GOLDEN GOOSE RESOURCES INC.
TSX VENTURE : GGR

GOLDEN GOOSE RESOURCES INC.

July 21, 2005 15:14 ET

Golden Goose Resources Inc.: Private Placement to be Used to Finance New Work on Magino Property

MONTREAL, QUEBEC--(CCNMatthews - July 21, 2005) - Golden Goose Resources Inc. (TSX VENTURE:GGR) (the "Company") announces that it is seeking to complete a non-brokered private placement of Units at a price of $0.15 per Unit consisting of one Common Share and one-half of a warrant to purchase a Common Share for proceeds of up to $1 million. Each whole warrant will entitle the holder to purchase one Common Share at a price of $0.25 per share. The warrants will expire 12 months after their issue. The placement is subject to regulatory approval. The Company will use the proceeds of the placement for general corporate purposes as well as financing the work program described below.

Golden Goose owns a 100% interest in the Magino property in northern Ontario. The Magino property contains over 547,000 ozs of gold in the Measured and Indicated categories as reported in the NI43-101 qualified resource estimate (Snowden, April 2, 2004) as follows:



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CATEGORY TONS X 1000 GRADE OZS/TON
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Measured 6,090 0.075
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Indicated 1,204 0.073
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M + I total 7,294 0.075
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Inferred 1,191 0.071
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The foregoing information is drawn from the Snowden report, dated April 2, 2004, co-authored by Neil Burns and John Reddick, both "qualified persons" under National Instrument 43-101.

Roscoe Postle Associates (RPA) has been engaged to design and plan a work program for the Magino property to increase confidence in the current grade estimates with a view to initiating a scoping study to open pit mine and custom process the gold mineralization at a nearby plant. The plan initially will entail trenching, drilling, and bulk sampling of the property. RPA will review the exploration potential of other prospects on the property.

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

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