Goldminco Corporation

Goldminco Corporation

August 09, 2006 12:40 ET

Goldminco Corporation: Barrick 'Osborne' Proceeds with Duchess JV after Encouraging Drill Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 9, 2006) - Goldminco Corporation (TSX VENTURE:GCP) wishes to announce that Barrick (Osborne) Pty Limited (previously Placer Pacific (Osborne) Pty Limited have met their initial expenditure commitment under the Duchess Farm in and Joint Venture Agreement, over an area located in the Mount Isa Inlier within Goldminco's Tick Hill Project, and will continue to earn in to the Duchess Farm-in and Joint Venture Agreement.

Barrick (Osborne) Pty Limited have informed the company they completed a program of gradient array I.P. survey that defined an approximately 1.4 km long anomaly, that was followed up with fixed loop EM surveying and dipole-dipole I.P. surveying. These programs generated drilling targets which were tested by nine holes with 1433 m of reverse circulation and diamond drilling at Ivanhoe and Duchess.

Ivanhoe Prospect

Two holes testing the centre of the Ivanhoe lode system intersected significant mineralisation reporting 20 m @ 0.8 % Cu, and 11 m @ 1.0 % Cu respectively. These holes have confirmed the mineralisation returned in the previous drilling and indicates the potential for economic mineralisation within the Ivanhoe structure.

Duchess Prospect

Two holes into the old Duchess workings intersected open stopes from previous underground workings and returned remnant mineralisation around filled stopes including 2 m @ 1.5% Cu, 0.17 g/t Au, and 3 m @ 1.6% Cu. Potential remains for repeats of the high grade shoots along strike.

Significant intercepts (greater than 0.5 % Cu) are shown below:

HOLE_ID EAST NORTH From To Width Cu % Au g/t Prospect
DURC0002A 381214 7637286 101 121 20 0.78 0.04 Ivanhoe West
DURC0003 381235 7637530 70 81 11 1.01 0.05 Ivanhoe
DURC0004 381385 7637415 98 102 4 0.5 0.1 Central
DURC0007 381780 7637185 77 79 2 1.5 0.17 Duchess
DURC0008A 381793 7637285 80 83 3 1.65 0.06 Duchess
92 95 3 0.68 0.01 Duchess

Proposed Work

Barrick (Osborne) have proposed a drilling program to follow up on these results.

About the Duchess Project

The Duchess Project comprises of 5 sub-blocks of EPM 9083 in the Tick Hill Project area, is centred on the Duchess township, approximately 110 km north-west of the Osborne copper-gold mine, and 90 km south of Mt Isa in north-west Queensland. In November 2005, Barrick (Osborne) Pty Ltd entered into an farm-in agreement to earn a 70% interest in the sub-blocks with Goldminco Resources Ltd.

About Goldminco Corporation

Goldminco is a junior mining exploration company registered in Canada with headquarters in West Perth, Australia. Goldminco holds over 2,000 km2 of mining tenements in the highly prospective Lachlan Fold Belt (LFB) of New South Wales, Australia. The tenements are predominately 100% owned and operated by Goldminco and have a range of active projects for gold and porphyry copper-gold.

The Tick Hill 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

  • Goldminco Corporation
    Bruce Hooper
    +61 8 93213211
    +61 8 94800520 (FAX)
    Ascenta Capital Partners Inc.
    Bruce Korhonen
    Investor Relations
    (604) 684-4743 ext. 30 or Toll free: 1-866-684-4743 ext. 30