Golden Oasis Exploration Corp.
TSX VENTURE : GOT

Golden Oasis Exploration Corp.

October 16, 2006 06:00 ET

Golden Oasis Exploration Corp.: High Grade at Toiyabe

10 feet averaging 18.85 g/t, or 0.550 oz/ton, in hole T-603

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 16, 2006) - Golden Oasis Exploration Corp. (TSX VENTURE:GOT) has received assays on the first 8 RC holes drilled at its Toiyabe Property located in Lander County, Nevada. Results include 5 feet of 14.50 g/t (0.423 oz/ton) gold and 5 feet of 15.60 g/t (0.456 oz/ton) in hole T-601 and 10 feet averaging 18.85 g/t (0.550 oz/ton) in hole T-603. Results for assays over 1.0 g/t are shown in the table below:



TOIYABE SUMMARY DRILLING RESULTS
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Total Inter- Gold Gold
Azimuth Dip Depth From To val Value Value
HOLE # (Degrees) (Degrees) (Feet) (Feet) (Feet) (Feet) (g/t) (oz/ton)

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T-601 0 -45 400 30 35 5 3.55 0.104
40 55 15 7.88 0.230
including 45 50 5 14.50 0.423
335 350 15 6.36 0.186
including 350 355 5 15.60 0.456
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T-602 0 -45 400 60 65 5 1.02 0.030
95 105 10 2.77 0.081
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T-603 0 -45 450 140 160 20 12.85 0.375
including 145 155 10 18.85 0.550
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T-604 0 -45 300 No +1.0
values
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T-605 0 -45 400 145 150 5 1.37 0.040
160 165 5 1.95 0.057
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T-607 0 -45 300 No +1.0
values
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T-608 0 -45 300 35 45 10 2.51 0.073
75 80 5 5.79 0.169
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T-611 0 -45 350 No +1.0
values
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Note: True thickness unknown at this time


These drill holes are all from the Courtney Target in the southern portion of the project area. Golden Oasis has not received enough drill results to determine the attitude of mineralization. Therefore the true width of the mineralization shown is currently unknown.

Along with this year's shallow drilling program Golden Oasis is also conducting a geophysical survey to further define major structures in the area. This work is helping define targets for a deeper drilling program scheduled for next year. The primary target at Toiyabe is a carbonate hosted gold deposit similar to the Pipeline mine or Cortez Hills to the north. Also located within the Battle Mountain-Eureka trend, Toiyabe has a similar structural setting and numerous gold anomalies

Richard Kern (P.Geo) of Reno, Nevada, is the Company's qualified person on the project as required under NI 43-101and has prepared the technical information contained in this press release.

Golden Oasis is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist. For details on the Company and its properties, see the prospectus of the Company dated February 9, 2006, available on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Robert Eadie, Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

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