Duncan Park Holdings Corporation

Duncan Park Holdings Corporation

October 31, 2006 11:51 ET

Duncan Park Holdings Corporation Announces Results of Recently Completed Drilling Program of Geophysical Targets at the Elephant Property, Nevada

TORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2006) - Duncan Park Holdings Corporation (TSX VENTURE:DPH) announces that it has completed Phase 4 drilling on its Elephant Property based on down hole Mise-a-la-Masse and IP Surveys conducted by Gradient Geophysics earlier this year.

The geophysical surveys indicated several prospective anomalies within possible Paleozoic basement rock. The Paleozoic rock sequence is the known host for the nearby Phoenix Project operated by Newmont with published gold grades averaging 1/g/t or better.

Three prospective targets were delineated through interpretation of the 3D modeling of this survey. The targets are faults and fault intersections cutting metamorphosed Paleozoic sediments and porphyry. The drilling of Phase 4 exploration consisted of 4,913 feet of core from three drill holes to test the delineated geophysical targets.

The latest round of drilling was located in Section 12, Township 30 N, Range 43 E, Mount Diablo Meridian, Lander County, Nevada, roughly 12 miles south of Battle Mountain, Nevada. The area is approximately 2.5 miles SE of Newmont's Phoenix project, which has been reported to be a Copper, Silver and Gold deposit hosted in Paleozoic basement rock.

All of the drill targets are based on the geophysical interpretation combined with the geologic model as defined to date. The targets identified are structural intercepts of early stage base metal and late stage precious metal mineralization. The anomalous Gold, Silver, copper, Lead and zinc mineralization is hosted in Paleozoic metamorphosed sedimentary and igneous rock. The drill targeting was designed to extend the down-dip extension and strike length of Paleozoic rock and structures which control known anomalous mineralization.

Based on the results of this recent drilling program, additional target areas will be tested based upon geophysics and geological interpretation from all drilling completed. Please see the press releases of September 7, 2005 and March 17, 2006 for details of anomalous mineralization and grade in previously drilled holes.


The recently completed drilling has further delineated the length and width of the interpreted North-South trending horst block of highly anomalously mineralized Paleozoic basement rock. From this drilling, the known true width of the horst block is 650 feet in an east-west direction and greater than 720 feet in a north-south direction.

P-9C and P-10C were effective in further outlining the distribution of the mineralized Paleozoic sequence. P-11C has defined the southern boundary of the horst block encountering a fault that has off-set the Paleozoic basement. No exploration has been done to the south of this fault and the direction and extent of the displacement of the Paleozoic basement it is unknown at this time. Further drilling is planned to explore this area.

The latest round of drilling further substantiates the model of a North-South trending horst block of highly anomalous Paleozoic basement rock. Based on earlier drilling, this horst can be projected from Section 12 better than one mile northward onto Duncan Park's property located in Section 36 where P-8C was successful in encountering anomalously mineralized Paleozoic basement rock at depth.

As discussed in the press release of September 5, 2005, the most significant results were encountered in P-5C. These results are repeated here to illustrate the similarity of anomalous mineralization to the initial drilling and subsequent values encountered during the latest drilling:

P-5C: Elevated anomalously mineralized values were found throughout the Paleozoic unit and porphyritic intrusive. The highest values are hosted within faulted porphyry and meta-sediments. The total depth drilled in this hole was 1,147 feet. The following table shows the weighted average of the more significant intervals:

P-5C Intervals Au g/t Ag g/t Cu % Pb % Zn %

430-435 1.14 1.95 - - -
505-510 0.44 8.82 0.144 - -
515-525 2.92 - - - -
545-567 1.13 27.61 0.0650 0.382 0.455
565-567 4.4 81 0.2130 1.60 2.29
603-610 1.59 3.6 - 0.090 0.131

P-9C, total depth 2,388 Feet

The hole encountered Paleozoic bedrock at approximately 440 feet. The contact was strongly clay altered and faulted. The alteration and faulting of the Paleozoic sequence is similar to that in P-5C. There are several sulfide-rich veined fault breccias cutting the rock sequence. Also present is a relatively thick quartz eye porphyry, which has a number of faulted zones cutting it. Within some of the faulted zones are recognizable base metal sulfides. The total thickness of potentially productive Paleozoic basement drilled in P-9C is 110'.

Select assay values P-9C values
interval Au Ag Cu Pb Zn
g/t g/t % % %
P-9C 0440-0445 0.155 0.51
P-9C 0445-0450 0.055 0.44
P-9C 0450-0455 0.282 6.04 0.0237 0.1185 0.0864
P-9C 0455-0460 0.374 7.17 0.0697 0.0238 0.0275
P-9C 0460-0465 0.237 6.2 0.0746
P-9C 0465-0470 0.037 0.13
P-9C 0470-0475 0.14 0.2

P-9C 0475-0480 0.145 0.12
P-9C 0480-0485 0.131 0.36 0.0228
P-9C 0485-0490 0.127 0.29

P-9C 0530-0535 0.199 0.15
P-9C 0535-0540 0.057 0.38 0.0221
P-9C 0540-0545 0.103 0.58
P-9C 0545-0550 0.248 0.58 0.0104
P-9C 0550-0555 0.108 0.32
P-9C 0555-0560 0.25 0.39 0.0204
P-9C 0560-0565 0.161 0.25
P-9C 0565-0570 0.071 0.15
P-9C 0570-0575 0.089 0.16
P-9C 0575-0580 0.549 0.73 0.0379
P-9C 0580-0585 0.123 0.53
P-9C 0585-0590 0.14 0.6 0.0312
P-9C 0590-0595 0.124 0.66 0.0226
P-9C 0595-0600 0.146 1.65 0.0337 0.0270

P-9C 0895-0900 0.058 4.54 86.9 0.1000 0.1100

P-10C, total depth 1,200 Feet

Overall the Paleozoic rock drilled to date in P-10C is more strongly broken than P-5C and is more faulted throughout. The total thickness of potentially productive Paleozoic basement drilled in P-10C is 209 feet.

In P-10C the Paleozoic basement rock was encountered at 387 feet with several zones of elevated metal mineralization associated with chloritic shears and quartz veins with disseminated sulfides.

Select assay values P-10C values
interval Au Ag Cu Pb Zn
g/t g/t % % %
410 415 2.17

430 435 1.28
435 440 2.03
440 445 0.23 3.4
445 450 0.25 3.4

465 470 0.23 9.7 0.0665
470 475 0.24 0.1360
475 480 0.22 0.3890
480 485 0.23 0.0424
485 490 2.03 10.6 0.0447 0.1020 0.3110
490 495 0.2 0.0407
500 505 0.21 0.0300
505 510 0.19 0.1250

525 530 0.99 9.99 0.1400 0.2420

540 545 10.3 0.0665
550 555 16.55

560 565 0.433
565 570 0.402 0.0350 0.1870

575 580 0.0200

590 595 0.325 16.7 0.0221 0.4540 0.6250

P-11C, total depth 1,325 Feet

P-11C is located 360 feet west of P-2C drilled during Phase 3. As with P-2C, P-11C encountered only anomalous Gold values and no anomalous Silver or base metals. The anomalous Gold values are hosted two within brecciated Paleozoic rock consisting of a mixture of porphyry and meta-sedimentary clasts. The breccias are separated by a sub-volcanic sequence.

Select assay values P-11C values
Interval Au g/t
P-11C 475-480 0.021

P-11C 605-610 0.012

All of the drill holes have been cored from surface. The core is collected each day by the geologist and brought to a secure core facility. The core is split and ALS Chemex picks up the split core from the facility and it is brought to their laboratory in Elko Nevada for preparation and analysis. The prepared core samples are then analyzed using ALS Chemex's fire assay-Atomic Absorption AA-Au23 method for Gold and Ms-ICP for the multi-element analyses.

This report was prepared by Greg Griffin, BSc, geology, Regional Manager of Duncan Park Holdings Nevada, Ltd., a subsidiary of Duncan Park. The data herein and the contents of this press release have been reviewed by Mr. Larry Kornze, BSc, geological engineering, a Director of Duncan Park, who is designated as the qualified person for purposes of National Instrument 43-101, with the ability and authority to verify the authenticity and validity of this data. Duncan Park intends to post shortly an updated exploration report on its website at www.duncanpark.com.

The foregoing report is based upon the most current drilling data and available data provided to Duncan Park Holdings by Gradient Geophysics, Inc. The geophysical Mise-a-la-masse resistivity and vector chargeability survey and 3D modeling results have been review and evaluated by Mr. Garry Carlson, President of Gradient Geology and Geophysics. The three most recently drilled targets were based upon his evaluation of the geophysical survey results and interpreted geological data.

About Duncan Park Holdings Corporation

Duncan Park is a Toronto-based junior exploration company with interests in three exploration properties in Northern Nevada: Elephant, Rock Creek-Silver Cloud, and Santa Renia.

The Elephant property, with both precious and base metal discoveries, is in close proximity to the Phoenix mine project under development by Newmont, and is located in the Battle Mountain mining district within the prolific Battle Mountain-Cortez-Eureka gold trend. The Rock Creek-Silver Cloud property is located in the Northern Nevada Rift and features volcanic-hosted epithermal gold associated with Midas Trough mineralization. The Santa Renia property is within the Northern Carlin Trend-Midas Trough area with potential for both Midas and Carlin-type mineralization.

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information", within the meaning of applicable Canadian securities legislation, concerning the business and operations and condition of Duncan Park. Forward-looking information includes, but is not limited to, statements with respect to exploration plans. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to exploration activities, international operations; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future commodity prices; possible variations in possible mineralization, government regulation, environmental risks, failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks associated with mineral exploration. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Duncan Park does not undertake to update any forward-looking information that may be included herein, except in accordance with applicable securities laws.

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

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