Golden Oasis Exploration Corp.
TSX VENTURE : GOT

Golden Oasis Exploration Corp.

August 14, 2007 10:00 ET

Golden Oasis Finds New 2.5 km-Long Geophysical Anomaly at Lone Ranch Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2007) - Golden Oasis Exploration Corp. (TSX Venture:GOT) is pleased to announce that interpretation of its airborne geophysical survey flown earlier this year has been completed on its wholly owned Lone Ranch Project within the Republic graben of north-central Washington. Results show two 1.5 kilometer long geophysical anomalies in the central and southern portions of the project area that correlate well with mapped gold-bearing sulfide zones. A third, previously unknown anomaly was discovered further north. This anomaly is much larger (2.5 kilometers long) than those to the south. Permitting of a drilling program to test all 3 anomalies is currently in progress.

The Helicopter ElectroMagnetic (HEM) survey covered approximately 36 km2 with 100 m line spacing. It was flown by Fugro Airborne Surveys, Inc. of Houston, Texas. The target is a sulfide-rich horizon, called an exhalite, deposited on an ancient seafloor. The only known drilling of this horizon was conducted by Cyprus Minerals and Kennecott in the late 1980's to early 1990's. Their exploration programs identified gold associated with semi-massive pyrrhotite and arsenopyrite hosted in the exhalite. They drilled a total of ten holes into the southern edge of the southern geophysical anomaly. Some historic drill intercepts include 3.5 feet (1.1 m) of 0.30 oz/ton (10.3 g/t) gold in one hole and 41.5 feet (12.7 m) averaging 0.053 oz/ton (1.8 g/t) gold in another. These results are historical and cannot be relied upon. The other two geophysical anomalies have no drilling.

Interpretation of the HEM survey was done by Frank P. Fritz of Fritz Geophysics, Loveland, Colorado. His summary report on the Lone Ranch survey will appear on the Golden Oasis website shortly (www.goldenoasis.ca). A portion of Frank's summary follows:

"The very low resistivity unit interpreted from the HEM data shows a close correlation with the known exhalative unit. There is conservatively five kilometers of strike length of exhalative target interpreted from the HEM data with "hot spots" suggested by thicker - lower resistivity areas and the higher magnetic responses."

The interpretation shows an originally continuous exhalite has been separated by post-mineral faulting into 3 separate zones. The exhalite trends northerly and dips steeply to the west at the south end of the project, but flattens to the north. As mentioned above, the northern HEM anomaly is much larger than the 2 anomalies to the south. These anomalies have dimensions of 1.5 km by 0.5 km whereas the northern anomaly has dimensions of 2.5 km by 1.0 km.

Richard Kern (P.Geo), President of Golden Oasis, is the Company's qualified person on the project as required under NI 43-101 and 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 SEDAR at www.sedar.com and the company website at www.goldenoasis.ca.

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.

Contact Information

  • Golden Oasis Exploration Corp.
    Robert Eadie
    Chief Executive Officer and Director
    (604) 602-4935 or Toll Free: 1-866-602-4935
    (604) 602-4936 (FAX)
    Email: talk@goldenoasis.ca
    Website: www.goldenoasis.ca