Goldcliff Resource Corporation

Goldcliff Resource Corporation

August 17, 2009 09:30 ET

Goldcliff Resource Corporation: Discovery of New Geophysical Targets Expands Potential at Panorama Ridge

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2009) - George W. Sanders, President, reports that Goldcliff (TSX VENTURE:GCN) has identified several high priority airborne geophysical anomalies on the Company's 100%-owned Panorama Ridge property near Hedley, British Columbia, Canada. These anomalies have a high correlation with the known geology and mineralization in the Hedley Gold Basin, along with that of the nearby historic Nickel Plate and Canty mines (owned by Barrick Gold), and the Good Hope and French mines, which adjoin the Panorama Ridge property claims.

The new anomalies clearly identify the mineralized zones associated with the York-Viking and Nordic zones being drilled by Goldcliff. Additional anomalies have identified new targets around Panorama Ridge, as well as new target areas away from the ridge, which suggests the possibility of a regional occurrence of mineralization. Follow up prospecting and geochemical sampling is underway on several of these targets.

Flown last October 2008, the airborne geophysical survey accumulated a total of 312 line kilometres of electromagnetic, magnetic and radiometric data at a line spacing of 200 metres. Goldcliff recently received the final interpretation report of this data. The objectives of the survey were to obtain geophysical information that would define geophysical features that may be related to geological changes associated with known gold occurrences and to suggest new areas to explore for additional gold mineralization.

During the 2008 field season, 6,163 metres of drilling were completed in 81 holes. Since the 2003 discovery hole at Panorama Ridge, a total of 16,611 metres of drilling has been completed totalling 190 drill holes. The 2008 drilling was focused on the Nordic zone and at the Bonanza Trench area. Due to the high-grade nature and complex geology of the Bonanza Trench area, sampling and assaying of these holes was given priority. Results disclosed April 6, 2009, confirmed several drilling intercepts containing elevated gold grades.

Goldcliff has begun shipping over 4000 metres of drill core samples to the assay laboratory. These samples are primarily from the Nordic zone drilling, but they also include holes from the York-Viking and Bonanza Trench areas. These holes were drilled during the 2008 field season, but the core was retained in a secure facility pending improved financing conditions and equity markets.

To date, trenching and drilling have concentrated on developing two gold zones at Panorama Ridge: the York-Viking and the Nordic. The Bonanza Trench area is located in the south-west corner of the York-Viking zone. These two zones have demonstrated good continuity of gold mineralization up and down the holes, from hole to hole, and from section to section. Trenching and drilling have also demonstrated that the mineralization comes to surface. Both zones remain open, and other showings on Panorama Ridge remain to be drill tested.

As financing sources evaporated and equity markets drastically declined in late 2008 and early 2009, Goldcliff elected to curtail further property expenditures in an effort to conserve cash. Recent financings have enabled the company to proceed with the program outlined above.

The gold mineralization on the Panorama Ridge gold property is related to the pervasive silica-iron replacement (skarn alteration) of the sedimentary rocks. The Panorama Ridge property is located four kilometres east of the historic Nickel Plate-Mascot mines that once produced 2.5 million ounces of gold. Discovered in 2000 when Goldcliff prospected new logging road outcrops the property has mine-related infrastructure and is readily accessed by roads. Goldcliff has identified multiple gold zones that have economic potential. The results of the airborne geophysical survey have expanded the scope of exploration and the potential for additional gold mineralization within Goldcliff's claimed area.

Leonard W. Saleken, PGeo (geologist), and Edwin R. Rockel, PGeo (geophysicist), are the qualified persons as defined by National Instrument 43-101 who supervised the preparation and verification of the technical information in this release.


George W. Sanders, President, Director

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