Canadian Golden Dragon Resources Ltd.

May 02, 2007 09:30 ET

Dragon Goes for Gold

- Dragon seeks to confirm and expand Dorothy, Dobie and Kasagiminnis Lake Historical Gold Resources - All three properties in close proximity, in the Pickle Lake Gold camp - Each property open for expansion with existing and new targets

THUNDER BAY, ONTARIO--(CCNMatthews - May 2, 2007) - Canadian Golden Dragon Resources Ltd. ("Dragon") is pleased to announce it is focusing its exploration activities on its three Pickle Lake Gold Properties. All three properties have historic, non-NI43-101 compliant, gold resources. It is the Company's intention to focus its efforts on confirming and expanding the historic resources to NI 43-101 Standards.

The three properties are located in the Pickle Lake-Meen Dempster Belt which hosts the nearby past producing Golden Patricia Mine (860,000 tons grading 0.58 oz Gold) (Hodge, H.J., P. Eng., 1986, MNDM files). Elsewhere in the Pickle Lake-Meen Dempster Belt past producers include the Central Patricia Mine (621,806 oz. Au), the Pickle Crow Mine (1,466,214 oz. Au) and the Dona Lake Mine (375,000 oz. Au).

The 47-claim unit Kasagiminnis Property lies approximately 51 km southeast of the Golden Patricia Mine. In addition to the historical resource on Kasagiminnis, diamond drilling has tested only 3500m of the potential 8000m-strike length indicated in previous surveys. Geophysical surveys performed on the Kasagiminnis Lake Property in 2004 indicate four new gold targets outside of the main zone.

The 26-claim unit Dorothy Lake Property lies 14 km to the northwest of the Golden Patricia Mine. Previous exploration on the property has outlined an historic resource. Historic geophysical studies show that the Dorothy Lake Property has a strike length of 3500m containing drill-ready IP targets.

The 9-claim unit Dobie Lake Property lies approximately 7km west of the Golden Patricia Mine. Previous exploration on the property has outlined an historic tonnage that is shown to be open down-plunge in historical geophysical studies.

In the spring of 2006 Dragon completed a 381 km. airborne EM and magnetic survey over the Dorothy and Dobie Lake claim groups which outlined a well-defined structure that connects the two established gold zones that occur on each. As a result Dragon staked the extension of the 12.5 km. structure, with an additional 143 new claim units, bringing the total to 182 claim units for the Dorothy/Dobie claim group. Both zones and the newly enlarged single property lie on strike with the Golden Patricia.

All of the exploration results disclosed herein are historic in nature and do not presently conform to National Instrument NI-43-101 Standards of Disclosure for Mineral Projects. They have been reviewed, but not verified by Robert S. Middleton, P. Eng., who is our designated Qualified Person and responsible for the verification and quality assurance of our exploration data and analytical results. Therefore the historic figures should not be relied on.

Company President Elliot Strashin is quoted as saying "While the results for the three properties are historic, and superficial comparisons to other success stories in the area are not a guarantee for success in our case, they speak to the magnitude of the opportunity that management sees in pursuing these projects".

Details regarding these properties are posted to the company website and readers are encouraged to review these particulars at Dragon will maintain its interests in its other zinc, copper, nickel, gold and PGE properties mainly through joint ventures.

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Canadian Golden Dragon Resources Ltd.'s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Canadian Golden Dragon Resources Ltd. disclaims any intent or obligation to update these forward-looking statements.


Dr. Elliot Strashin, President

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

Contact Information

  • Canadian Golden Dragon Resources Ltd.
    Dr. Elliot Strashin
    (416) 504-0077
    (416) 504-6019 (FAX)