Mengold Resources Inc.
TSX VENTURE : MNI

Mengold Resources Inc.

February 27, 2008 08:45 ET

Mengold Expands Ground Position Around its Burchell Lake Property

MONTREAL, QUEBEC--(Marketwire - Feb. 27, 2008) - Mengold Resources Inc. (TSX VENTURE:MNI) has staked an additional 264 mining claims to the east and northeast of the Burchell Lake Property where it is currently conducting a diamond drill program. This new land position expands the size of the Property from 1760 hectares to a total of 5,984 hectares (14,780 acres) - almost 3 1/2 times the original size. The new ground hosts very similar geology to the existing Burchell Lake Property.

Drilling Update: Six holes totaling about 1,200m of drilling have been completed at the Goldcreek Property and assay results are pending. The drill rig has now been relocated to the Burchell Lake Property where approximately 20 high-priority drill targets have been identified for investigation. Most of the targets selected are on Induced Polarization (IP) geophysical anomalies, and some of them are coincident with geochemical anomalies identified in a soil sampling survey conducted during the summer and fall of 2007. Extensive anomalies identified during the geochem survey include gold, copper, lead, zinc, and molybdenum. The planned 3,800m drill program at Burchell Lake Property is expected to take about two months.

Mengold will have a booth at the Prospectors and Developers Convention (PDAC) being held from March 2 - 5 in Toronto. The booth number is 2607 and it is located near the Teck/Cominco cafe.

The Qualified Person supervising the work being carried out on the Burchell Lake and Goldcreek Properties is Joel Scodnick,P.Geo., President & CEO of Mengold Resources Inc.

Mengold Resources Inc. is engaged in mineral exploration for precious and base metals. The Company is currently conducting a 5,000m diamond drilling program at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc, nickel, and molybdenum, in the Shebandowan Greenstone Belt of Northwestern Ontario. Mengold has 36,820,088 common shares outstanding.

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

Contact Information

  • In Canada
    Mengold Resources Inc.
    Joel Scodnick, President and Chief Executive Officer
    (705) 522-4439 or (807) 629-7516
    (705) 522-8694 (FAX)
    Email: scodnick@netspectrum.ca
    or
    Mengold Resources Inc.
    Douglas G. Reeson
    C.F.O. and Director
    (416) 533-0323
    (416) 533-2890 (FAX)
    or
    In Europe
    Mengold Resources Inc.
    W. Ian L. Forrest, Chairman and Director
    011-41-22-809-9511
    011-41-22-899-9501 (FAX)
    Website: www.mengold.com