Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

July 11, 2007 16:09 ET

Skygold Ventures Ltd.: Spanish Mountain Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - Skygold Ventures Ltd. (Skygold) (TSX VENTURE:SKV) (the "Company") is pleased to announce an update of its current exploration program at Spanish Mountain. Skygold and Joint Venture partner Wildrose Resources Ltd. are currently conducting the largest exploration program on the property to date. In addition to 60,000 metres of diamond drilling in 2007, the company will employ several independent geological consultants to help better understand and advance this remarkable project. We are pleased that Dr. Paul Klipfel, a world leader in Sedimentary Hosted Vein deposits, (SHV) is currently on site working with field crews.

Scott Weekes, VP Exploration for Skygold, stated: "We are extremely pleased to have a geoscientist of Paul's stature working at Spanish Mountain. Paul brings a wealth of knowledge in SHV deposits and will assist our staff with both on-going exploration and in helping to understand this newly recognized deposit style in British Columbia. The 2007 drill program is focused on defining the extent of the gold mineralization at Spanish Mountain, and as such will have a much broader scope than previous programs. We will be testing an area of approximately 4.5 square kilometers. Paul's intimate knowledge of the alteration and mineralization associated with some of the giant SHV deposits in the world will help direct the work at Spanish Mountain."

Dr Klipfel has worked and consulted for numerous major and mid-tier gold producers including Placer Dome where he was part of their research team that investigated giant gold deposits worldwide. This work included evaluation of some of the sedimentary hosted gold deposits of eastern Russia and resulted in adoption of the term Sedimentary Hosted Vein (SHV) deposits for this style of mineralization. Since that time Dr. Klipfel has continued to study this deposit style around the world and has helped develop a model for this new classification.

SHV gold deposits are a family of deposits with common characteristics and include some of the largest gold systems in the world. Deposits like Murantau (+140 million ounces gold), Sukhoy Log (+20 million ounces gold) and Natalka (+40 million ounces gold) highlight the potential of these deposits. Observations made by Dr Klipfel after visiting the Spanish Mountain property last year helped define Spanish Mountain as an SHV deposit.

Dr. Klipfel is currently working on the property. His extensive knowledge of SHV deposits will help guide the 2007 program. His time on the property will include geological mapping, evaluation of drill core and interpretation of regional and local structural architecture and interpretation of geophysical results. Dr. Klipfel will also work closely with the geological staff on site to help refine the 2007 drill program and provide a thorough briefing on the current research pertaining to SHV deposits.

For more information please visit our website www.skygold.ca for a recent management overview video.

About the Spanish Mountain property

The Spanish Mountain property is host to a large size gold mineralizing system which has only been partially tested with diamond drilling. Previous work has outlined a mineralized zone extending approximately 1.2 kilometres by 0.8 kilometres which remains open in all directions. This year's program will test an area approximately five times the size of the Main Zone. This area has similar geochemical and geophysical characteristics to known gold mineralization on the property.

The Spanish Mountain project is a joint venture between Skygold Ventures Ltd. and Wildrose Resources Ltd. in which Skygold has a 70% participating interest and Wildrose has a 30% participating interest.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Doug Fulcher, 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. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • B&D Capital Partners
    Brad Aelicks
    (604) 685-6465
    Website: www.skygold.ca