Grandview Gold Inc.
OTC Bulletin Board : GVGDF
TSX : GVX

Grandview Gold Inc.

May 06, 2008 09:04 ET

Grandview Gold Extends GEM Property Option Agreement; Prepares for Rice Lake Gold District Exploration Season

TORONTO, ONTARIO--(Marketwire - May 6, 2008) - Grandview Gold Inc. (TSX:GVX)(OTCBB:GVGDF) ("Grandview" or the "Company") is pleased to announce an amendment to its Option Agreement (the "Agreement") with Marum Resources Inc. (TSX VENTURE:MMU) ("Marum"), extending the option period on the GEM claim group ("GEM") property (the "Property") until December 31, 2008.

Under the terms of the agreement effective January 11, 2008, Grandview and Marum will work jointly to process raw data from airborne geological surveys done on the Property by Grandview prior to March 31, 2006, integrate that data into historic data of the entire coverage area and deliver the compiled information to Grandview.

"The emerging Rice Lake Gold district figures prominently in our Canadian portfolio," says Grandview CEO and President Paul Sarjeant. "There are some impressive numbers coming out of this district, leaving little doubt it is an untapped gold mining district. Given its geological similarities to the Red Lake Gold District across the Ontario border its makes sense on many levels for us to redouble our efforts in Rice Lake and continue to map and sample our property package. We are very keen to get our geologists back on the ground this field season and aggressively pursue other opportunities in the district."

About the Property

Grandview has an option to earn a 50% interest in the seven claim, 1,594 hectare GEM claim group from Marum Resources Inc. The Gem property is located near Rice Lake Manitoba, on the Ontario border, approximately 40 km southeast of the 1.7 million ounce gold Rice Lake Gold Mine (formerly San Antonio) and is considered highly promising for gold. Surface work performed by Marum Resources Inc. identified the potential for a gold-bearing zone. Surface prospecting on neighboring claims by another resource company proved to be highly successful and the Company is exploring the significance of several favourable notations made in the Manitoba Geological Survey.

About the Rice Lake Gold District

Grandview considers Manitoba's emerging Rice Lake Gold District as a potential new major gold district given its geological similarities to the Red Lake Gold District. What separates the two Archean greenstone belt districts, other than the provincial border, is their gold exploration histories. They lie in the same geological terrain, on the same crustal fault and are structurally very similar. Like the Red Lake greenstone belt, the Rice Lake greenstone belt is part of the Superior Province and Uchi Subprovince. In spite of its similarities to the Red Lake Gold District, the Rice Lake Gold District remains virtually un-explored, having produced about 10-per-cent of the gold produced by the Red Lake District. Industry estimates suggest that Rice Lake exploration activity runs at about 20-per-cent of Red Lake levels, and expenditures at about one to two-per-cent.

Most mining activity took place prior to WWII and the advent of even pre-modern exploration techniques. In 2006, San Gold re-opened the San Antonio/Bissett Mine (1.4 million ounces historic production 1932-68, 1982-83) as the Rice Lake Gold Mine and is currently in production. A dozen other mines produced an aggregate of 300,000 ounces from 1922-1951. No other producing resource companies are currently operating in the area.

On April 15th, 2008, Grandview issued an aggregate of 700,000 options to a consultant at an exercise price of $0.50 expiring two years following the date of the grant.

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 important 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.

Contact Information