Goldminco Corporation

Goldminco Corporation

June 02, 2006 13:59 ET

Goldminco Corporation: Aircore Drilling Discovers New Porphyry Mineralisation North of Estoril

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 2, 2006) - Goldminco Corporation (TSX VENTURE:GCP) wishes to announce the results of recent drilling at the Estoril, Fields and Woolshed Prospects in the Temora Project.

Estoril Prospect

New results have been received from aircore drilling immediately north of the Estoril Prospect. This drilling has outlined a mineralization that is a porphyry-style alteration identical to that of Estoril. High copper and gold assays outline a large (2.6 x 0.5 km) copper anomaly (above 1,000 ppm) from the drilled porphyry and extending to the Chicane Prospect (Figure 1). A greater than 0.5 g/t gold anomaly of dimensions 0.8 x 0.25 km lies north of the Estoril anomaly and this newly identified zone. Maximum results include 1.0 g/t gold, 0.2% copper in hole ESA45 and 0.4 g/t gold, 0.3% copper in hole ESA46.

Fields Prospect

A strong gold (maximum 0.9 g/t) and copper (maximum 0.25%) anomaly was identified from aircore drilling on the northern margin of the Fields electro-magnetic anomaly (Figure 1).

Woolshed Prospect

An excellent coincident copper and gold anomaly was identified east of the previously explored Woolshed Prospect. A peak result of 0.4 g/t gold and 0.6% copper at the end of one hole suggests a strongly mineralised extension to the porphyry mineralisation previously identified at Woolshed (Figure 1). This new anomaly is considered very encouraging for discovery of a significant deposit.

The Woolshed copper-gold prospect was identified in 1991 by regional RAB drilling and followed up with four diamond holes and 23 shallow RC holes by CRA Exploration (Rio Tinto). These holes intersected secondary copper mineralization within intensely altered andesitic volcanics with primary copper-gold mineralization in the deeper diamond holes hosted in quartz veined volcanics. Results from the previous diamond drilling included: 13.5 metres at 0.5% copper and 0.3 g/t gold from 71.5 metres, 9 metres at 0.6% copper and 0.2 g/t gold from 189 metres, and 14.5 metres at 0.5% copper and 0.1 g/t gold from 175 metres.

About the Temora Project

The Temora Project covers approximately 1,020 km2 in the eastern region of the Lachlan Fold Belt (LFB) in New South Wales, Australia, and has a number of advanced prospects for drill testing. The region is known for major porphyry and epithermal-type gold and copper-gold deposits and contains the the Gidginbung Volcanics Belt (GVB), host of the Gidginbung mine that produced 700,000 ounces of gold until 1995. The Temora Project is located on the GVB.

To view "Figure 1: Location Diagram for Drilling on the Temora Project", please click on the following link:

About Goldminco Corporation

Goldminco is a junior mining exploration company registered in Canada with headquarters in West Perth, Australia. Goldminco holds over 2,500 km2 of mining tenements in the highly prospective Lachlan Fold Belt (LFB) of New South Wales, Australia. This is the second largest holding in the LFB, host to the world class Cadia group of deposits. The tenements are predominately 100% owned and operated by Goldminco and have a range of active projects for gold and porphyry copper-gold.

The Temora Project is under the supervision of, and the data disclosed herein was reviewed by, Mr Bruce Hooper, who is a Qualified Person under NI 43-101. Mr Hooper holds an honours degree in geology from the University of Leeds, England and is a current member of the Australian Institute of Geoscientists (AIG).

On behalf of the board of directors, Bruce Hooper, President.

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

Contact Information

  • Ascenta Capital Partners Inc.
    Francis Reynolds
    Investor Relations
    (604) 684-4743 ext. 28 or Toll Free: 1-866-684-4743 ext. 28
    Goldminco Corp.
    Bruce Hooper
    (604) 685-9316
    (604) 683-1585 (FAX)