Grandview Gold Inc.
OTC Bulletin Board : GVGDF

Grandview Gold Inc.

February 20, 2008 08:00 ET

Grandview Gold Announces High Grade Assays Including 26.66 g/T and Visible Gold at Dixie Lake Property in Red Lake Gold District With Further Assays Pending

TORONTO, ONTARIO--(Marketwire - Feb. 20, 2008) - Grandview Gold Inc. (TSX:GVX)(OTCBB:GVGDF) ("Grandview" or the "Company") is pleased to report significant initial high grade gold assays containing visible gold on the first of two holes drilled at the Dixie Lake property (the "Property") in the 30 million ounce gold Red Lake Mining District of Ontario, Canada. A short drill program was undertaken on the Property while Company geologists were waiting for the ice to thicken at the Sanshaw Bonanza property, also in the Red Lake Gold District.

Holes DC-08-01R and DC-08-02 were drilled to better define the location and orientation of gold mineralization in the New South ("NS") Zone of the Property. It should be noted that only partial assays from DC-08-01R have been received and logging of core from DC-08-02 is not yet complete. Highlights from DC-08-01R are outlined in Table 1 below.

Table 1. Highlights from DC-08-01R, including related 2007 assays from NS Zone

From To Width Au
DDH# (m) (m) (m) g/T Notes Zone
DC-08-01R 127.60 129.80 2.20 18.26 quartz veins and basalts NS
(15 grains of visible gold)
incl 127.60 128.10 0.50 26.66 quartz veins and basalts
incl 128.10 128.50 0.40 22.86 quartz veins and basalts
(4 grains of visible gold)
incl 128.50 128.90 0.40 18.35 quartz veins and basalts
(10 grains of visible gold)
incl 128.90 129.30 0.40 6.78 quartz veins and basalts
(1 grain of visible gold)
incl 129.30 129.80 0.50 15.27 quartz veins and basalts
DC-10-07(i) 173.90 175.40 1.50 2.23 quartz veins and basalts NS
(2 grains of visible gold)
DC-10-07(i) 181.83 182.30 0.47 163.75 quartz veins and basalts NS
(greater than 90 grains of
visible gold)
DC-10-07(i) 200.62 203.48 2.86 22.90 quartz veins and basalts NS
(12 grains of visible gold)
incl(i) 202.12 203.12 1.00 61.97 quartz veins and basalts NS
(11 grains of visible gold)
DC-15-07(i) 176.60 182.95 6.35 4.28 quartz veins and basalts NS
(17 grains of visible gold)
incl(i) 176.60 178.30 1.70 11.30 quartz veins NS
(15 grains of visible gold)
DC-18-07(i) 156.83 158.17 1.34 7.04 quartz veins and basalts NS
(9 grains of visible gold)
(i) Previously reported.
(ii) all thickness and depths are drill hole thickness and depths and are
not / should not be assumed to be true thicknesses

"Dixie continues to deliver impressive assays in several zones," says Grandview President and CEO Paul Sarjeant. "The results of this hole have given us a third contact point on the structure which suggests this particular gold system remains open. What we have encountered so far on the Property is typical of the kind of narrow vein, high-grade gold environment found elsewhere in the Red Lake district at projects like the 11 million ounce Red Lake Mine. Our focus will remain on understanding the orientation and controls on mineralization that we have encountered to this point, which we hope will lead us to a more rigorous economic assessment. At this point, clearly we are very optimistic and will continue to explore as aggressively as we are able."

Hole DC-08-01R was a vertical hole (dip of 88 degrees) drilled through known mineralization that was discovered in three holes during the 2007 drilling season (DC-10-07, DC-15-07 and DC-18-07), and its purpose was to help determine the orientation of gold-mineralized quartz veins and thereby potentially increase the size of the mineralized body. Hole DC-08-02 was drilled at 60 degrees with the purpose of testing mineralization below hole DC-10-07.

Hole DC-08-01R consisted of relatively unaltered basalts until 120 m depth, at which point biotite (+sericite) alteration of the basalts appeared. This alteration increased in intensity downhole at 125 m, which progressed into a series of light, smoky grey quartz veins between 127 and 130 m depth. Sulfide minerals occurred in very small amounts (1-2 %) within these quartz veins. Fifteen sub-millimetre sized specks of visible gold (VG) were observed sporadically within these veins. These gold-bearing quartz veins are oriented parallel to sub-parallel to the foliation, consistent with findings from hole DC-10-07. The intense biotite-sericite alteration continued downhole until 131 m depth, and then continued at lower intensity until 169 m depth.

A 10 cm quartz vein at 167 m contained one speck of VG, and two ankerite veins occurred at 158 and 168 m, the latter of which contained two specks of VG. Both the biotite-sericite alteration zone and the gold-bearing quartz veins are characterized by very low sulfide mineral contents (1-2%).

Gold assays were conducted at SGS Laboratories in Red Lake, Ontario, on the gold-bearing quartz veins occurring between 127 and 130 m depth. Samples that ran over 17 g/T using fire assay with atomic absorption, or where visible gold was visually detected were re-run using fire assay with a gravimetric finish. It should be noted that the quartz vein containing 15 specks of visible gold assayed 18.26 g/T over 2.2 m. Assay results for the quartz and ankerite veins containing visible gold at around 167 and 168 m depth remain outstanding at this time.

Samples were selected, split by diamond saw, sealed, secured and delivered to the SGS laboratory in Red Lake by Grandview staff. Sample preparation (PRP 89) and gold analysis by fire assay atomic absorption (FAA303) or gravimetric finish (FAG303) are performed in Red Lake. Additional 32 element geochemistry by aqua regia digestion followed by ICP-AES (ICP12B) is performed by SGS in Toronto. Quality control is maintained by the insertion of a blank and standard sample every 25 samples. The information in this release was reviewed by and prepared under the direction of Paul Sarjeant, P.Geo, President and CEO of Grandview, who is a "qualified person" as defined by NI 43-101.

Grandview geologists are currently diamond drilling the Company's Sanshaw-Bonanza project, located southwest and contiguous with the Goldcorp Inc/Premier Gold JV Rahill-Bonanza property, and south of the Gold Eagle and Broulan Reef gold projects. Company geologists will return to the Dixie Lake Property later as soon as possible in the 2008 field season.

About the Property

Grandview has an option agreement with Fronteer Development Group, to earn a 64% interest in the 1,664 hectare Dixie Lake property located just 16 miles south of Goldcorp's Red Lake Mine, one of the richest, lowest cost production gold mines in the world. The Red Lake Mine produces approximately 600,000 ounces worth USD$560 million annually, with over 11 million ounces (USD $9.9 billion) gold to date.

The Property was first drilled in 1944 by A. Boyle and sporadically thereafter by companies like Newmont, Teck and Fronteer. The Property represents one of the most attractive undeveloped resource areas in the Red Lake Belt. Diamond drilling conducted on the Dixie Lake gold property prior to Grandview's participation, generated economically interesting gold grades in three dimensions. Teck Corporation, in 1990, calculated a tonnage for the 88-4 zone of 1.1 million tons grading 0.10 ounces gold per ton. This inferred gold resource included high grade intercepts up to 15.60 g/t gold over 2.83 m (from DL89-09) at depths of less than 50m. Grandview has not completed the work required to verify this historical estimate and is not treating this historical estimate as being compliant with current standards under 43-101 and as such this historical estimate should not be relied upon.

About the Red Lake Gold District

The Red Lake Gold Mining District in northwestern Ontario is to Canada what the Carlin Gold Trend is to the United States, and what Witwatersrand District is to South Africa - the most prolific gold producing region in the entire country. Since the mid-1960's The Red Lake District has yielded over 30-million ounces of gold worth over USD $27 billion at today's prices.

Despite Red Lake's long history, the most prolific discovery was made just ten years ago. Dickenson Mines Ltd. had been successfully operating the Arthur White Mine in the region since 1948 and was acquired by Goldcorp in 1989. After applying advanced science and contemporary perspective to the former Arthur White Mine site and surrounding area, and implementing an impressive exploration program, Goldcorp made one of the highest grade gold discoveries in the world, averaging 9.08 ounces of gold over 7.5 feet on nine drill holes.

Grandview has considerable interests in the Red Lake District and on the Red Lake Gold Trend. These three projects, namely Sanshaw-Bonanza, Dixie Lake and Loisan, plus interests in Manitoba's emerging Rice Lake District fit perfectly into the Company's Canadian exploration strategy of applying advanced geology, geophysics and geochemistry to the Red Lake & Rice Lake greenstone belts.

This document may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Grandview Gold Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Grandview Gold Inc.'s control. A number of importan t factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Grandview Gold Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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