GOLDEN GOOSE RESOURCES INC.
TSX VENTURE : GGR

GOLDEN GOOSE RESOURCES INC.

August 11, 2006 11:37 ET

Golden Goose Resources Inc.-Private Placement to be Used to Finance New Work on Magino Property and on Lac Levac Property

MONTREAL, QUEBEC--(CCNMatthews - Aug. 11, 2006) - Golden Goose Resources Inc. (TSX VENTURE:GGR) (the "Company"), announces that it is seeking to complete a private placement of Units at a price of $0.68 per Unit consisting of one Flow-Through Common Share and one warrant to purchase a non-Flow-Through Common Share, for proceeds of $1.5 million. MineralFields Group will be subscribing the Units. The Company also proposes to issue to MineralFields Group hard dollar Units at a price of $0.55 per Unit consisting of one Common Share and one warrant to purchase a non-Flow-Through Common Share, for proceeds of $100,000. Each warrant will entitle the holder to purchase one Common Share at a price of $0.95 per share. The warrants will expire 18 months after their issue. The placement is subject to regulatory approval.

The Company will use the proceeds of the placement to fund the drilling program at the Company's 100% owned Magino property and fund the drilling program on its 100% owned Lac Levac property. The Magino property is located next door to the Richmond/Patricia's "island gold" project located 50 kilometers Northeast of Wawa, Ontario.

ABOUT MINERALFIELDS

MineralFields Group is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com".

Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metals, and nickel properties in Ontario and Quebec.

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

Contact Information

  • Golden Goose Resources Inc.
    Mr. John R. Macklem
    President
    (705) 454-3043
    (705) 454-3043 (FAX)
    jmacklem@sympatico.ca