8, 2007, the company is also making immediate preparations to begin a test heap leaching program of the Millotingo tailings dam. Initial estimates of tailing grades reveal between 85 grams (3 ozs) and 567 grams (20 ozs) per metric ton of silver, and between 1 and 3 grams per metric ton of gold. The company will proceed with a bulk sample program in order to test the potential for the project to yield significant positive cash flows.

The Silveria project property was in production up until 1991, but has not received serious attention until now. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine are available through "The Peru Report's Guide to Mines and Miners in Peru - Las Minas Del Peru," 1992, page 197-199, 223-225, researched and edited by Jonathon Cavanagh. (Published by Peru Reporting Servicios Editoriales S.R.L.)

Based upon the published information, mine plans, production records and reserve calculations obtained from operators of the two mines, the minimum historic production from two of the four mines indicates 510,291 kilograms (18 million ozs) of silver, 40 million kilograms (88 million lbs) of copper, and 44 million kilograms (96.8 million lbs) of zinc were produced. Management believes a potential target grade of 113.4 grams (4 ozs) per ton silver, 1% copper, and 2.5% zinc is attainable over a potential target tonnage of between 10 and 25 million metric tons of ore grade material.

The potential quantity and grades commented upon in the above paragraph are conceptual in nature as they are extrapolated from historic production and therefore, cannot be relied upon. At present, there has been insufficient NI 43-101 compliant exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of an economic mineral resource. Investors are cautioned not to rely solely on this information. Grenville will continue working with contractors to complete the required NI 43-101 report and other studies that will allow for an economic model to be developed for the Silveria Properties.

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 addition, Grenville will issue 500,000 options at CD$0.60 to certain Directors, Officers and Consultants. The options will be exercisable for a five-year period and expire June 2, 2012.

About Grenville Gold Corporation

Grenville Gold www.grenvillegold.com is a junior resource company seeking prospective properties in Peru and Ecuador. The company has three subsidiaries: 90% owned Inversiones Minera Alexander S.A.C. in Peru which owns the Silveria Property, Española Property and the Chorobal Property, Minera Grenville S.A. in Ecuador which owns 100% of the 80,000 Ha Rio de Oro Project and 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