Golden Goliath Resources Ltd.

Golden Goliath Resources Ltd.

February 23, 2009 12:39 ET

Golden Goliath Exploration Update Papacho Tunnel Work Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2009) - Golden Goliath Resources Ltd. (TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) is pleased to announce that field work is continuing at the Las Bolas project area located within the Company's Uruachic Camp, Mexico with work underway to open the old Papacho mine tunnel. The Papacho mine tunnel is located approximately 100 metres southwest of the Arbolito shaft which is in the area of some of the highest grade silver and gold mineralization found to date on the property. A polybasite rich sulfide grab sample from the Arbolito shaft dump assayed 71,817 grams silver/tonne (2,083 ounces/ton) demonstrating the high grade potential at depth. Previous drilling near the Arbolito shaft returned a 12.3 metre section grading 154 grams silver/tonne and 3.22 grams gold/tonne at the bottom of the hole, which had to be abandoned for technical reasons and therefore did not reach target depth. The Papacho tunnel, which requires cat work and safety rehabilitation, trends in the direction of these high grade samples and may allow the Company better access to a high priority target zone which has proven difficult to access from above ground drilling programs conducted in the past. A grab sample taken from the entrance area has returned 908 grams silver/tonne. The detailed sampling and mapping that will be conducted when the tunnel is safe may yield important information and assays for the planning of the next phase of drilling.

Uruachic Camp Exploration Update - Las Bolas II

Surface mapping and sampling is also continuing in other parts of the Las Bolas property, including the recently identified Las Bolas II area, located several hundred metres north of the main working area. The host rock, andesitic breccia, and mineralization found in this area looks to be highly analogous in geology to that found in the Las Bolas-Gambusino area. To date, mapping has shown the zone to be over 300 m in length and open in both directions. Field work is currently continuing in order to obtain a better understanding of its size potential. Preliminary grab samples of the mineralized structures have returned assays of up to 23 grams silver/tonne and 0.13 grams gold/tonne.

The mapping and sampling program is also focused on the area west of the manto style mineralization intersected in several drill holes. These intersections included 366 grams silver/tonne with 1.2 grams gold/tonne over 1.9 metres, 101 grams silver/tonne with 0.28 grams gold/tonne over 3.6 metres and 222 grams silver/tonne with 0.47 grams gold/tonne over 3.23 metres. This mineralization is stratigraphically and topographically lower than that found in the Gambusino mine area, which is about 600 metres to the east, up the hill from the Rio Uruachic. Analysis from the recent drill hole data gives a vector indicating higher grades and thicknesses to the west and southwest, across the creek opposite the old El Manto mine. Preliminary work on the west side returned a 0.9 m chip sample grading 99 grams silver/tonne with 0.918 grams gold/tonne and a grab sample of 36 grams silver/tonne with 0.02 grams gold/tonne in areas of sericite and quartz-tourmaline alteration. Extending the drill road across the shallow Rio Uruachic will not be a problem and drilling is planned for this area during the next work program.

The Company is currently focusing on detailed mapping and exploration to find the extent of newly discovered areas, and to better understand genetic relationships between these higher grading zones. Detailed structural mapping leads the Company to believe that a series of en-echelon faults underlying the Las Bolas property area are genetically related to the silver and gold mineralization found throughout the property. These structures interconnect the main Las Bolas-Gambusino oxide mineralization, the El Manto sulfide mineralization and the Las Bolas II area oxide mineralization, indicating a possible large, mutual source nearby. The Company is very pleased with this work.

NI 43-101 Mineral Inventory Estimation Update

As previously reported, the Company is proceeding with its work to complete and publish a mineral inventory of select exploration targets within its 100% owned Uruachic Camp prospect area. The mineral inventory estimation will take place, upon review of the existing data, under the supervision of an independent qualified person and will be conducted pursuant to NI 43-101 standards. The Company is of the belief that there are presently enough data points collected for the resource estimation study through the drilling and underground sampling programs completed to date. At this time Golden Goliath's technical team is preparing all the necessary data, level plan, cross sections and longitudinal sections for the study. The study will also greatly assist the Company in developing its next drill program by defining target areas which can most easily add tonnage to the mineralization.

Both Las Bolas and San Timoteo are priority target zones within the Company's district sized Uruachic Camp (a 15 km x 25 km region) which surrounds the historic mining village of Uruachic in the mineral rich Sierra Madre mountains of Chihuahua, Mexico.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). Assays are done using traditional methods at Inspectorate Labs and Chemex Labs. The Qualified Person for the Uruachic project is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Unlike most juniors, which have an option to earn an interest in a single property or a few scattered properties in various areas or countries, Golden Goliath controls an entire old mining camp, or district, that covers an area of 15 by 25 kilometres, with numerous past producing gold and silver mines dating back to the time of the Spaniards. Golden Goliath's Uruachic claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.

Forward Looking Statements

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

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