Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.

July 08, 2005 08:00 ET

Skygold Ventures Ltd.: Spanish Mountain News Release; Northern Panel Delivers Seven Significantly Mineralized Drill Holes, Hole #249-53.3 Metres Grading 2.05g/t Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 8, 2005) - Wildrose Resources Ltd. (TSX VENTURE:WRS) and Skygold Ventures Ltd. (TSX VENTURE:SKV) are pleased to report the results for the remaining six drill holes of a sixteen-hole drill program at the Spanish Mountain property in the Cariboo Region of British Columbia. Five of the six drill holes were completed in the North East portion of the target. Drill holes 245, 247, 249, and 250, when compiled with previously reported drill holes 216, 221, and 235, have been determined to have an average mineralized intercept of 67.7 metres (222 feet) with a weight-averaged grade of 1.52 grams per ton gold. Most of the reported holes ended in mineralization. The North East Panel has a north-south dimension of approximately 450 metres and an east-west dimension of over 200 metres. Mineralization remains open to the north, east, west, and to depth in this area.

Step out drill hole 250, collared approximately 158 metres northeast of hole 235 intercepted 56.3 metres of mineralization grading 1.17g/t gold from a depth of 64.1 metres. The bottom 19.8 metres of drill hole 250 intercepted an average grade of 1.37g/t gold. Drill hole 250 ended in mineralization returning a final 1.5 metre sample grading 1.45g/t gold. This hole was critical to prove that the mineralization has not been cut-off to the north and indicates that the mineralization remains trending to the north.

Drill hole 249 is collared 30 metres north and on the same orientation as drill hole 221 and intersected 53.3 metres of 2.05g/t gold including 32 metres of 2.98g/t gold and including 15.3 metres of 4.28g/t gold.

Drill hole 246 was drilled 25 metres west from drill hole 221 at -60 degrees and 120 degrees azimuth. Hole 246 confirms the mineralization dips modestly to the west and remains open. Highlights of drill hole 246 include an intercept of 35 metres grading 1.13g/t gold including 25.9 metres grading 1.34g/t gold. The bottom of the hole ended in mineralization with a grade of 1.74g/t gold over 11.6 metres.

Drill hole 245, drilled back toward drill hole 221 at -60 degrees dip and 300 degrees azimuth, successfully tested the location of previously interpreted east dipping feeder structures. The entire hole returned an intercept of 0.99g/t gold over 104.5 metres, including 2.09g/t gold over 21.3 metres.

Drill Hole 244 is collared 52 metres south of drill hole 221 in the bottom of the "test pit", where a 1,908 tonne bulk sample grading 3.02g/t gold was completed. The hole was drilled at a -60 degree dip at 120 degrees azimuth and encountered five separate mineralized intercepts, all grading better than 1.0g/t gold, with one larger lower grade section of 0.74g/t gold over 35.1 metres.

Drill hole 248 was collared 25 metres west of drill hole 228 and returned values of 1.16g/t gold over 12.2 metres.

A summary of the results representing sample length of the six holes released today follows:



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From To Interval Interval Gold
Hole # (m) (m) (m) (ft) g/t
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244 1.5 13.7 12.2 40 1.41
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And 25.9 61.0 35.1 115 0.74
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including 54.9 61.0 6.1 20 1.15
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and 71.6 76.2 4.6 15 1.28
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and 100.6 108.2 7.6 25 1.00
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and 115.9 125.0 9.1 30 1.30
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245 3.1 107.6 104.5 340 0.99
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including 42.7 107.6 64.9 213 1.33
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including 54.9 76.2 21.3 70 2.09
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and 96.0 107.6 11.6 40 1.74
including
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246 32.0 35.1 3.1 10 1.00
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and 94.5 129.5 35 115 1.13
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including 99.1 125.0 25.9 85 1.34
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248 12.2 24.4 12.2 40 1.16
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including 16.7 18.3 1.6 5 6.23
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249 36.6 89.9 53.3 175 2.05
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including 51.8 83.8 32.0 105 2.98
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including 51.8 67.1 15.3 50 4.28
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250 9.1 12.2 3.1 10 1.06
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and 64.1 120.4 56.3 185 1.17
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including 100.6 120.4 19.8 65 1.37
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last sample ending at 120.4 m 1.45 g/t
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A plan map of all drill holes from the 2004 and 2005 programs can be viewed on the respective company websites: www.skygold.ca and www.eastfieldgroup.com. A table of previous intercepts into the North East Panel is also provided and should be read in conjunction with this release to demonstrate the potential of the Spanish Mountain property. A North South Section has been attached to the digital version of this release or it can be viewed along with Sections on the appropriate websites.

Gold mineralization at Spanish Mountain displays characteristics of both structural and stratigraphic processes. Stratigraphic mineralization occurs as conformable layers of pyritized dark shale near stratigraphic contacts with carbonate altered sediments and tuffs while structural styles of mineralization occur within sheared and broken material often with quartz veins or secondary silicification. The Spanish Mountain property is situated within the bottom of the Mesozoic Takla Group approximately five kilometres southwest of a major regional thrust fault that separates it (part of the Quesnel Terrane) from the older Barkerville Terrane to the northeast (in the Upper Plate). A number of geoscientists have previously noted the similar setting of Spanish Mountain to Carlin Nevada while others have compared the style of the mineralization to Kinross Gold Corp's Paracatu mine located in Brazil.

The Spanish Mountain project is a joint venture with Skygold Ventures Ltd. in which Wildrose has a 30% participating interest and Skygold has a 70% participating interest. Skygold has the sole responsibility to satisfy certain cash and share payments required in two underlying agreements. In addition to a direct 30% ownership in the Spanish Mountain project, Wildrose owns 700,000 shares of Skygold.

Eco-Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, conducted the sample preparation and analyses of samples. Eco-Tech routinely inserted its own standards into the sample stream, and Wildrose/Skygold submitted additional standards into the stream to maintain quality control. All gold analyses included screen metallics. J.W. (Bill) Morton, P. Geo. is the qualified person (as defined in NI 43-101) who has reviewed this news release. Plans for the continuance of the 2005 program will be announced within the next ten days.

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. 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.

To view the map accompanying this press release please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/skvmap.jpg

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

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