Mengold Resources Inc.
TSX VENTURE : MNI

Mengold Resources Inc.

August 03, 2006 15:29 ET

Mengold Initiates Drill Program at Burchell Lake

MONTREAL, QUEBEC--(CCNMatthews - Aug. 3, 2006) - Mengold Resources Inc. (TSX VENTURE:MNI) has launched a drill program at its 1,700-hectare Burchell Lake Property located in the Shebandowan area, 110-km west of Thunder Bay, Ontario. This initial drill program will test a number of the conductive zones identified from a 178 line-km, helicopter-borne, "Dream Catcher" VTEM survey flown over the Burchell Lake Property during the spring of this year. The drill will then be re-located to the Goldcreek Property later in August where a previously announced field program is currently defining drill targets. The best target areas are being assessed with a 1500 metre diamond drill program.

A field program to identify additional targets for a future drill program is also to be conducted at the Burchell Lake Property. The program will consist of prospecting, mechanical stripping, and cutting selective grids followed by an Induced Polarization (IP) survey to detect disseminated sulphides.

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

Mengold Resources Inc. is engaged in mineral exploration for precious and base metals. The Company is exploring two properties in Quebec, the Mountain River Property, near Sainte-Anne-du-Lac, and the Thetford Property in the Eastern Townships. Mengold recently acquired the Burchell Lake and Goldcreek Properties, both prospective for gold and copper, in the Shebandowan area west of Thunder Bay, Ontario. Mengold has 17,911,537 common shares outstanding (22,996,987 shares fully diluted).

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

Contact Information

  • Mengold Resources Inc.- In Canada
    Joel Scodnick
    President and Chief Executive Officer and Director
    (705) 522-4439
    (705) 522-8694 (FAX)
    joelscod@rogers.blackberry.net
    or
    Mengold Resources Inc.- In Canada
    Douglas G. Reeson
    C.F.O. and Director
    (416) 533-0323
    (416) 533-2890 (FAX)
    or
    Mengold Resources Inc.- In Europe
    W. Ian L. Forrest
    Chairman and Director
    011.41.22.809.9511
    011.41.22.899.9501 (FAX)
    www.mengold.com