Skygold Ventures Ltd.

Skygold Ventures Ltd.

March 03, 2005 14:01 ET

Skygold Fully Vested with Wildrose on Spanish Mountain Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SKYGOLD VENTURES LTD.

TSX VENTURE SYMBOL: SKV

MARCH 3, 2005 - 14:01 ET

Skygold Fully Vested with Wildrose on Spanish Mountain
Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Skygold
Ventures Ltd. (TSX VENTURE:SKV) ("Skygold") is pleased to announce that
they have renegotiated their option agreement with Wildrose Resources
Ltd. (TSX VENTURE:WRS) ("Wildrose") and have fully vested with Wildrose
on the Spanish Mountain Project located approximately ten kilometres
from the village of Likely, British Columbia. A joint venture has now
been formed between Skygold and Wildrose whereby each company will
contribute on a 70%/30% basis for all ongoing exploration costs.

Under the original terms of the option agreement, the Company could earn
a 70% interest in the Spanish Mountain project by making scheduled share
issuances and cash payments and completing $700,000 in exploration
expenditures. As a result of the ongoing success from the project,
Skygold has incurred all requirements for the exploration expenditures,
with years of property payments remaining. Under the terms of the
renegotiation Skygold is to issue 500,000 shares to Wildrose in lieu of
those property payment and will continue to satisfy two underlying
option agreements with three individuals.

Doug Fulcher, President of Skygold states, "We are pleased to have the
joint venture formed early. It now allows for the project to move ahead,
and both companies to complete financings for an aggressive drill
program planned for this spring and summer. Our technical staff has now
completed the digital database that incorporates the 34 drill holes from
the 2004 program along with 106 drill holes drilled between 1984 and
1988. This database has been generated to develop a three dimensional
geological model which will aid in developing the large bulk mineable
potential as well as targeting more discreet high-grade feeder
structures. We look forward to the detailed interpretation of this data
and the start of the 2005 drill program."

Thirty-four reverse circulation drill holes drill holes totaling 2,506
metres (8,235 feet) were completed in 2004. A total of 55 significant
intercepts were encountered and six holes ended in mineralization
grading between 1.43 g/t and 4.37 g/t gold. These holes will be deepened
in the 2005 drill program. Currently the mineralization has been
identified over 1,400 metres in an east-west trend and over 600 metres
in the north-south direction and remains open for testing in all
directions, including to depth.

J.W. (Bill) Morton, P. Geo. is the qualified person who has reviewed
this news release.

Skygold will be attending the PDAC in Toronto from March 6th to 9th,
please stop by Booth #2531 for more detailed updates.

The renegotiation of the Spanish Mountain agreement is subject to
regulatory acceptance.

On Behalf of the Board,

SKYGOLD VENTURES LTD

John McGoran, Director

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. There can be no assurance that
such statements will prove to be accurate and 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.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    B&D Capital
    Brad Aelicks
    (604) 685-6465
    www.skygold.ca
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.