Tinka Resources
TSX VENTURE : TK
PINK SHEETS : TKRFF
FRANKFURT : TLD

Tinka Resources

October 31, 2007 16:15 ET

Tinka Options Golden Mountain Project, Australia

Significant historic drilling includes 86m grading 3.6 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Tinka Resources Limited (the "Company") (TSX VENTURE:TK)(PINK SHEETS:TKRFF)(FRANKFURT:TLD). Mr. Andrew Carter, President & CEO, is pleased to announce that a Heads of Agreement ("HOA") has been entered into with an arm's length private company, providing Tinka with the right to acquire an 80% interest in the 202 hectare Golden Mountain Mining Licence ("MIN4683") located approximately 150 kilometres to the north-east of Melbourne, the capital of Victoria, Australia. The Mining Licence lies within the Exploration Licences that comprise the Company's previously announced Strathbogie South project area.

Golden Mountain is a sediment - hosted gold project, with a hard rock and alluvial mining history of approximately 140,000 oz of gold production from operations that concluded in the 1920's. Since the cessation of mining, the project has been extensively drilled, with a total of 177 holes testing the Meade's Mine area between the 1950's and 1980's. One hundred and thirty two of these holes contain intersections in excess of 0.5 g/t gold. Significant intersections from drilling and trenching include:

- 86.9 m @ 3.6 g/t Au from 37.9 m in GMDDH1

- 37.8 m @ 5.6 g/t Au from 168.5 m in GMDDH12

- 39.0 m @ 3.5 g/t Au from 16.0 m in GMRC72

- 45.0 m @ 3.0 g/t Au from 181.0 m in GMDDH21

- 88.0 m @ 1.5 g/t Au from 0.0 m in GMRC18

- 20.0 m @ 6.0 g/t Au from 75.0 m in T1

- 24.9 m @ 4.5 g/t Au from 102.2 m in GMDDH2

- 52.0 m @ 2.1 g/t Au from 44.0 m in GMRC41

- 40.0 m @ 2.6 g/t Au from 32.0 m in GMRC74


- 74.1 m @ 7.8 g/t Au in trench TUD-22

- 8 m @ 16.8 g/t Au in trench TUD-4

Mineralization in drilling and outcrop defines a gold enriched corridor some 300 metres in length, 150 metres in width and to 300 metres in depth.

During January 1998, an historic resource was completed for Golden Mountain, using an ordinary kriged block model based on two sets of structural domains. The reported historic resource using a 0.7 g/t Au lower cutoff was:

- Measured 830,000 tonnes @ 1.5 g/t Au

- Indicated 248,250 tonnes @ 1.6 g/t Au

- Inferred 391,750 tonnes @ 1.8 g/t Au

The quoted resources are based on the report, "Resource Estimate for the Golden Mountain Project. Unpublished consultants report" by N Hanson of Visionary Earth Science dated January 1998. These data are historical in nature and were compiled prior to the implementation of Canadian NI 43-101 reporting standards. Tinka has not completed sufficient exploration to verify the estimates and is not treating them as National Instrument compliant resources or reserves verified by a qualified person and the historical estimate should not be relied upon. The Company believes this historical resource and the data used to compile the estimate - which represent the most recent estimates and data available - are generally reliable and relevant.

Gold mineralization is developed within a sequence of Devonian - age metamorphosed sedimentary rocks close to the contact with the Strathbogie Granite, most commonly within the nose of a steeply north plunging anticline where it is associated with dip-slip and oblique slip faults. Gold is fine grained, associated with pyritic alteration, and concentrated in ferruginized joints, fault pug and disseminated within psammitic sedimentary strata. Vein quartz is generally absent or poorly developed.

Petrographic studies of drill core and outcrop samples demonstrate the gold is non-refractory, contained typically within electrum and calaverite (AuTe2) which are present as fine grained (15 micrometer) disseminations in the host rocks. Preliminary metallurgical test-work indicates the ore is amenable to conventional CIL techniques.

Mr. Carter states, "We are excited to add a project of the merit of Golden Mountain to our Strathbogie South project, where Tinka now holds 58 kilometres of the prospective granite - sediment contact with more than 75 gold prospects already defined. The area of MIN4683 has been held under continuous tenure since the area was discovered during Australia's first gold rush in the 1860's. The Mining Licence contains many significant intersections of gold mineralization, the follow up of which will be the initial focus of exploration, as will the numerous untested surface geochemical anomalies that are known from within a few kilometres of the drilled area. Resource development work is required to define the structural controls, grade distribution and metallurgical properties of the gold mineralization, in addition to potentially expanding the resource at Golden Mountain and the surrounding mineralized areas."

Pursuant to the terms of the HOA, Tinka may earn an 80% interest in MIN4683 by making a cash payment of AUD$55,000 to the Vendor on signing of the HOA and issuing 200,000 common shares upon TSX Venture Exchange acceptance. Tinka must incur a total minimum expenditure of AUD$900,000 within a four-year period, including a minimum of AUD$100,000 expenditure in Year 1. The Company will pay a bonus of 500,000 common shares should Tinka define a gold resource within MIN4683 in excess of 1,000,000 ounces of gold in the proven or probable category as defined in the JORC code. The Vendor will also retain a 1% NSR on any production from MIN4683 which Tinka has the right to purchase for C$1,000,000.




Table 1 - Golden Mountain Historic Drill Hole and Trench (TUD) Significant
Intersection with 0.5 g/t Au Cut Off

--------------------------------------------------------------------------
Hole MGA MGA Total
Hole Azi- East North From Significant depth
Hole No Dip muth (m) (m) (m) intersections (m)
--------------------------------------------------------------------------
DM1 -65 149 400101 5911803 105.77 39.01 m @ 1.60 g/t Au 158.85
--------------------------------------------------------------------------
DM2 -73 90 400124 5911781 97.76 11.97 m @ 2.33 g/t Au 149.96
--------------------------------------------------------------------------
including 127.56 27.73 m @ 1.57 g/t Au
--------------------------------------------------------------------------
ER14 -60 12 400175 5911868 43 9 m @ 5.31 g/t Au 79
--------------------------------------------------------------------------
GMDDH1 -47 188 400181 5911833 37.9 86.9 m @ 3.6 g/t Au 164.8
--------------------------------------------------------------------------
GMDDH1 151 2 m @ 34.7 g/t Au
--------------------------------------------------------------------------
GMDDH2 -61 269 400200 5911726 102.2 24.9 m @ 4.48 g/t Au 208.4
--------------------------------------------------------------------------
GMDDH3 -54 265 400222 5911761 102.8 14.8 m @ 2.06 g/t Au 170
--------------------------------------------------------------------------
GMDDH4 -65 076 400108 5911722 11.9 13 m @ 4.53 g/t Au 151.6
--------------------------------------------------------------------------
GMDDH7 -58 074 400122 5911893 154.9 12.6 m @ 2.99 g/t Au 169
--------------------------------------------------------------------------
GMDDH11 -65 013 400127 5911689 101.4 19.1 m @ 2.09 g/t Au 249.5
--------------------------------------------------------------------------
including 156.9 2.4 m @ 7.88 g/t Au
--------------------------------------------------------------------------
GMDDH12 -54 175 400156 5911863 131 3.6 m @ 5.71 g/t Au 288
--------------------------------------------------------------------------
including 168.5 37.8 m @ 5.60 g/t Au
--------------------------------------------------------------------------
GMDDH14 -75 076 400059 5911762 244.5 25.1 m @ 2.11 g/t Au 299.7
--------------------------------------------------------------------------
GMDDH15 -72 080 400051 5911722 236.2 9.8 m @ 5.52 g/t Au 300.4
--------------------------------------------------------------------------
GMDDH16 -70 090 400046 5911751 251.2 8 m @ 3.05 g/t Au 300.4
--------------------------------------------------------------------------
GMDDH17 -67.5 190 400183 5911833 114 5 m @ 4.33 g/t Au 300
--------------------------------------------------------------------------
GMDDH19 -50 180 400142 5911826 80 21 m @ 1.67 g/t Au 230.9
--------------------------------------------------------------------------
including 115.72 8.3 m @ 3.61 g/t Au
--------------------------------------------------------------------------
including 209.7 4.7 m @ 15.2 g/t Au
--------------------------------------------------------------------------
GMDDH21 -68 100 400075 5911790 181 45 m @ 2.97 g/t Au 262.1
--------------------------------------------------------------------------
T1 -68 165 400124 5911781 75 20 m @ 5.97 g/t Au 165
--------------------------------------------------------------------------
GMRC10 -60 072 400081 5911726 68 4 m @ 12.69 g/t Au 72
--------------------------------------------------------------------------
GMRC18 -73 254.5 400145 5911744 0 88 m @ 1.51 g/t Au 254
--------------------------------------------------------------------------
GMRC41 -60 261 400198 5911778 44 52 m @ 2.07 g/t Au 261
--------------------------------------------------------------------------
GMRC69 -60 180 400145 5911741 37 7 m @ 5.94 g/t Au 180
--------------------------------------------------------------------------
GMRC72 -55 090 400131 5911789 16 39 m @ 3.45 g/t Au 90
--------------------------------------------------------------------------
GMRC74 -60 115 400131 5911789 32 40 m @ 2.64 g/t Au 90
--------------------------------------------------------------------------
GMRC75 -60 065 400131 5911789 32 20 m @ 2.92 g/t Au 90
--------------------------------------------------------------------------
TUD-4 0 290 400168 5911783 0 8 m @ 16.76 g/t Au 62.6
--------------------------------------------------------------------------
TUD-22 -90 400145 5911737 0 74.1 m @ 7.77 g/t Au 74.1
--------------------------------------------------------------------------


The qualified person as defined by National Instrument 43-101 is Mark Saxon, a member of the Australasian Institute of Mining and Metallurgy. Mr. Saxon has reviewed and verified the contents of this release.

Forward Looking Statements. This Company press release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

Neither the TSX Venture Exchange nor the Frankfurt Deutsche Borse have reviewed the information contained herein, and, therefore, do not accept responsibility for the adequacy or accuracy of this release.

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