SOURCE: Amador Gold Corp.

March 13, 2008 08:00 ET

Amador Gold Intersects 45 Metres of 1.45% Combined Nickel-Copper and Acquires Moneta Porcupine Mines' Hollinger Nickel-Copper Occurrence

VANCOUVER, BC--(Marketwire - March 13, 2008) - Amador Gold Corp. (TSX-V: AGX) ("Amador") is pleased to announce the discovery of nickel (Ni) and copper (Cu) mineralization on its 100% owned Loveland Property located approximately 35 kilometers northwest of Timmins, Ontario. Three drill holes, spanning a strike length of 100 meters, all intersected nickel and copper sulphide mineralization. The third of the 3 holes (AMDG-03) intersected 3 higher grade intersections within a 45 metre wide nickel-copper zone. The 3 intersections are 1.48% Ni and 0.9% Cu over 9.4 meters (m) from 120.6 to 130 meters, 1.15 % Ni and 1.11% Cu over 3.9m from 132.6 to 136.5m, and 0.70% Ni and 1.06% Cu over 13.6 meters from 146.4 to 160.0 meters. These 3 separate intersections occur within a 45.0 meter wide zone that averages 0.75% Cu and 0.70% Ni from 120.6 to 165.6 meters.

In conjunction with the current results, the company is also pleased to announce the purchase of a 100% interest in Moneta Porcupine Mines Inc.'s (Moneta) Loveland Property that hosts the historical Hollinger nickel-copper occurrence. The Hollinger occurrence is open at depth and is located about 1.5 km to the south-east and on strike with Amador's newly discovered Loveland mineralization. This acquisition greatly strengthens Amador's existing land position of approximately 2330 hectares or 5700 acres in this area.

Hole AMDG-01 was drilled to test the potential for mineralization below an old nickel-copper discovery made by Cominco that was last drilled in the mid 1970s. Hole AMDG-01 intersected a broad sulphide zone at 100 m vertically below surface and over 40m down-dip of the Cominco drilling. Holes AMDG-02 and AMDG-03 were drilled 50m to the NW and 50m to the SE of AMDG-01, respectively. These holes were drilled beyond the limits of the Cominco drilling. They also intersected nickel and copper sulphide mineralization at about 100 m vertically below surface. Nickel-copper intersections in the 3 holes may be close to true width based on historical drilling in the area (see attached cross section). Results for the 3 parallel Amador holes are shown in the table below.

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DDH          From   To    Drilled   Cu   Ni   Azimuth  Hole Dip
              (m)   (m)   Width(m)  %    %   (Degrees) (Degrees)
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AMDG-01      113.0 148.5   35.5    0.55 0.40    255       55
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   Including 113.0 113.9    0.9    0.68 1.03
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   Including 118.0 119.0    1.0    1.35 0.93
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   Including 122.7 128.5    5.8    0.87 1.00
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   Including 147.5 148.5    1.0    0.90 0.84
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AMDG-02      113.1 120.6    7.5    0.59 0.27    255       55
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             129.0 131.7    2.7    0.77 0.51
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AMDG-03      120.6 165.6   45.0    0.75 0.70    255       55
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Including    120.6 130.0    9.4    0.90 1.48
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Including    132.6 136.5    3.9    1.11 1.15
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Including    146.4 160.0   13.6    1.06 0.70
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Including    146.4 151.0    4.6    1.72 1.24
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Management is extremely encouraged by the results. These 3 holes are the deepest holes ever drilled on the property. They demonstrate the mineralization continues to depth, spans at least 100 meters along strike, and is open along strike in both directions and to depth. Mineralization is described as consisting of chalcopyrite (Cu sulphide mineral) and pentlandite (Ni sulphide mineral) associated with pyrrhotite (iron sulphide mineral) and occurring as intergranular mineralization within a gabbro. The mineral concentration occurs as semi-massive +/- 75% to trace sulphides with local concentrations of chalcopyrite and pentlandite varying from 6 to 8%. This style of mineralization may be similar to Xstrata's nickel-copper Montcalm deposit located 25 km to the west.

In addition to acquiring Moneta's Hollinger occurrence, Amador has purchased Moneta's Fripp and Kamiskotia Properties. These latter 2 properties are adjacent to other Amador properties. The Agreement allows Amador to purchase 100% interest in Moneta's 3 properties by paying $500,000 in cash and 1,250,000 common shares over a period of 3 years, subject to a 1 or 2% underlying NSR depending on the property. The addition of Moneta's Fripp and Kamiskotia Properties to Amador's existing land holdings greatly enhances the potential for Amador to discover volcanogenic massive copper-zinc-silver or nickel-copper deposits in the Timmins area.

Geotech has been contracted to fly the state-of-the-art VTEM B-field airborne geophysical survey over all of Amador's Loveland Property and the newly acquired properties from Moneta. This survey is intended to help define the newly discovered mineralization as well as the Hollinger occurrence and other potential targets on all the properties. The survey is expected to begin flying in the coming weeks. The results of this work will be used to help plan the next phase of drilling. Amador will then commence drilling the Loveland zone and the Hollinger occurrence at depth and along strike.

Charles Hartley, P.Geo. and Peter Caldbick, P.Geo. are the qualified people for the purposes of National Instrument 43-101 for the Company's Byers Loveland Project. Project supervision is by Charles Hartley and the contents of the press release have been reviewed and approved by Peter Caldbick.

About Amador

Amador Gold is well positioned to discover and capitalize on world class gold, silver, platinum, palladium and diamond deposits. During the last couple of years the Company has strategically accumulated large land packages in existing mining or mineral districts such as the Abitibi in Ontario. The Company's assets are entirely within Canada with a strong focus in Ontario. These properties have existing infrastructure and are often within road access to metallurgical facilities to process mined ores.

AMADOR GOLD CORP.
On Behalf of the Board of Directors

Richard W. Hughes, President

This document contains certain forward-looking statements which involve known and unknown risks, delays and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

To view Amador Gold's cross section of Drill Hole AMDG-01, please click on the link provided: www.usetdas.com/maps/amador/amadordrillhole.pdf

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Contact Information

  • For Further Information Contact:

    The Hughes Exploration Group
    Phone: (604) 685-2222
    Web-site: www.amadorgoldcorp.com