Skygold Ventures Ltd.

Skygold Ventures Ltd.
Wildrose Resources Ltd.

Wildrose Resources Ltd.

August 12, 2005 14:01 ET

Skygold and Wildrose Commence Diamond Drilling on Spanish Mountain Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 12, 2005) - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce the commencement of a diamond drill program and geological mapping on the Spanish Mountain gold project located in the Cariboo region of B.C.

The continuing work program at Spanish Mountain consists of an extensive diamond drilling program and geological mapping. Mr. Chris Lee of SRK Consulting has been contracted to assist with structural interpretation of the area and has provided a solid framework for the ongoing exploration program. Geological mapping has begun to help understand the style and distribution of gold mineralization. Up to four phases of deformation have been identified on the property. The unusually high gold grades at Spanish Mountain may be a result of these deformation events upgrading and focusing gold mineralization.

The core drilling, currently underway, will help define the geological setting for the gold mineralization. The bulk of historic drilling on the property has been reverse circulation drilling which have been effective in outlining the broad zones of high grade gold mineralization but provided limited detailed geological information. The core drilling will help define a geological model for the gold mineralization at Spanish Mountain which can then be used to help expand known mineralized zones and potentially lead to the discovery of new zones.

The focus of the current diamond drill program will be to; extend the current extent of the known gold mineralization at Spanish Mountain, gain a better understanding of the geological setting of the gold mineralization, and provide a comparison of the results in the previous reverse circulation drilling programs. The ultimate goal of the program is to put together a geological model that will allow Skygold/Wildrose to begin the process of defining a gold resource at Spanish Mountain.

The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.

Eco-Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Eco-Tech routinely insert its own standards into the sample stream, and Skygold/Wildrose is submitting additional standards, blanks and duplicates into the stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W. (Bill) Morton, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,


Doug Fulcher, President

This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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

Contact Information

  • Skygold Ventures Ltd.
    Doug Fulcher
    (604) 684-5901
    (604) 684-0279 (FAX)
    Wildrose Resources Ltd.
    Bill Morton
    (604) 681-7913
    (604) 681-9855 (FAX)
    B&D Capital Partners
    Brad Aelicks
    (604) 685-6465