CBR Gold Corp.

CBR Gold Corp.

August 12, 2009 09:00 ET

CBR Gold Corp.: US$5.35 Million Budget and 2009 Program for Niblack Joint Venture

EDMONTON, ALBERTA--(Marketwire - Aug. 12, 2009) - CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG") and its Niblack Joint Venture partner, a private company associated with the Hunter Dickinson Group ("HD"), today announced its 2009 budget and exploration program for the Niblack copper-gold-silver-zinc project located southwest of Ketchikan on Prince of Wales Island in southeast Alaska. The US$5.35 million budget represents the initial contribution by HD, which will retain a 51% interest in the project by funding exploration and development expenditures totaling in aggregate at least fifteen million dollars (US $15,000,000) within three years.

"The objective of the first phase Niblack drill program is to rapidly identify additional resource tonnage in strategic positions within the deposit," stated CBG President and CEO John Williamson.

The 2009 Niblack exploration program will concentrate primarily on resource expansion drilling at the Lookout Zone, where a 2008 drill intercept of 4.83 g/t Au, 85.31 g/t Ag, 1.89% Cu and 4.93% Zn over 78.66 metres indicates significant potential to expand the existing resource down-plunge to the west-southwest. The 2009 program will comprise 7,620 metres (25,000 feet) of underground diamond drilling from the exploration decline completed in 2008 in the recently identified high grade extension to the Lookout Zone that previously was inaccessible to surface drill testing.

Drilling is anticipated to commence in September and can continue year round from the existing underground infrastructure. The 2009 Niblack exploration program will be managed by project operator HD.

The polymetallic volcanic-hosted massive sulphide (VHMS) mineralization at Niblack occurs within a thick sequence of rhyolite that hosts six known main massive sulphide occurrences - the historic Niblack Mine, Dama Zone, Lindsy Zone, Trio Zone, Mammoth Zone and Lookout Zone. Mineralization is controlled by fold repetition within the rhyolite sequence. The Lookout and Trio zones are located on the overturned limb of a property-scale synclinal fold.

The Niblack Project currently hosts an Indicated Resource of 2,588,000 tonnes grading 2.33 g/t Au, 33.18 g/t silver, 1.18% copper and 2.19% zinc and an Inferred Resource of 1,712,000 tonnes grading 2.08 g/t gold, 32.56 g/t silver, 1.55% copper, and 3.17% zinc based on a US$50 NSR/tonne block cut-off. The resources are primarily within the Lookout Zone (See Table 1 below).

Table 1. Niblack Resource Estimate as of July 2009

Cut-Off Grades
Value --------------------------
US$/tonne Resource Geological Tonnes Au Ag Cu Zn
NSR $US Category Domain/Zone (000) (g/t) (g/t) (%) (%)
Oxide 156 4.26 61.30 0.22 0.23
Indicated Sulphide Lookout 2,432 2.20 31.37 1.24 2.31
TOTAL 2,588 2.33 33.18 1.18 2.19
50 ----------------------------------------------------------------
Sulphide Trio 536 1.95 29.85 1.67 3.32
Inferred Lookout 1,176 2.13 33.80 1.49 3.11
TOTAL 1,712 2.08 32.56 1.55 3.17

(i) NSR (US$) equals (US$39.16 x Cu% + US$10.62 x Zn% + $14.18 x Au g/t +
US$0.19 x Ag g/t). NSR formula is based on assumed values for offsite
costs, metal recovery and metal prices. Offsite costs include
transportation of concentrate, smelter treatment charges and refining
charges. Metal prices for gold (Au), silver (Ag), copper (Cu), and zinc
(Zn) are US$700/oz, US$12/oz, US$2.25/lb and US$0.85/lb respectively.
Metallurgical recoveries to copper concentrate are 95% Cu, 53% Au and
56% Ag with payable metal factors of 97% for Cu, 89.5% for Ag and 97%
for Au. Metallurgical recoveries to zinc concentrate are 0% Cu, 93% Zn,
16% Au and 24% Ag with payable metal factors of 85% for Zinc, 20% for
Ag and 80% for Au. For further information on the Niblack mineral
resource see Technical Report filed on SEDAR October 27, 2008, and CBG
press release dated July 9, 2009.

HUNTER DICKINSON is a private company based in Vancouver, B.C., and associated with a suite of publicly-traded companies engaged in mineral exploration, development and mine operations around the world. HD's multi-disciplinary team of 120 financial and technical specialists provides professional services to successful mine operators and developers on four continents, with interests in gold, copper, platinum group metals, zinc, molybdenum, zinc and silver. HD-managed companies have a successful track record for identifying, acquiring, developing, permitting and mining globally significant mineral deposits.

CBR GOLD CORP. is a Canadian-based exploration and development company focused on advancing the Niblack Copper-Gold-Silver-Zinc deposit in southeast Alaska with partner Hunter Dickinson and its wholly owned high-grade Three Bluffs Gold deposit in Nunavut, Canada. CBG also has several generative to early stage projects and continues to monitor global opportunities for additional undervalued gold and copper projects. The company's diversified asset portfolio also includes significant investments in marketable securities and drilling assets in Canada and Australia.

The Niblack Joint Venture maintains an extensive quality assurance/quality control program covering the preparation, shipping and checking of all samples from the property. The program is supervised for CBG by Peter Kleespies, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101. A detailed description of CBG's QA/QC program is provided on the Company's website at www.cbrgoldcorp.com.

On behalf of the Board

CBR Gold Corp.

John Williamson, P.Geol., President, CEO & Director

CBR Gold Corp. is a member of the Discovery Group of companies. For more information on the group visit www.discoveryexp.com.

Certain disclosures in this release, including management's assessment of CBR Gold Corp.'s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to CBR Gold Corp.'s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. CBR Gold Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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