Skygold Ventures Ltd.
TSX VENTURE : SKV

Skygold Ventures Ltd.
Wildrose Resources Ltd.
TSX VENTURE : WRS

Wildrose Resources Ltd.

June 29, 2005 08:00 ET

Skygold Ventures Ltd. and Wildrose Resources Ltd.: 86.9 m (285 feet) Intercept Grading 1.30 Grams per Tonne Gold and 21.4 metres (70 feet) Grading 4.33 Grams per Tonne Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - Skygold Ventures Ltd. (TSX VENTURE:SKV) and Wildrose Resources Ltd. (TSX VENTURE:WRS) -

Skygold has now received the results for a further five holes of a sixteen-hole reverse circulation drill program completed in May and June on the Spanish Mountain project located in the Cariboo Region of BC. The first 5 holes were released June 10, 2005.

Of the five holes received from the lab only one hole is located within the large panel of mineralization developing in the North East. Hole 247 intersected 86.9 metres grading 1.30 grams per tonne gold and was overlain by a second mineralized zone of 10.64 metres returning 0.71gpt gold for a total thickness of mineralization of 97.54 metres. The last 10.6 metres of this hole graded 3.63 grams per tonne gold and ended in mineralization. The hole was stopped short at 118.9 metres of a planned depth of 150 metres.

Hole 247 was drilled near the western edge of the known mineralized area halfway between Hole 221 and Hole 235 which lie approximately 150 metres apart both of which previously reported extraordinary thicknesses of the stratigraphically controlled mineralization. Hole 235, the furthest hole drilled to the north was previously released, reporting 94.5m grading 1.81 grams per tonne gold including an interval of 22.9 metres (75 feet) grading 5.04gpt gold.

The four other holes received from the lab to date have all been drilled in the Southeast area to help determine the nature and controls to mineralization in this area. Hole 242, located 410 metres south of hole 247, intersected 21.4 metres grading 4.33 grams per tonne gold. A higher-grade core zone in this hole included 9.2 metres grading 8.70 grams per tonne or 4.6 metres grading 15.20 grams per tonne gold.

Hole 242 was drilled at Azimuth 015 Dip -45 virtually perpendicular to previous section lines to test the strike and dip of a structure intercepted by historical holes MR-35, D104, D112, and MR-20. MR-35 drilled at Azimuth 120 Dip -60 lies on Section 0+100 NE 15m north of the hole 242 collar and the remaining holes all lie on section line 0+130 NE 45m north of the hole 242 collar. Hole D112 vertical centers MR-20 Az 120 Dip -60 and D104 Az 300 Dip -60. Remarkably all five holes regardless of the orientation or dip returned significant intercepts. Key intercepts for the historic holes and the comparable Hole 242 are tabled below.



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Hole # From (m) To (m) Interval (m) Interval (ft) Gold g/t
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242 45.7 67.1 21.4 70 4.33
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Including 47.2 56.4 9.2 30 8.70
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MR-35 51 72 21.0 69 4.80
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Including 51 60 9.0 30 9.25
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MR -20 45 59 14.0 46 11.31
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Including 48 58 10.0 33 15.43
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D112 14.3 20.1 5.8 19 5.73
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and 46.3 54.4 8.1 27 3.90
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D104 44.7 51.7 7.0 23 18.17
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A summary of the five holes released today is as follows:

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Hole # From (m) To (m) Interval (m) Interval (ft) Gold g/t
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240 No significant
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Bottom of hole 240 120.4 metres
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241 62.4 65.5 3.1 10 1.03
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and 109.7 120.4 10.4 35 0.93
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including 109.7 115.8 6.1 20 1.37
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Bottom of hole 241 120.4 metres
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242 45.7 67.1 21.4 70 4.33
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Including 47.2 56.4 9.2 30 8.70
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and 77.7 83.8 5.1 17 0.91
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Bottom of hole 242 97.2 metres
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243 6.1 36.6 30.5 100 0.46
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Including 35.1 36.6 1.5 5 5.13
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Bottom of hole 243 61.0 metres
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247 32.0 118.9 86.9 285 1.30
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Including 108.2 118.9 10.7 35 3.63
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Bottom of hole 247 118.9 metres
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Results for Holes 244, 245, 246, 248, 249 and 250 still have not been received.

A location map of the full 2005-drill program will be posted on each of the company's websites as listed below once the final results for the current program have been received.

The Spanish Mountain property is road accessible ten kilometres from the Village of Likely. The project is a joint venture between Wildrose Resources Ltd. (TSX VENTURE:WRS) with Wildrose holding a 30% participating interest and Skygold a 70% interest. Wildrose additionally is a significant shareholder of Skygold owning 700,000 shares.

Eco Tech Laboratories Ltd. of Kamloops, B.C conducted sample preparation and analyses of samples. Eco Tech routinely inserted its own standards into the sample stream and Wildrose/Skygold submitted additional certified reference standards into the sample batches as part of the quality control program.

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

SKYGOLD VENTURES LTD.

Doug Fulcher, President

WILDROSE RESOURCES LTD.

Bill Morton, 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

  • Skygold Ventures Ltd.
    Doug Fulcher
    President
    (604) 684-5901
    (604) 684-0279 (FAX)
    www.skygold.ca
    or
    Wildrose Resources Ltd.
    Bill Morton
    President
    (604) 681-7913
    (604) 681-9855 (FAX)
    www.eastfieldgroup.com
    or
    B&D Capital Partners
    Brad Aelicks
    (604) 685-6465