Goldcliff Resource Corporation

Goldcliff Resource Corporation

September 30, 2010 14:39 ET

Goldcliff Resource Corporation: New Gold Targets at Panorama-Winters East

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2010) - George W. Sanders, President of Goldcliff Resource Corporation (TSX VENTURE:GCN), reports that the Company has identified a new gold target area on the Panorama Ridge property near Hedley, British Columbia, Canada. Named Winters East, this area is located two kilometres southeast of the Panorama Ridge gold zones. The rock samples from the area have returned gold values that range from 0.195 to 0.410 grams gold per tonne. A stream sediment sample from a creek situated in the area contains 1.260 grams gold per tonne. Within Winters East, a cluster of targets have been identified that contain exploration signatures similar to Panorama Ridge, thereby extending the gold exploration potential on the Goldcliff Panorama Ridge property.

Based upon Goldcliff's exploration results from the surface work (2009), an airborne multi-sensor geophysical survey (2008) and the historical data, a cluster of three targets has been identified in a large overburden-covered area in Winters East. This cluster contains the King, Queen and Prince targets, which are represented as individual airborne magnetic-high responses that are peripheral to a prominent east-west trending magnetic low feature. Approximately 3.6 square kilometres in size, the Winters East area contains similar geology and gold mineralization to the Panorama Ridge gold zones and the Nickel Plate-Mascot gold mine.

The King target is the most advanced target in the Winters East area. The airborne magnetic-high anomaly is confirmed by a ground magnetic-high anomaly generated in 1984. The two magnetic anomalies are coincidental and represent an area of 0.50 square kilometres. A corresponding gold soil geochemical anomaly of plus-50 parts per billion gold occurs over an area of 0.30 square kilometres.

The rock samples collected by Goldcliff correspond to the magnetic-high and gold soil anomalies. The three rock samples (float) returned gold values of 0.195, 0.340 and 0.410 grams per tonne. The rocks are green silicifed sediment containing magnetite and abundant pyrite and pyrrhotite sulphides. The important associate pathfinder minerals are arsenic (As), bismuth (Bi), copper (Cu), molybdenum (Mo) and tellurium (Te). Bisected by a prominent northwest trending fault, the King target area has similar exploration signatures to Panorama Ridge.

The Queen target area is located approximately one kilometre north of the King and about one kilometre southeast of the Nordic gold zone at Panorama Ridge. The Queen target area contains an airborne magnetic-high anomaly representing an area of 0.40 square kilometres in glacial cover. A rock sample (float) collected by Goldcliff corresponds to the magnetic-high and contains 0.165 grams per tonne gold. The rock is green brecciated sediment containing pyrite. The important associate pathfinder minerals are copper (Cu) and molybdenum (Mo). The two stream sediment samples, which were collected by Goldcliff in a creek draining the Queen target area, returned gold values of 1260 parts per billion (1.26 g/t) and 230 parts per billion (0.23 g/t). The Queen target is bisected by the same prominent northwest trending fault that extends from the King target.

The Prince target area is approximately 250 metres northwest of the King target. The Prince target area contains an airborne magnetic-high anomaly representing an area of 0.30 square kilometres. The Prince showing was probably discovered in the early 1900s and prospected by hand-pitting. In 1986, a previous operator conducted a small magnetic ground survey that obtained a magnetic-high response over the Prince showing. A trench was excavated on the showing (1986) and the five grad samples from the trench contained gold values ranging from 1 to 22 ppb gold (gold average 9 ppb), with elevated associate pathfinder minerals of copper (Cu) and molybdenum (Mo).

In 2009, Goldcliff sampled the Prince showing trench and collected nine samples that returned gold values ranging from 5 to 65 ppb gold (gold average 25 ppb). The associate pathfinder minerals are strong, and very significantly related to gold mineralization. The average values for the pathfinder minerals are as follows: silver (1.84 g/t), arsenic (1379 ppm), bismuth (2.7 ppm), copper (403 ppm), molybdenum (2.6 ppm), lead (54 ppm) and zinc (259 ppm). The samples are from green silicified rocks containing pyrite. The intrusive rock associated with the mineralization is a Hedley diorite.

The three target areas surround individual topographic highs of 1860 to 1880 metres elevation. This elevation is similar to the elevation at Panorama Ridge and suggests that the gold mineralization is associated with buried silicified-sulphide altered knobs that correspond to the magnetic-high airborne geophysical anomalies. The Winters East target cluster is forested and overburden-covered with very little outcrop.

The Panorama Ridge property is located four kilometres east of the historic Nickel Plate-Mascot mine that has produced 2.5 million ounces of gold. The gold mineralization on the Panorama Ridge gold property is related to the pervasive silica-iron alteration (skarn replacement) of the Upper Triassic Nicola Group sedimentary and volcanic rocks. The property was staked in 2000 after Goldcliff prospected new logging road outcrops that exposed skarn alteration. The property has mine-related infrastructure and is readily accessed by roads. Goldcliff has discovered four potentially economic gold zones on the Panorama Ridge area and has identified the Winters East area to have similar exploration potential.

Leonard W. Saleken, PGeo (geologist) is the qualified person 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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