Skygold Ventures Ltd.

Skygold Ventures Ltd.

October 28, 2005 08:00 ET

Skygold Ventures Ltd.; Warrant Exercise Tops Treasury: Spanish Mountain Drilling Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 28, 2005) - Skygold Ventures Ltd. (TSX VENTURE:SKV) pleased to report that the exercise of the October 31st 2005 warrant package has been 100% completed. As at the June 30th 2005 six month financials 4,133,000 warrants remained to be exercised with a $0.12 strike price which has netted the company $495,960. Skygold's treasury has been topped up to $ 1.7 million and the company remains well financed to continue its aggressive exploration campaign at Spanish Mountain.

In addition Skygold and Wildrose Resources Ltd. ("Wildrose") (TSX VENTURE:WRS) are pleased to report that the ongoing exploration program at the Spanish Mountain project, Cariboo Mining Division, BC is progressing well on multiple fronts. A Diamond Drill focused on expanding the main zone of mineralization has now completed an addition 16 holes. 8 Holes have filled in the gap between Hole 261 and Hole 250 (formerly the furthest hole to the north) and expanded section lines to the West. A further 4 Holes have continued to expand the drilling northerly beyond Hole 250 by another 120metres. Two Holes #277 and #278 were targeting a new area defined by a gold geo-chemical anomaly about 270 metres east of the main zone.

Geological crews have also extended the existing soil grid survey in several areas as the Gold Geo-chemical anomaly extended to the grid boundary in many regions.

The second drill has been testing various outbound targets within the 3km by 1km geochemical footprint of the main zone as well as testing several targets within the 400m by 500m geochemical signature that occurs North of the main zone. This rig has completed an additional 8 holes to date.

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.

Eco Tech Laboratory Ltd. of Kamloops B.C., an accredited laboratory, is conducting the sample preparation and analyses. Skygold/Wildrose is 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,


Doug Fulcher, President

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

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