Goldminco Corporation
TSX VENTURE : GCP

Goldminco Corporation

October 23, 2006 11:58 ET

Goldminco Corporation: Barrick 'Osborne' Returns Further Encouraging Drill Results From Duchess JV Including 7m @ 2.8% Copper and 0.4 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Goldminco Corporation (TSX VENTURE:GCP) wishes to announce that the company's joint venture partner, Barrick (Osborne) Pty Limited (previously Placer Pacific (Osborne) Pty Limited), has reported further encouraging drill results at Mount Isa Inlier on Goldminco's Tick Hill Project. The area is under the Duchess Farm in and Joint Venture Agreement.

Barrick (Osborne) Pty Limited has informed Goldminco that a program of sixteen drill holes totalling 2,142 meters has been completed.

Ivanhoe Prospect

Drilling along the Ivanhoe lodes confirmed the presence of potentially economic sulphide mineralization over 200 metre strike length, north of the Ivanhoe mine. Holes drilled on 50 metre sections returned extensive pyrrhotite - chalcopyrite mineralisation while testing the Ivanhoe lode system with down-hole intercepts 12 - 17 meters in length, of better than 0.8% copper returned from three holes including 17m @ 1% Copper (Figure 1). A western lode was also intercepted in the oxide zone of these holes. Re-sampling of DURC3 returned 7 meters at 2.8% copper, and 0.4 g/t gold. Both the Ivanhoe lode and the western lode are open to the north.

Significant intercepts (greater than 0.5% Cu) are shown in Table 1, extra results will be available on the website.



Table 1. Ivanhoe Significant Intercepts
(0.5% Cu with over 10 m% Cu in hole)

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Hole From To Length Cu (%) Au (g/t) Lode Program
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DURC0003 11 18 7 2.8 0.42 Ivanhoe West May 06
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DURC0010 52 69 17 1.0 0.08 Ivanhoe Aug 06
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Including 52 60 8 1.6 0.12 Ivanhoe Aug 06
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DURC0011 27 31 4 0.7 0.18 Ivanhoe West Aug 06
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79 96 17 0.8 0.05 Ivanhoe Aug 06
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including 79 88 9 1.2 0.09 Ivanhoe Aug 06
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DURC0012 15 23 8 0.6 0.19 Ivanhoe West Aug 06
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75 58 12 0.8 0.06 Ivanhoe Aug 06
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including 83 87 4 1.2 0.06 Ivanhoe Aug 06
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DURC0016 84 88 4 1.6 0.06 Ivanhoe Aug 06
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99 101 2 1.1 0.24 Ivanhoe Aug 06
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176 179 3 1.0 0.05 Ivanhoe West Aug 06
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DURC0018 108 124 16 0.6 0.02 Ivanhoe Aug 06
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including 108 113 5 1.1 0.04 Ivanhoe Aug 06
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145 147 2 0.8 0.03 Ivanhoe Aug 06
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Duchess Prospect

Further drilling along the Duchess lodes returned only narrow low grade mineralisation.

Proposed Work

Barrick (Osborne) is evaluating the results prior to planning the follow up drill program.

About the Duchess Project

The Duchess Project is comprised of five sub-blocks of EPM 9083 in the Tick Hill Project area and 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 a farm-in agreement to earn a 70 percent 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 percent 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.

To view Figure 1. Location Diagram for Ivanhoe Drilling, please click on the following link: http://www.ccnmatthews.com/docs/GCP-Fig1.pdf


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

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