Goldspike Exploration Inc.
TSX VENTURE : GSE

Goldspike Exploration Inc.

November 15, 2011 15:01 ET

Goldspike Notified of Update on Oliver Property Gold Discovery

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) - Goldspike Exploration Inc. ("Goldspike" or the "Corporation") (TSX VENTURE:GSE) is pleased to report it has received notification of an update on results from the optionee of the Corporation's Oliver gold property (the "Property") in the Clear Creek district of the Yukon. The optionee, Goldstrike Resources Ltd. ("Goldstrike"), announced on August 9, 2011 the discovery of gold mineralization on its first pass exploration of the Property. In addition to its interest in the Goodman and Arizona gold properties optioned to Goldstrike, Goldspike holds a 100% interest in 7 other gold exploration properties in the Clear Creek district. The 9 properties are located near or adjacent to properties held by Ryan Gold Corp., Golden Predator Corp., Victoria Gold Corp., and AM Gold Inc. Goldspike recently completed initial exploration programs on all of its properties in the Clear Creek area and is waiting for assay results.

Bruce Durham, President of Goldspike, commented, "We are very encouraged by the early success of Goldstrike on the Oliver gold property. Most of our properties in the Clear Creek district are large properties with strong geochemistry and covering areas of current and historic placer mining. We hope to have results from a number of our Clear Creek properties in the near future."

The report by Goldstrike released earlier today states as follows:

"Goldstrike announced that follow-up sampling of its Oliver property has confirmed previous results which included 4.003 grams per tonne gold in a grab sample (see news release August 9th, 2011). Another grab sample taken from outcrop five metres from the first sample during a short second pass program late in the season has just been reported at 3.154 grams per tonne gold. Both samples were taken from what is now known as the "Midas Touch Gold Zone".

The Midas Touch Zone strikes northeast-southwest for 880 metres and remains open. It is clearly recognizable as a dark silicified mafic volcanic layer in contact with a dark colored metasedimentary rock. As a result of the second program, a drill target has been identified along the northwest extension of the zone. The drilling will confirm the full extent of the gold zone where two of the highest grade samples have been found to date, and trenching is also recommended to expose the true thickness and the downdip extent of the open gold mineralized unit. The target is accessible by an existing trail that extends 2.3 two kilometres from a four wheel drive road along Bear Creek.

Sixteen rock grab samples collected during the follow-up program returned values between 1.9 parts per billion and 3,154 parts per billion (3.154 grams per tonne) gold. Every one of these grab samples showed elevated levels of one or more of the following elements: copper, cobalt, lead, zinc, silver, arsenic, antimony, and bismuth, with multiple samples exceeding the upper detection limit of the analysis. Assays from 321 soil samples are still pending.

The Oliver property is primarily underlain by metasedimentary rocks of the Proterozoic to Lower Cambrian Hyland Group, in proximity to several high level granite and quartz monzonite intrusions of Cretaceous age. Metamorphic grade appears to decrease across the property, with muscovite schist with phyllite and quartzite clasts on the east side to lower grade phyllite and quartzite in the west. Areas of brecciation and quartz veining in the north and south parts of the property are considered to be favorable target areas that require follow-up, as well as a 2.2 km long soil anomaly running northeast-southwest across the centre of the property, parallel to and six kilometres southeast of the Midas Zone that was identified as a result of the Phase I sampling.

Oliver is a large property covering more than 94.5 square kilometres, and is densely vegetated. The results of the 2011 reconnaissance sampling program have been very encouraging to date, and most of the property has yet to be explored. A program for summer 2012 is planned to consist of drilling, trenching, and detailed mapping, prospecting, and sampling."

The report continues: "Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd. in Vancouver, B.C., which is ISO 9001 accredited. Soil samples are dried at 60C, reduced to 100 grams, and sieved to -80 mesh. A 15 gram charge is then dissolved with a 1:1:1 aqua regia digestion, and analyzed by a 72-element combination ICP-MS and ICP-AES package that includes gold. Rock samples are crushed, split, and 250 gram samples are sieved to 200 mesh. 30 gram charges are then assayed for gold using fire assay fusion and ICP-ES, and in addition, 0.5 mg charges are dissolved with a 1:1:1 aqua regia digestion, and analyzed by 37-element ICP-MS that also includes gold. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property.

Trevor J. Bremner, P.Geo., Senior Consulting Geologist and Advisor to Goldstrike's Board, is a qualified person, as defined by National Instrument 43-101, for Goldstrike's Yukon exploration projects and supervised the preparation of the technical information in this release.

For more detailed new information on the Oliver property, refer to recent associated links on Goldstrike's site at goldstrikeresources.com."

The option agreement covering the Property requires Goldstrike as optionee to, among other things, make additional cash payments totaling $1,000,000 to the Corporation and also requires Goldstrike to issue a further 1,700,000 shares of Goldstrike to the Corporation in order to earn a 100% interest in the Property, subject to an exclusive back-in right that would allow the Corporation to re-acquire a 30% interest in the Property in return for a one-time payment of $5,000,000.

Bruce Durham, P.Geo, is a qualified person as that term is defined by National Instrument 43-101 on behalf of Goldspike and is the person responsible for the preparation of this release.

Goldspike recently activated its new website and invites interested parties to visit the site at http://goldspike.ca for regular updates on its 40 gold exploration properties in the Yukon, the focus of Canada's latest GOLDRUSH.

CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Goldspike's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in Goldspike's public documents filed on SEDAR. Although Goldspike believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Goldspike disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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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