Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

October 15, 2008 08:00 ET

Skygold Continues to Advance Spanish Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Skygold Ventures Ltd. ("Skygold" or the "Company") (TSX VENTURE:SKV) is pleased to announce further diamond drill results from the 2008 drill program at Spanish Mountain. Drilling has focused on expanding the limits of the Main Zone of gold mineralization and in defining higher grade areas within the Main Zone. The Company has previously (April 3, 2008) disclosed the results of a NI 43-101 compliant initial resource estimate for an area within the Main Zone which is referred to as the "Resource Area".

Highlights:

- Hole 08-DDH-735 intersects 15.0 metres of 1.48 g/t gold

- Hole 08-DDH-787 intersects 24.0 metres of 1.22 g/t gold including 19.50 metres of 1.43 g/t gold in an area 100 metres east of the Resource Area.

- Hole 08-DDH-788 intersects 19.50 metres of 1.20 g/t gold

- Hole 796 intersects five separate zones totaling 88.25 metres in width including: 20.0 metres of 1.09 g/t gold; 16.50 metres of 1.08 g/t gold; 19.50 metres of 0.94 g/t gold; 12.00 metres of 0.89 g/t gold and 13.50 metres of 0.91 g/t gold.

- Hole 08-DDH-802 intersects two high grade intervals of 0.90 metres of 16.0 g/t gold and 1.50 metres of 10.01 g/t gold.

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

Discussion of Results:

Current drill results continue to expand the Main Zone of gold mineralization at Spanish Mountain. Gold mineralization at the upper contact between greywacke and argillite units still remains the focus of exploration on the property as this contact has proven to host the most continuous near surface mineralization In addition to this contact, gold mineralization has been intersected in at least three other zones. Hole 08-DDH-796 has intersected gold mineralization in several horizons near the south-western edge of the resource and indicates the potential for additional discoveries on the property.

Higher grade mineralization, such as that intersected in hole 08-DDH-802, remains to be fully evaluated as the focus of exploration has been in delineating a lower grade bulk mineable gold deposit. Defining continuity of higher grade intervals may be an important step in increasing the overall grade of the Main Zone as well as defining higher grade, stand alone targets.

Due to slower than expected receipt of assay results, the Company now anticipates that an updated resource estimate will be released before the end of October, 2008.

Scott Weekes, Vice President, Exploration stated: "We are very pleased with the progress at Spanish Mountain and believe that we are on track to expand upon the previous NI 43-101 compliant resource for part of the Main Zone. The current drilling has returned higher gold grades than the average grade of the resource and we still have not defined the edges of the mineralization within the Main Zone."

The successful financing completed by Skygold in July, 2008 will allow the Company to continue to advance Spanish Mountain.

Please see the company's website for an updated map at www.skygold.ca.

Project Quality Control / Quality Assurance

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 which is independent of the Company, 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

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Hole From To Width (m) Au (g/t)
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08-DDH-735 129.5 144.5 15.00 1.48
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08-DDH-768 166.00 185.50 19.50 0.73
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08-DDH-779 64.50 69.00 4.50 1.29
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08-DDH-781 86.00 104.50 18.50 1.04
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incl. 90.50 103.00 12.50 1.38
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08-DDH-782 165.50 173.00 7.50 1.02
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08-DDH-785 117.0 124.00 7.00 1.18
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08-DDH-786 153.00 154.50 1.50 6.49
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08-DDH-787 56.00 67.00 11.00 2.58
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and 80.5 104.50 24.0 1.22
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incl. 82.00 101.50 19.50 1.43
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08-DDH-788 64.50 84.00 19.50 1.20
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incl. 74.50 84.00 9.50 1.92
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incl. 64.50 65.25 0.75 5.66
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08-DDH-789 58.50 64.50 6.00 1.04
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08-DDH-789 and 230.50 235.00 4.50 1.70
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08-DDH-794 233.50 238.50 5.00 1.17
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08-DDH-796 24.50 30.50 6.00 1.11
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and 140.00 160.00 20.00 1.09
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and 169.00 185.50 16.50 1.08
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and 200.50 201.25 0.75 9.01
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and 239.50 259.00 19.50 0.94
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and 265.00 277.00 12.00 0.89
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and 314.50 328.00 13.50 0.91
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08-DDH-797 152.00 155.00 3.00 1.86
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08-DDH-799 275.5 286.00 10.50 1.23
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08-DDH-801 91.50 93.00 1.50 6.76
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08-DDH-802 22.50 24.00 1.50 3.32
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and 52.80 53.70 0.90 16.00
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and 62.50 64.00 1.50 10.01
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08-DDH-803 182.50 184.75 2.25 2.01
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Hole 08-DDH-780 was abandoned
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Holes 08-DDH-783,784,790,791,792,795,798 & 800 contained
anomalous values
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Hole 08-DDH-793 is pending
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- 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