Goldnev Resources Inc.
TSX VENTURE : GNZ

Goldnev Resources Inc.

January 30, 2008 16:20 ET

Goldnev Provides Clarification on Pasquia Hills Results

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2008) - Goldnev Resources Inc. ("Goldnev" or the "Company") (TSX VENTURE:GNZ), today clarified the intention of its recent news release of January 28, 2008, announcing laboratory results on the oil yield of the core samples from the recent core drilling program on its Pasquia Hills oil shale permits in east-central Saskatchewan.

Any volumes quoted in that press release were intended solely to assist understanding of lab results and were not intended to indicate an estimate of Prospective or Contingent Resources on this property. This lab work was the first Phase in Goldnev's planned activity for the region and the Company has not yet prepared any resource estimates covering their Pasquia Hills permit.

The next phase of the exploration program will involve additional surface geology and the drilling of ten core holes in early 2008. To this end, the Company is currently in the process of compiling data from a number of sources, including: previous drilling results from its core holes and others drilled by Suncor in the 1960's and 70's, numerous water wells in the area and published geological maps from the Saskatchewan government in this area.

Once the results of that program are interpreted, the Company expects to have sufficient data to prepare a preliminary Resource estimate for all or part of the permitted area.

With the completion of Phase I of the exploration program Goldnev has earned 11.11% interest in the permits and upon completion of the second phase, by mid-2008, will have earned 33 1/3% interest in the permit lands. Under the farm-in terms Goldnev has the right to earn up to 50% interest on the permits.

About Goldnev

Goldnev Resources Inc. is a public energy company focused on conventional and unconventional oil & gas production with assets in northeastern British Columbia, north central Alberta and an oil shale development project in east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ".

If you would like to be added to Goldnev's news release e-mail list, may forward an email request to marcdame@shaw.ca.

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

Contact Information

  • Goldnev Resources Inc.
    Mr. Marc Dame
    President and Chief Executive Officer
    (403) 237-5711
    (403) 264-5455 (FAX)
    Email: marcdame@shaw.ca