Golden Goliath Resources Ltd.

Golden Goliath Resources Ltd.

August 23, 2007 17:57 ET

Golden Goliath Resources Ltd.: Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - Golden Goliath (TSX VENTURE:GNG)(PINK SHEETS:GGTHF), a junior exploration company, is pleased to report the satisfactory progress of the exploration drilling program at its 100% owned Uruachic mining camp. Five holes totaling 1,104.1 metres have been completed in the vicinity of the old San Martin mine located on the San Timoteo property with a 6th hole presently drilling to depth. The San Martin mine's historic production records indicate an average grade of 7.8 grams gold/tonne and 1,038 grams silver/tonne, from a structure that is 800 metres long and 2.2 metres wide. These are the first drill holes to test the San Martin and adjacent structures.

Additionally, five shorter holes totaling 462.25 metres have been completed just north of the San Timoteo workings, close to the old Las Animas Mine, where historic production grades ranged from 5.67 to 7.08 kilograms of silver per tonne. The first San Timoteo hole intersected 217 grams silver/tonne over 1.25 metres at a depth of 192 metres, which was just prior to entering an unknown underground working that stopped the hole just as it entered the target zone. This hole will be re-drilled to avoid the workings and test the target zone in the near future.

The first short Las Animas hole also cut 61 grams silver/tonne and 0.2 grams gold/tonne from 42 to 43 metres. However, many of the assay results are yet to be received as turnaround time has increased due to the heavy workload at the labs. Results will be released when they are more complete.

"I am pleased to report this progress, because it has been made during one of the heaviest precipitation seasons in recent history in the Uruachic region," said Paul Sorbara, M.Sc., P.Geo., President, Golden Goliath. "In addition, the original drill that started the program has now been demobilized from the property due to decreased performance, leaving one highly efficient rig working at operational capacity. A second identical drill rig from the same contractor is scheduled to be on site at San Timoteo next week. In addition, the Company has signed a contract with a new drilling company and that equipment should be ready to start on the La Reforma property in about two weeks. Negotiations are currently underway with at least two other large drill companies for a fourth drill rig, suitable for the Las Bolas work that we have planned. We have always realized the vast potential available to us at this historically prolific mining camp and we are anxious to further delineate these lands going forward as we look to continually build value for Golden Goliath shareholders."

In addition to drilling, over the past two months, the Company has constructed 14.54 kilometres of drill access roads and constructed 30 drill pads in preparation for a much larger program that will include the San Timoteo-Nueva Union area, the La Reforma property and Las Bolas.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). 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. To find out more about Golden Goliath visit

This press release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry and the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this press release are reasonable, but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.

In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

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

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