Goldspike Exploration Inc.
TSX VENTURE : GSE

Goldspike Exploration Inc.

August 22, 2012 16:14 ET

Goldspike Exploration Inc. Provides Project and Corporate Update

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2012) -

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Goldspike Exploration Inc. ("Goldspike" or the "Company") (TSX VENTURE:GSE) has completed initial exploration programs on most of its property portfolio of 40 early stage Yukon precious metal properties. Subsequent to completing its Initial Public Offering one year ago, the Company commenced evaluating the 100% owned, 5000 claims it holds across Yukon. The initial exploration work consisted of traditional prospecting, stream and soil sampling as well as geological mapping all of which now allows the Company to focus its follow-up efforts on the most promising target areas and in several instances has also led the Company to expand the size of its property positions.

Half of the Yukon properties are located in two of the most active regions in Yukon (the White Gold area and the Clear Creek-Dublin Gulch area) with other properties located in more spread out locations throughout Yukon. These properties include land in the Atac Rackla area, West Dawson area, Livingstone Creek area, Northern Tiger - 3 Aces area as well as individual properties covering specific targets not located in areas where other companies are active.

The preliminary exploration completed in 2011 revealed many areas of anomalous gold, silver and precious metal indicator elements on a number of the claim groups that warrant follow-up.

Based upon the results from the programs completed by the Company and its farm-in associates in 2011, follow-up work programs were recommended and field work commenced in mid-June of 2012.

The initial 2012 exploration program is designed to follow-up on targets identified in 2011, and to expand on the program completed in 2011. Some of the 2012 work effort is targeted at initial visits to some of the properties not visited in 2011.

One of the areas the Company has focussed on during the initial work phase in 2012 is the further evaluation of the western part of the Goodman Property and the initial evaluation of the expanded, more eastern part of the Goodman Property that was only acquired late in 2011 following the discovery of a new area of antimony (stibnite) mineralization with associated anomalous gold mineralization. The expanded Goodman Property now includes land located immediately adjacent to the boundary of Victoria Gold Corp.'s Dublin Gulch Property on which they recently completed a feasibility study (Press release - February 22, 2012) using a resource base of 4.8 million ounces of gold (Eagle Gold Deposit). Closer to the mutual boundary with the Company, Victoria Gold Corp. announced (January 11, 2012) high grade results that headlined: "Victoria intersects 27.44 meters of 382 g/t Silver at Rex-Peso, Dublin Gulch Property, Yukon". The distance of this high grade mineralization from the mutual border with the Company's properties is unknown at this time, however, initial indications are that the Rex and Peso historical underground workings are approximately 1500 and 4000 metres, respectively, east of the Goodman Property boundary. Furthermore, it appears little or no work was ever completed to trace these gold-silver-lead-zinc-antimony mineralized zones westward towards the Company's new antimony occurrence. The discovery of antimony mineralization along with anomalous gold and silver values in an area of very limited outcrop may indicate the presence of a significant extension of the Rex - Peso mineralization some two kilometres west of the Victoria/Goldspike mutual boundary.

Further details on the Goodman Property will be released as they become available and will also be posted on the Company's website (www.goldspike.ca) in the coming weeks.

Work has also been undertaken on several other properties in the Clear Creek Dublin Gulch area including Seattle, Josephine, May Creek Bix, and Lugdush.

Work by optionees on a number of the Company's properties in 2011 resulted in significant gold (rock samples) and gold geochemical anomalies on several properties. While not privy to details, it is understood that work is continuing on some of these properties this field season.

New Director

The Company is pleased to announce the appointment of Mr. Allen Ezer to the board of directors. Mr. Ezer is an experienced advisor in the financial services industry, having worked as an advisor with a tier 1 chartered Canadian bank for nearly 10 years. Mr. Ezer is a director and Vice President Corporate Development of Security Devices International Inc. (a US based defense company), and he also serves as a director of Cambrian Resources Inc.

The Company also announces the resignation of Mr. David Danziger from the board of directors. The board of directors wishes to thank David very much for his assistance through the first year of Goldspike being a public company and also for his help through the listing process.

The board of directors has approved the granting of share purchase options to Mr. Ezer and to a geological consultant to the Company. The optionees have been granted options to purchase a total of 500,000 common shares of the Company at an exercise price of $0.25 per share for a period of 5 years.

Bruce Durham P.Geo is a "qualified person" as that term is defined by national Instrument NI 43-101 and is the person responsible for the technical information in this release.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Any forward-looking statement speaks only as of the date of this release and, except as may be required by applicable securities laws. Goldspike disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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