Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

June 16, 2008 08:01 ET

Skygold Updates Progress on Spanish Mountain Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 16, 2008) - Skygold Ventures Ltd. ("Skygold") (TSX VENTURE:SKV) and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to provide an update on the on-going exploration program at the Spanish Mountain Project in Central British Columbia. Skygold and Wildrose have previously announced the initial NI 43-101 compliant resource estimate (April, 2008) for a portion of the Main Zone of gold mineralization at Spanish Mountain.

At present, there are 61 drill holes with results which are currently not included in the resource calculation. Some of these holes are up to 300 metres away from the resource area and have reported some of the widest zones of higher grade gold mineralization ever drilled on the property. As previously disclosed on May 21, 2008, Hole 08-DDH-722 intersected 47.5 metres of 2.04 g/t gold including 25.0 metres of 3.19 g/t gold and 16.0 metres of 1.51 g/t gold in two separate zones 275 metres west of the resource area and Hole 08-DDH-699 intersected 58.5 metres of 1.13 g/t gold including 21.0 metres of 1.52 g/t gold 130 metres west of the resource area. An updated map showing the resource area within the Main Zone and drill holes located outside of the resource area can be found on Skygold's website, www.skygold.ca.

The company has also reported high grade intercepts up to 2 km west of the resource area. At present, there is drill core from 48 drill holes within the Main Zone awaiting assay.

Drilling has begun on the Ropes of Gold ("R.O.G.") target area which lies between 600 and 1000 metres south of the Main Zone resource area. The R.O.G. target was first recognized in 2007 as having some of the highest gold values in quartz veins on the property (grab sample G26205 assayed 232 g/t gold and several other samples have assayed in excess of 10 g/t gold). The gold bearing veins occur within a 700 metre long and approximately 600 metre wide north-east trending corridor. Recent geological mapping and sampling have confirmed the orientation of the veins and drilling has begun to test for gold mineralization similar to that of the Main Zone. Once an initial phase of drilling is complete in this area, the drill will move to test for the source of the gold mineralization found at the Cedar Creek placer gold deposit approximately 3km southwest of the Main Zone. Skygold has contracted an additional assay laboratory to help expedite assay turn around times and to remain on schedule to complete an updated resource estimate for the Main Zone in the fall of 2008.

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