Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

August 19, 2008 08:01 ET

Skygold Announces Further Drilling Results for Spanish Mountain

Step out drilling intersects 14.5 m of 1.72 g/t gold 450 m west of the Main Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2008) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to announce further diamond drill results from the on-going exploration program on the Main Zone at its Spanish Mountain Project in Central British Columbia.

Highlights:

- Hole 07-DDH-637 intersected 50.0 m of 1.24 g/t gold including 15.5 m of 1.70 g/t gold within the area of the initial NI 43-101 compliant resource estimate (the "Resource Area").

- Hole 07-DDH-635 intersected 10.5 m of 4.13 g/t gold 250 m south west of the Resource Area.

- Hole 08-DDH-741 intersected 21.0 m of 1.02 g/t gold 250 m west of the Resource Area.

- Hole 08-DDH-744 intersected 14.5 m of 1.72 g/t gold including 8.5 m of 2.24 g/t gold 450 m west of the Resource Area.

- Hole 08-DDH-749 intersected 6.0 m of 6.26 g/t gold 400 m northwest of the Resource Area.

- Hole 08-DDH-766 intersected 24.5 m of 1.06 g/t gold on the eastern edge of the Resource Area.

- Hole 08-DDH-778 intersected 15.0 m of 1.82 g/t gold including 10.5 m of 2.39 g/t gold within the Resource Area.

(i) A complete list of significant results is attached at the end of this release.

Discussion of Results:

Drilling continues to expand upon the current NI 43-101 compliant resource at Spanish Mountain. The drill program is designed partly to expand upon the known resource and also to gain a better understanding of the distribution of gold mineralization on the property. The Main Zone still remains open in all directions. Drilling to date has confirmed the Company's current understanding of lithological controls on gold mineralization. Structural controls have been recognized which appear to increase gold grades in the areas in which they occur. Hole 08-DDH-778 was drilled on the eastern edge of the Resource Area to test a structural concept. This hole intersected 10.5 m of 2.39 g/t gold and remains open for follow up drilling. Similarly, Hole 08-DDH-744, drilled 450 m west of the Resource Area, remains open for follow up drilling to the west and northwest.

The Resource Area continues to display continuity in all directions. The recognition of structural controls or corridors with attendant higher gold grades within and around the Resource Area provides Skygold with a focus for further exploration. Away from the Resource Area, drilling has identified broad areas (over 5.5 km2) of anomalous gold mineralization. Structural corridors, similar to those identified within the Resource Area, are being targeted within these broad areas. Such structural controls have been noted in many of the largest sediment hosted gold deposits in the world. These deposits typically contain significant volumes of lower grade gold mineralization within which narrow zones or structural corridors of higher grade gold mineralization make the deposit economic.

NQ and NQ2 core samples are typically collected in 1.5 metre intervals and cut in half using a diamond saw at Skygold's secure on-site facility. Recoveries are generally better than 90%. Samples are shipped directly to Eco Tech Labs. Eco Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold routinely submits standards, blanks and duplicates into the sample stream to maintain quality control. All gold analyses will utilize standard screen metallic assay techniques. Robert Darney, P.Geo. and R. Bob Singh P.Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Brian Groves, President

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Skygold Ventures Ltd. expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Companies believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the conditions of the letter agreement not being satisfied. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required under applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Table of Significant Results



-------------------------------------------------------------------------
Hole From To Width Gold g/t
-------------------------------------------------------------------------
07-DDH-635 233.50 244.00 10.50 4.13
-------------------------------------------------------------------------
07-DDH-637 101.00 151.00 50.00 1.24
-------------------------------------------------------------------------
07-DDH-637 incl. 108.50 124.00 15.50 1.70
-------------------------------------------------------------------------
08-DDH-718 115.00 118.00 3.00 3.17
-------------------------------------------------------------------------
08-DDH-718 151.00 166.50 15.50 1.15
-------------------------------------------------------------------------
08-DDH-719 143.50 155.50 12.00 0.62
-------------------------------------------------------------------------
08-DDH-723 146.00 162.50 16.50 0.55
-------------------------------------------------------------------------
08-DDH-724 161.00 164.00 3.00 2.15
-------------------------------------------------------------------------
08-DDH-725 143.50 154.00 10.50 0.65
-------------------------------------------------------------------------
08-DDH-726 58.00 59.50 1.50 2.97
-------------------------------------------------------------------------
08-DDH-726 154.00 163.00 9.00 0.69
-------------------------------------------------------------------------
08-DDH-726 238.50 249.00 10.50 0.58
-------------------------------------------------------------------------
08-DDH-729 117.00 123.00 6.00 2.01
-------------------------------------------------------------------------
08-DDH-732 62.00 69.50 7.50 0.68
-------------------------------------------------------------------------
08-DDH-732 249.50 251.00 1.50 9.70
-------------------------------------------------------------------------
08-DDH-733 64.50 70.50 6.00 1.68
-------------------------------------------------------------------------
08-DDH-733 82.50 85.50 3.00 1.51
-------------------------------------------------------------------------
08-DDH-733 225.00 226.50 1.50 7.54
-------------------------------------------------------------------------
08-DDH-733 243.00 252.00 9.00 0.53
-------------------------------------------------------------------------
08-DDH-736 117.50 122.00 4.50 1.51
-------------------------------------------------------------------------
08-DDH-736 143.00 162.50 19.50 0.73
-------------------------------------------------------------------------
08-DDH-736 incl. 149.00 159.50 10.50 1.02
-------------------------------------------------------------------------
08-DDH-737 40.50 44.00 3.50 0.94
-------------------------------------------------------------------------
08-DDH-739 29.00 33.50 4.50 0.86
-------------------------------------------------------------------------
08-DDH-739 49.00 57.00 8.00 0.69
-------------------------------------------------------------------------
08-DDH-741 65.00 86.00 21.00 1.02
-------------------------------------------------------------------------
08-DDH-741 65.00 75.50 10.50 1.73
-------------------------------------------------------------------------
08-DDH-741 270.50 279.50 9.00 0.89
-------------------------------------------------------------------------
08-DDH-744 146.00 160.50 14.50 1.72
-------------------------------------------------------------------------
08-DDH-744 incl. 152.00 160.50 8.50 2.24
-------------------------------------------------------------------------
08-DDH-746 279.50 284.00 4.50 1.20
-------------------------------------------------------------------------
08-DDH-747 150.00 160.50 10.50 1.29
-------------------------------------------------------------------------
08-DDH-747 incl. 154.50 160.50 6.00 1.93
-------------------------------------------------------------------------
08-DDH-749 179.00 185.00 6.00 6.26
-------------------------------------------------------------------------
08-DDH-753 158.50 172.00 13.50 0.66
-------------------------------------------------------------------------
08-DDH-759 216.50 226.00 9.50 0.57
-------------------------------------------------------------------------
08-DDH-766 45.50 70.00 24.50 1.06
-------------------------------------------------------------------------
08-DDH-766 incl. 53.00 64.00 11.00 1.75
-------------------------------------------------------------------------
08-DDH-767 241.50 252.00 10.50 0.93
-------------------------------------------------------------------------
08-DDH-769 114.00 120.50 6.50 1.00 in bottom of hole
-------------------------------------------------------------------------
08-DDH-772 35.50 49.50 14.00 1.02
-------------------------------------------------------------------------
08-DDH-773 199.00 210.00 11.00 0.59
-------------------------------------------------------------------------
08-DDH-774 29.00 36.50 7.50 1.01
-------------------------------------------------------------------------
08-DDH-774 243.00 256.50 13.50 0.92
-------------------------------------------------------------------------
08-DDH-774 incl. 249.00 256.50 7.50 1.22
-------------------------------------------------------------------------
08-DDH-774 383.00 390.50 7.50 1.27
-------------------------------------------------------------------------
08-DDH-778 85.00 100.00 15.00 1.82
-------------------------------------------------------------------------
08-DDH-778 incl. 85.00 95.50 10.50 2.39
-------------------------------------------------------------------------
Holes 07-DDH-618,626,708,712 & 717 contained anomalous results
-------------------------------------------------------------------------
Holes 08-DDH-720,721,727,730,734,738,742,743,748,756,757,761,762,764,765,
776 & 777 contained anomalous results
-------------------------------------------------------------------------
Holes 08-DDH-728,740,750,751,754,755,760,763 contained no significant
values
-------------------------------------------------------------------------
Holes 08-DDH-731,735,768 have assays pending
-------------------------------------------------------------------------
Holes 08-DDH-745,752,758,769,770,771,775 were abandoned
-------------------------------------------------------------------------

- Width is core length and does not necessarily represent true widths


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

Contact Information

  • Skygold Ventures Ltd.
    Tim Mikula
    (604) 484-6317
    (604) 684-0279 (FAX)
    Website: www.skygold.ca
    or
    B&D Capital Partners
    Brad Aelicks
    (604) 685-6465