Golden Tag Resources Ltd.

Golden Tag Resources Ltd.

November 08, 2006 09:25 ET

Golden Tag Resources Ltd.: New Diamond Drill Program McCuaig Property, Red Lake, Ontario

MONTREAL, QUEBEC--(CCNMatthews - Nov. 8, 2006) - Golden Tag Resources Ltd.(TSX VENTURE:GOG) ("the Company") is pleased to announce that the McCuaig Joint Venture (40% Golden Tag, 60% Rubicon Minerals Corp.) has approved a $200,000 program consisting of a maximum 1,200 meter drill hole on the property. The McCuaig JV property is strategically located on the Red Lake Mine Trend which is host greater than 25 million ounces past gold production and current reserves. The proposed drill hole is designed to test the down dip extension of the #1 vein at the adjacent Mackenzie Mine, where the vein may enter the Balmer Volcanic stratigraphy, coincident with the limb of a regional antiform. Drilling is scheduled for late January, 2007.

The regional setting of the target is interpreted to be similar to the Bruce Channel Discovery Zone ("BCD") that is currently being drilled by Southern Star/Exall to the immediate southeast of the McCuaig property. Numerous multi-ounce intercepts have been reported from drilling on the BCD Zone within Balmer Volcanic rocks along the margin of a regional antiform and at a vertical depth of 800 to 1,200 meters.

Past drill results on the McCuaig property, and specifically on the 1900 Gold Zone at an average depth of 200 meters, include:

- 0.67 oz/ton gold over 10.17 feet (22.83 g/t over 3.10 meters) in hole MC-02-32, including 2.21 oz/ton gold over 2.30 feet (75.91 g/t over 0.70 meters)

- 0.74 oz/ton gold over 5.59 feet (25.48 g/t over 1.07 meters) in hole MC-02-27 and 0.53 oz/ton gold over 1.48 feet (18.08 g/t over 0.45 meters) in an additional interval in the hole.

Golden Tag is active on three additional high-profile exploration projects. These include:

- the San Diego silver project in Durango State, Mexico in joint venture with ECU Silver Mines and where a minimum $US500,000 drilling program is in progress

- the Aquilon Main and Aquilon Extension gold projects in James Bay, Quebec where a $425,000 diamond drill program has recently been planned and scheduled for February, 2007.

The assaying for the reported intercepts was conducted on sawn NQ2-sized half core sections by ALS Chemex Labs using the metallic screen fire assay procedure or fire assay and gravimetric finish. Standards and blanks were included in each sample batch. John Watkins, P.Geo, formerly a consultant to Rubicon, was the Qualified Person under the definition of NI 43-101 responsible for supervision of the McCuaig Project.

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

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