Goldminco Corporation

Goldminco Corporation

July 31, 2006 13:46 ET

Goldminco Withdraws from Cowra Joint Venture

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 31, 2006) - Goldminco Corporation (TSX VENTURE:GCP) wishes to announce that due to poor assay results, it is withdrawing from the joint venture with Gateway Mining (ASX:GWY) on the Cowra Project to focus upon its higher priority prospects at the Blayney and Temora projects.


Three drill holes were completed recently at the Cowra Project.

The drill hole at Dolly's prospect targeted a large magnetic anomaly along strike from the Nasdaq skarn previously drilled by Gateway Mining. The hole hit a magnetic skarn at depth with significant magnetite and sulphides but with no economic mineralisation.

Two other drill holes targeted magnetic highs in the region associated with the margins of the batholith. Both holes identified magnetic diorite with no visible mineralisation that explained the anomalies.

Gateway have announced this today in their quarterly report.

About Goldminco

Goldminco is a junior mining exploration company registered in Canada with headquarters in West Perth, Western 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 percent owned and operated by Goldminco and have a range of active projects for gold and porphyry copper-gold.

The Cowra 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.

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