Skygold Ventures Ltd.

Skygold Ventures Ltd.

July 27, 2009 08:01 ET

Skygold Begins Drilling at Spanish Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 27, 2009) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to announce that drilling is underway at its 100% owned Spanish Mountain property in South Central B.C.

The Company disclosed an updated resource estimate for Spanish Mountain in a release dated March 18, 2009. The updated measured and indicated resource summary table currently stands as follows:

Spanish Mountain NI-43-101 Updated Resource
March 18th 2009
Gold Cut- Classification Tonnes Gold (g/t) Gold
off (g/t) (ounces)
Measured &
0.7 Indicated 48,210,000 1.007 1,560,000
Inferred 5,790,000 0.979 180,000
Measured &
0.5 Indicated 102,260,000 0.785 2,580,000
Inferred 11,650,000 0.787 290,000
Measured &
0.3 Indicated 210,710,000 0.581 3,940,000
Inferred 24,760,000 0.574 460,000
Caution: Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability.

The Main Zone remains open to the north, south and at depth. Modeling of all drill data has identified a north-south oriented structural corridor within and extending beyond the current limits of the Main Zone.

The aggressive drilling program will focus on the following priorities:

1. Delineation of the higher grade, near surface portions of the deposit.

2. Evaluation of the impact on gold grade estimates by using larger sample sizes derived from a larger HQ core size.

3. Sampling for further metallurgical and geotechnical work.

4. Evaluation of the potential for expansion of the Main Zone resource with drilling to the north, south and at depth.

5. Continued property wide exploration using the structural model developed at the Main Zone.

The current program will entail a minimum of 8000 metres of drilling.

In concert with the field programs, the Company will be undertaking conceptual engineering studies to assess preliminary project economics.

About Skygold

Skygold is an exploration company focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company is well funded with a current cash position of $3.3 million and has applied for Mineral Exploration Tax Credits from the Province of British Columbia totaling $1.8 million. These funds are expected to be received in 2009.

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,


Brian Groves, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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