Gossan Resources Limited
FRANKFURT : GSR
TSX VENTURE : GSS

Gossan Resources Limited

April 23, 2008 13:09 ET

Marathon PGM Competes 17-Hole Drill Program at Gossan's Bird River Property

WINNIPEG, MANITOBA--(Marketwire - April 23, 2008) - Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT/FREIVERKEHR:GSR) has been advised by its option and joint venture partner, Marathon PGM Corporation (Marathon)(TSX:MAR), that it has completed a 17-hole drill program at Gossan's 7,000-hectare Bird River Sill Property. On the Page Block, in the northeast of the Property, 13 holes (2,046 metres) were drilled with a goal of establishing, in conjunction with historic results, an initial resource estimate. In addition, 4 holes (590 metres) were drilled at the Galaxy Zone and to the west of the Page Block to assess their exploration potential. Assays are pending. The Bird River Property hosts nickel, copper, zinc and PGM mineralization.

The Ore Fault Property, owned by Bird River Mines Inc. is located adjacent to the southeast of Gossan's Page Block on the Bird River Sill. Marathon has an option to earn a 100% interest in the 446-hectare Ore Fault Property from Bird River Mines Inc. The Ore Fault Property is within the area of interest and is part of the Gossan - Marathon Joint Venture. This winter, Marathon completed 9 holes (1,901 metres) at the Ore Fault North Zone (OFNZ) and is currently drilling an additional 1,500 metres. Two distinct mineralized zones have been identified at the Ore Fault North Zone - an upper zone of nickel-copper-PGM mineralization and a lower zone of zinc-copper-silver mineralization.

Phillip Walford, President and CEO of Marathon stated, "We are drilling aggressively as a part of the resource estimate for our Bird River Project. The density of drilling completed to date will allow us to rapidly build a resource estimate for the Page and Ore Fault North Zones." Marathon is an experienced developer of low-grade, bulk-tonnage, open-pittable deposits.

Highlights - Ore Fault North Zone Drilling

- intersections of two distinct mineralized zones identified at the Ore Fault North Zone - an upper zone of Ni-Cu-PGM mineralization and a lower zone of Zn-Cu-Ag mineralization

- 6.1m true width of lower Zn-Cu-Ag mineralization grading 0.31% Ni, 1.76% Cu, 3.50% Zn, and 176gpt Ag in Hole MF0803

- 17.5m true width of lower Zn-Cu-Ag mineralization grading 0.03% Ni, 0.74% Cu, 4.61% Zn, and 51.1gpt Ag in Hole MF0807

- 24.5m true width of upper Ni-Cu-PGM mineralization grading 0.31% Ni, 0.14% Cu, and 0.43gpt PGM and Au in a disseminated sulphide lens within hole MF0805

- 27.0m true width of upper Ni-Cu-PGM mineralization grading 0.33% Ni, 0.15% Cu, and 0.68gpt PGM and Au in a disseminated sulphide lens within hole MF0803

- Zn-Cu-Ag mineralization is traceable for 300m along strike by drilling and 500 m along strike by new ground IP geophysical survey and is still open beyond the limits of the IP survey

Current Exploration

Mineralization at the Ore Fault North Zone is hosted within a series of stacked sulphide lenses that are typically 50m by 100m, over a known strike length of 300m. Mineralization is open down dip as well as to the north and south. Drilling is expected to define multiple sulphide lenses that exhibit "pinch and swell" features.

Geophysical surveys have played a key role in tracing lithologic units and associated mineralization. Magnetics clearly outline the northwest trending ultramafic unit, while a ground 3d IP array survey shows a diverging northeast trend that potentially corresponds to Zn-Cu-Ag mineralization. A number of geophysical targets along strike from known mineralization have not been adequately explored.

Current Drilling

Earlier in this winter, Marathon completed 9 holes (1,901 metres) at the Ore Fault North Zone. Currently, a follow up program of 1,500 metres of infill holes is underway at the OFNZ in order to improve drill density and to build the resource.

Hole MF0808 is located 50-m south of historic drill hole 24, which contains multiple lenses of good grades and thicknesses for Ni-Cu and Zn-Cu-Ag sulphide mineralization (see MAR press release of 21-Feb-08). Of importance, MF0808 confirms continuity of mineralization from adjacent sections. Hole 24 is the most northerly hole drilled in the lower Zn-Cu-Ag zone, which leaves the thicker lens open to the north and down dip.

Hole MF0806 is located above hole MF0807 and confirmed the up-dip continuity of both the upper Ni-Cu-PGM and basal Zn-Cu-Ag mineralized zones.

Multiple previous drill holes were not drilled far enough to the east to test the Zn-Cu-Ag mineralization in contact with the basal granite. Marathon's imminent drilling will test many of these eastern mineralized extensions.

"These additional holes will complete our preliminary investigation of the Ore Fault North Zone. With this data and recent geophysics we can now focus on drilling the areas with high potential," said David Good, Marathon's Vice President of Exploration.



Assay Results from the Ore Fault North Zone - Marathon
Drilling - 2008 - Phase 1

---------------------------------------------------------------------------
Total
PGM
True and
From To Width Au Pt Pd Au Cu Ni Zn Ag
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Hole (m) (m) (m) (gpt) (gpt) (gpt) (gpt) (%) (%) (%) (gpt)
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MF-08- 91.4 94.4 3.0 0.02 0.06 0.28 0.36 0.19 0.35 0.06 2.5
01
---------------------------------------------------------------------------
MF-08- 29.8 36.35 6.55 0.01 0.07 0.27 0.35 0.18 0.25 0.25 7.3
02
---------------------------------------------------------------------------
MF-08- 46.3 47.05 0.75 0.03 0.01 0.02 0.06 0.34 0.01 2.52 30.5
02
---------------------------------------------------------------------------
MF-08- 144.4 172.0 27.0 0.04 0.12 0.52 0.68 0.15 0.33 0.03 2.4
03
---------------------------------------------------------------------------
MF-08- 175.4 180.4 5.0 0.05 0.15 0.49 0.69 0.30 0.47 0.12 12.0
03
---------------------------------------------------------------------------
MF-08- 188.2 196.0 6.1 0.09 0.02 0.40 0.51 1.76 0.13 3.50 176.7
03
---------------------------------------------------------------------------
MF-08- 91.15 96.15 5.0 0.03 0.10 0.46 0.59 0.15 0.39 0.02 2.0
04
---------------------------------------------------------------------------
MF-08 159.75 172.65 12.9 0.01 0.08 0.34 0.43 0.12 0.26 less 1.6
-04 than
0.01
---------------------------------------------------------------------------
MF-08- 205.9 211.0 5.1 0.02 0.12 0.49 0.63 0.14 0.43 0.01 6.8
04
---------------------------------------------------------------------------
MF-08- 110.7 135.2 24.5 0.01 0.09 0.33 0.43 0.14 0.31 0.02 2.7
05
---------------------------------------------------------------------------
MF-08- 169.8 170.3 0.5 0.01 0.01 0.01 0.03 0.19 0.01 1.64 6.6
05
---------------------------------------------------------------------------
MF-08- 49.5 50.8 1.3 0.07 0.09 0.65 0.81 0.42 0.46 0.37 10.6
06
---------------------------------------------------------------------------
MF-08- 55.0 56.0 1.0 0.01 0.11 0.19 0.31 0.53 0.38 0.14 20.2
06
---------------------------------------------------------------------------
MF-08- 67.0 70.5 3.5 0.05 0.11 0.44 0.6 0.17 0.52 0.04 4.3
06
---------------------------------------------------------------------------
MF-08- 99.0 103.0 4.0 0.02 0.06 0.23 0.31 0.13 0.22 0.02 2.9
06
---------------------------------------------------------------------------
MF-08- 147.5 162.0 14.5 0.04 0.14 0.77 0.95 0.17 0.46 less 2.2
07 than
0.01
---------------------------------------------------------------------------
MF-08- 189.5 198.7 9.2 0.02 0.24 1.12 1.38 0.34 0.82 0.02 11.2
07
---------------------------------------------------------------------------
MF-08- 208.0 227.7 17.5 0.11 0.01 0.02 0.14 0.74 0.03 4.61 51.1
07
---------------------------------------------------------------------------
MF-08- 77.1 81.5 4.4 0.02 0.07 0.28 0.37 0.14 0.31 0.04 2.4
08
---------------------------------------------------------------------------
MF-08- 98.25 101.25 3.0 0.02 0.1 0.41 0.53 0.27 0.52 0.03 7.8
08
---------------------------------------------------------------------------
MF-08- 147.5 158.5 11 0.02 0.09 0.49 0.6 0.20 0.44 0.01 5.6
08
---------------------------------------------------------------------------
MF-08- 194.0 195.0 1.0 0.39 0.01 0.02 0.42 0.33 0.04 1.28 22.1
08
---------------------------------------------------------------------------
MF-08- 85.8 86.8 1.0 0.16 0.04 0.15 0.35 0.27 0.19 0.03 6.4
09
---------------------------------------------------------------------------


Marathon has an option to earn a 100% interest of 446-hectare Ore Fault Property from Bird River Mines Inc (see MAR release of 07-Jan-08). The Ore Fault Property is part of a larger option and joint venture between Marathon and Gossan Resources called the Bird River Project that consists of 7,301 hectares. Marathon has an option to earn up to 70% of this project from Gossan (see Gossan NR 07-04 of April18, 2007).

Please click on http://www.marathonpgm.com/newsmaps/2008-16.jpg to see a generalized geological cross section of 4650N of the Ore Fault North Zone. Please click on http://www.marathonpgm.com/newsmaps/2008-16a.jpg to open a plan view of Ore Fault North Zone.

Samples consist of NQ-size drill core that are split by diamond saw on site, prepared at ALS Chemex Vancouver, and assayed by fire assay with an ICP-OES finish (for Pt, Pd and Au) and aqua regia or four acid dissolution and ICP-OES finish for base metals. Marathon's quality assurance-quality control (QA-QC) program consists of insertion of standards of known PGM content and duplicates every 30 samples. After sampling, the remaining half core is retained on site for future verification and reference purposes.

David Good, P.Geo; Ph.D; Marathon's VP of Exploration is Marathon's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Dr. Good has reviewed the contents for accuracy and has approved this press release on behalf of Marathon.

About Marathon PGM Corporation

Marathon is in the process of completing a definitive feasibility study on the Marathon PGM-Cu deposit. Marathon also has development and exploration stage properties in southeastern Manitoba and western Newfoundland and Labrador. Marathon's management plans to build on this focus through the advancement of its properties, focusing on resource development and by examining other strategic PGM and base metal opportunities within Canada.

Gossan Resources Limited is engaged in mineral exploration in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty and minor metals, tantalum, lithium, chromium, titanium and vanadium. The Company also has a large deposit of magnesium-rich dolomite, the world-wide rights to the Zuliani magnesium production process, and a silica sand prospect. Gossan trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and has 28,920,900 common shares outstanding.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to those identified and reported in Management's Discussion and Analysis for the year ended December 31, 2007. Circumstances or management's estimates or opinions could change, and management disclaims any obligation to revise or update forward-looking statements, whether for new information, future events or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.

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

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