December 11, 2007 11:20 ET

Goldbelt Resources Ltd.: Exploration Update on Southwest Licenses in Burkina Faso

TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - Goldbelt Resources Ltd. (TSX:GLD) is pleased to announce new results from rotary air-blast ('RAB') drilling over its extensive exploration license portfolio in southwest Burkina Faso.


- New RAB drilling results confirm importance of the 20km long mineralized zone at Karba - six semi-continuous geochemical anomalies over 10 km remain untested by drilling

- Extensional step-out drilling and Induced Polarisation geophysical surveying begins at Kari Nord where Barrick drilled 29m @ 2.4 g/t gold and 60m @ 2.9 g/t gold

- 4,500m of infill drilling begins at the Kueredougou Prospect, Mandiosso-Diosso licenses

- Reconnaissance drilling begins on the recently-acquired Barrick Burkina Faso portfolio

New results are from 264 rotary air-blast ('RAB') holes from the Wakui License, 170 RAB holes from the Lamou License, 215 RAB holes from the Bouhaoun License and 60 RAB holes from the Kopoi License. The significant results are captured in Table 1 and shown on Figures 1, 2 and 4.

The results of the RAB drilling at Karba/Wakui are especially encouraging (WKRAB009: 8m @ 2.22 g/t gold from 18m and 12m @ 2.26 g/t gold from 38m) when placed in their regional context. Limited drilling of soil geochemical anomalies was undertaken in late 2006 by Goldbelt but many of the high-priority targets were not drilled due to farming activity in the area. As Figure 2 shows in the Grand Espoir area, there is a 3km gold-in-soil anomaly which remains relatively untested by drilling even when the current drilling is considered. In addition, at least six other high priority drilling targets exist in the Karba Trend which will become the focus of the 2008 drilling in the Hounde area.

Future work programs

The Goldbelt license portfolio in southwest Burkina Faso has been expanded considerably from 7 licenses occupying 1,655 km2 to 14 licenses covering 3,184km2 due to the recent acquisition of the Barrick projects in Burkina Faso (Figure 1). Goldbelt has recognized the importance of this extremely under-explored area for gold mineralization and is increasing its level of operations to include the contiguous Barrick licenses.

Step-out RC drilling has already begun on the Kari Nord permit (Figure 1) where a 4km long, NE-trending soil anomaly occurs (Figure 3). Barrick drilled a number of 1km-spaced fence lines of shallow RAB holes across parts of this anomaly and determined that bedrock mineralization occurs in almost all drill lines (Figure 3).

Goldbelt has commenced drilling at the Vindaloo Prospect on the Kari Nord license where Barrick drilled only 2 RC drill holes and reported results of 29m @ 2.4 g/t gold from 85m including 6m @ 5.6 g/t gold from 85m (KRC001) and 60m @ 2.9 g/t gold from 24m including 36m @ 4.4 g/t gold from 26m (KRC002)- see Figure 3. A number of the Goldbelt drill holes will also test a second high-priority target, herein called the Madras Prospect, some 4 km to the NNE where Barrick intersected 5m @ 4.36 g/t gold from 61m (RIK-RAB 278) and 12m @ 1.52 g/t gold from 36m (RIK-RAB 048) on two separate drill lines spaced 1 km apart. Numerous artisanal pits occur in these two prospects.

Although the surface, soil geochemical anomaly is approximately 4km long and is consistent with the geological strike of the bedrock, Goldbelt believes that the true strike-length of the bedrock mineralization is closer to 7km. Alluvial sediments occur in between the two prospects and it is thought that these are obscuring the gold anomalism in the surface sampling. Barrick's RAB drilling data as well as the presence of high-grade, in-situ gold mineralized rock samples that were collected between the two prospects (Figure 3) suggests that bedrock mineralization may be continuous between the two prospects.

Induced Polarisation ('IP') ground geophysical surveying will be conducted in due course at Kari Nord and will probably define the position of any buried sulphides, silicified bodies and fault zones from which further drilling may be sited.

The first drill results from the Kari Nord license are expected this week.

Drilling has commenced at the Kueredougou Prospect on the Mandiosso-Diosso License border (Figures 1 & 5) to follow-up on the successful 2006 Goldbelt reconnaissance drilling over 600m of strike length of altered basaltic rocks. Deep artisanal mining occurs along 1,000m of strike-length where visible gold is commonly seen in quartz vein and porphyritic intrusives. Initial results of an anticipated 4,000m of RC and 500m of diamond drilling program are expected by the end of January 2008.

Figure 5 also shows the position of previous explorers' drill collar positions and results over the Diosso License. A number of defined pods of gold mineralization occur to the south of the Kueredougou Prospect (often high-grade too) which will be tested by IP surveying in combination with further drill testing in the 2008 field season.

Goldbelt is also keen to test the area of workings that have steadily grown in the last few months at the Serakoro 2 license situated immediately to the south of the Diosso license (Figure 1). An initial 600m RC and diamond core drilling program will be conducted to test the lateral continuity and width of multiple quartz reefs that are currently the site of approximately 5,000 local miners.

Peter Turner, Vice President of Exploration and Business Development said, "We have an enviable license portfolio over a prolific, yet under-explored gold belt in Burkina Faso and will now concentrate our exploration efforts on key projects that we see as delivering resource ounces."

The information in this report relating to exploration results is based on information compiled by Dr. Peter Turner, who is the Vice President of Exploration and Business Development of Goldbelt Resources Ltd, and a Member of the Australian Institute of Mining and Metallurgy. Dr. Turner has sufficient experience relevant to the exploration data, style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person as defined by National Instrument 43-101.

Dr. Turner consented to the filing of the written disclosure in this press release with the securities regulatory authorities referred to above.


Per: Dr. Peter Tuner, VP Exploration & Business Development

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements contained in this disclosure document constitute forward-looking statements which are not historical facts and are made pursuant to the "safe harbor" provisions under the United States Private Securities Litigation Reform Act of 1995. When used in this document, words like "anticipate", "believe", "estimate" and "expect" and similar expressions are intended to identify forward-looking statements.

Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties.

The United States Securities and Exchange Commission permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this disclosure document such as resources that are prescribed by Canadian regulatory policy and guidelines but are not provided for in the SEC guidelines on publications and filings.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements.

Hole Number License East North Depth From To Inter- Gold
of hole (m) (m) val grade
(m) (m) (g/t)
KPRAB38 Kopoi 450603 1274000 50 16 20 4 1.3
KPRAB41 Kopoi 450677 1273998 43 18 22 4 3.43
Including 18 20 2 5.34
(1)LMRAB0001 Lamou 420500 1242820 21 16 21 5 2.08
Including 20 21 1 4.5
LMRAB0002 Lamou 420525 1242820 21 14 20 6 0.88
LMRAB0118 Lamou 420875 1243800 39 2 4 2 4.32
LMRAB0160 Lamou 421375 1244200 36 22 26 4 7.48
Including 22 24 2 11.1
LMRAB0168 Lamou 421375 1244600 36 2 4 2 9.95
(1)WKRAB008 Wakui 431176 1275402 48 34 48 14 0.78
Including 40 42 2 2.13
(1)WKRAB009 Wakui 431200 1275403 50 18 26 8 2.22
(1)And 38 50 12 2.26
WKRAB021 Wakui 431498 1275400 50 14 22 8 0.67
WKRAB025 Wakui 431599 1275401 42 30 38 8 0.69
WKRAB038 Wakui 431920 1275402 46 10 20 10 0.73
(1)WKRAB039 Wakui 431947 1275399 40 30 40 10 1.44
(1)Including 34 36 2 3.13
WKRAB106 Wakui 432698 1275399 29 14 18 4 1.35
WKRAB138 Wakui 431976 1275799 29 2 4 2 2.73
WKRAB162 Wakui 432531 1275801 36 12 16 4 1.28
WKRAB166 Wakui 432624 1275801 34 26 28 2 3.39
WKRAB173 Wakui 432823 1275802 27 2 14 12 0.5
Table 1. Significant RAB drill results from the Lamou, Wakui and Kopoi
Licenses, Hounde District, SW Burkina Faso
(1) denotes that the drill hole ended in mineralization meaning that the
true extent of the mineralization may not have been intersected.

Notes accompanying drilling results

- All holes are drilled by rotary air-blast technique

- All holes have been drilled to UTM Grid East (090degrees at an inclination of -60degrees). No down-hole surveying has been conducted due to the reconnaissance and shallow nature of the drilling

- Each sample is a 3kg sample of a 2 metre composite that was riffle split at the drilling site and uniquely numbered

- All samples were prepared at the SGS Laboratory in Ouagadougou by drying and pulverizing to 90% passing 75µm.

- Gold analysis was conducted by lead recuperation, fire assay with an atomic absorption spectrometry (AAS) finish (a detection limit of 0.01 ppm Au quoted by SGS)

- Internationally recognized geo-reference standards, duplicate samples and blank samples are inserted in sequence with all drilling samples at a frequency of 1 in every 25, 20 and 30 respectively to monitor the accuracy of the procedure

- All results of geo-reference standards and blanks are routinely monitored to be within acceptable limits for the type and
method of analysis used

- All results are reported to two decimal places

- The intercepts quoted are down-hole lengths and therefore might not represent the true widths of the mineralisation

- All intercepts are greater than 5 gramme-metres and are quoted using a 0.5 g/t gold lower cut-off, no upper cut-off and less than 4m of internal dilution (less than 0.5 g/t gold)

Please note: Figure 1 is available on the Marketwire website at the following link:

Figure 2 is available on the Marketwire website at the following link:

Figure 3 is available on the Marketwire website at the following link:

Figure 4 is available on the Marketwire website at the following link:

Figure 5 is available on the Marketwire website at the following link:

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

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