Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

April 17, 2008 08:00 ET

Skygold Drilling Intersects High-Grade Gold Mineralization in Step-Out Hole

1.50m of 96.20 g/t gold intersected 300m west of the Main Zone and 58.5m of 1.13 g/t gold intersected 120m west of the Main Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to announce results from the on-going diamond drilling program at the Spanish Mountain Project in Central British Columbia.

Results from drill holes completed to date have confirmed gold mineralization well outside of the area of the initial NI 43-101 compliant resource estimate (disclosed in a News Release dated April 3, 2008). The on-going drilling program is designed to expand the area of gold mineralization identified within a portion of the Main Zone. This portion of the Main Zone is the area of the initial resource estimate which was calculated to contain a measured and indicated resource using a 0.50 g/t cut off grade of 67,060,000 tonnes averaging 0.811 g/t gold (1.75 million ounces of gold). The Main Zone remains open in all directions and drilling in 2008 has focused on expanding the zone to the west and northwest. Several holes in this area have intersected wide zones of gold mineralization within areas where visible gold was identified in drill core.

Highlights:

- Hole 08-DDH-702 intersected 1.50 metres of 96.20 g/t gold 300 metres west of the Main Zone

- Hole 08-DDH-699 intersected 58.5 metres of 1.13 g/t gold including 21.0 metres of 1.52 g/t gold

- Hole 07-DDH-690 intersected 27.0 metres of 1.22 g/t gold

- Hole 07-DDH-692 intersected 22.5 metres of 1.09 g/t gold

- Hole 07-DDH-689 intersected 0.75 metres of 39.0 g/t gold

- Hole 07-DDH-695 intersected 13.50 metres of 1.21 g/t gold 450 metres west of the Main Zone

Discussion of Results:

A plan map showing drill hole locations is available on Skygold's website. Holes 699, 690, 692, 695 and 702 all intersected the Main Zone stratigraphy and have all intersected significant gold mineralization. Hole 702 intersected high grade gold mineralization of 96.2 g/t gold over 1.5 metres. This intercept is approximately 300 metres west of the area of the initial resource. Hole 699, drilled in the northern part of the Main Zone, remains open to the west and south. Hole 699 is the highest grade and widest intercept returned from diamond drilling in the northern part of the Main Zone. In addition to these holes, several step out holes were drilled late in 2007 to test for gold mineralization west of the Main Zone, some of these holes intersected visible gold including Hole 07-DDH-689 which intersected 7.75 metres of 5.5 g/t gold including 0.75 metres of 39.0 g/t gold. Hole 695 is approximately 450 metres west of the resource area and has intersected 13.50m of 1.21 g/t gold, this intercept is on a steeper section of the Main Zone stratigraphy and remains open in all directions.

Scott Weekes, Vice President of Exploration for Skygold, commented, "We have now drilled two of our best holes in the northern part of the Main Zone and to the west of the Main Zone and both are located well outside of the resource area. In 2008 we are continuing with our aggressive drill program and are working to refine the geological model for the Main Zone and expand upon the resource. Step out hole 695 has clearly shown the potential for the Main Zone to expand significantly beyond what we currently know as the limits of gold mineralization."

Complete table of results follows:



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Hole From To Width Au (g/t) Area
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07-DDH-629 244.50 246.00 1.5 7.82 SW Main
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07-DDH-665 73.00 86.50 13.5 1.72 Main Zone (resource area)
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07-DDH-676 78.00 88.50 10.5 0.61 E Main Zone
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07-DDH-677 82.50 100.00 17.5 0.65 E Main Zone
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07-DDH-683 240.00 244.50 4.5 1.99 400m east of Main Zone
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07-DDH-687 120.50 144.50 24 0.68 W Main Zone
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07-DDH-689 98.00 98.75 0.75 39.00 W Main Zone
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and 104.25 107.25 3 5.04 W Main Zone
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and 165.50 176.00 10.5 0.71 W Main Zone
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and 254.00 261.50 7.5 1.36 W Main Zone
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07-DDH-690 58.00 85.00 27 1.22 W Main Zone
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07-DDH-692 195.00 217.50 22.5 1.09 W Main Zone
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incl. 210.00 211.50 1.5 3.12 W Main Zone
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and
incl. 216.00 217.50 1.5 7.71 W Main Zone
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07-DDH-694 59.50 66.00 6.5 1.77 W Main Zone
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and 198.00 205.50 7.5 3.53 W Main Zone
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incl. 198.00 199.50 1.5 14.30 W Main Zone
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07-DDH-695 298.50 312.00 13.50 1.21 450m west of Main Zone
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08-DDH-696 11.00 28.00 17 1.07 NW Main Zone
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and 52.00 53.50 1.5 17.80 NW Main Zone
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and 73.00 90.50 17.5 0.67 NW Main Zone
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08-DDH-699 54.50 113.00 58.5 1.13 NW Main Zone
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incl. 84.50 105.50 21 1.52 NW Main Zone
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08-DDH-702 268.50 270.00 1.5 96.2 300m west of Main Zone
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08-DDH-710 220.50 223.00 2.5 10.30 NW Main Zone
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361.00 371.00 10 1.04 NW Main Zone
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Holes 07-DDH-618, 626, 635, 637 & 695 are pending from 2007

Holes 07-DDH-625, 627, 628 & 631 returned no significant values

Holes 07-DDH-617, 680, 684, 693 and 08-DDH-701 contained anomalous gold
values

Holes 08-DDH-697, 698, 700, 703-709 are pending.
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Eco Tech Laboratories Ltd. of Kamloops, BC, a BC accredited laboratory, is conducting the sample preparation and analyses of samples. Skygold/Wildrose are submitting 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 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,

SKYGOLD VENTURES LTD.

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.

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