Skygold Ventures Ltd.
TSX VENTURE : SKV

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

Wildrose Resources Ltd.

October 12, 2005 08:00 ET

Skygold Ventures Ltd. and Wildrose Resources Ltd.: Higher Grade Bulk Tonnage Gold System Expands at Spanish Mountain

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Skygold Ventures Ltd. (TSX VENTURE:SKV) and Wildrose Resources Ltd. (TSX VENTURE:WRS) are pleased to release the results for an additional 8 diamond drill holes from the ongoing program at the Spanish Mountain project, Cariboo Mining Division, BC.

Of the 8 holes completed, 7 intersected wide zones of mineralization within a bulk tonnage gold system. The Lower Zone discovery in Hole #251 was intercepted in Hole #264 collared 405 metres to the south. Hole #264 intersected 17.5 metres of 2.35 gpt gold within a 40 metre thick Lower Zone which remains open at depth. This hole confirms the continuation of the NE Panel style mineralization below the southern high grade zone. Hole #257 returned the deepest intercept ever on the property with 30.25 metres of 1.97 gpt gold. Gold mineralization has now been expanded to over 700 metres north-south, 300 metres east-west and to a depth of 200 metres and remains open in all directions.

While the drilling during this phase of work has focused on the bulk mineable potential at Spanish Mountain, drilling has also begun to show continuity between high grade mineralization like that intersected in the upper portion of hole #264 (6.4 metres of 10.8 gpt gold). Defining continuity of the bonanza grade intersections within the bulk tonnage gold system will significantly enhance the economics of the deposit.

Many of the deeper holes drilled during this phase of work intersected more than one zone of wide spread gold mineralization. It is still not clear whether this is a result of multiple mineralized zones or structural repetitions of a single zone. In either case it opens up the potential of continuing to intersect additional zones at depth.



The following is a summary of the significant intercepts:

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From To Interval Gold
Hole # (m) (m) (m) g/t
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254 Upper Zone 12.6 103.2 90.6 1.15
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Including 38.8 85.7 46.9 1.59
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And Lower Zone 190.6 228.4 37.4 0.62
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Including 202.6 228.4 25.8 0.74
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255 Upper Zones 55.8 107 51.2 1.49
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Including 71.5 107 35.5 2.02
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And 130.25 162 31.75 1.44
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And Lower Zone 176.5 198.85 22.35 1.02
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256 Upper Zones 25.4 96 70.6 1.01
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Including 39.9 61.5 21.6 1.99
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And 126.3 138.3 12 2.88
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And Lower Zone 153.3 163.3 10 0.70
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257 Upper Zones 12.0 16.5 4.5 1.29
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And 136.6 149.7 13.1 1.05
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And 146.65 151.2 4.55 1.76
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And Lower Zone 244.7 288.1 43.4 1.50
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Including 250.35 280.6 30.25 1.97
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And Bottoms in Zone 303.1 306.93 3.83 1.02
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260 Upper Zone 5.18 89.9 84.72 1.03
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Including 40.5 60 19.5 2.64
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And 127.4 137.9 10.5 0.74
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And Lower Zone 170.8 190.2 19.4 0.78
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Including 170.8 176.8 6.0 2.16
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261 Upper Zones 21.5 60.5 39.0 0.43
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And 90.5 109 18.5 0.76
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Including 95.0 104.5 9.5 0.97
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263 Madre Zone 128.5 129 0.5 7.02
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264 Madre Zone 26.5 32.9 6.4 10.8
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and 63.6 88.0 24.4 0.88
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and Lower Zone 172.4 212.45 40.05 1.24
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including 195 212.45 17.45 2.35
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Hole 264 bottoms in mineralization
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Step Out Drilling

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259 Far East Zone 33.5 60.5 27.0 0.77
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including 45.5 60.5 15.0 0.84
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(i) Hole 258 was abandoned due to faulting and hole 262 was
abandoned in overburden.


Doug Fulcher, president of Skygold states: "We are extremely pleased with the results of our first phase of diamond drilling on the Spanish Mountain property. We have confirmed the earlier reverse circulation drill results, and expanded the known gold zones. Our technical staff has advanced our understanding of the deposit which will significantly enhance our ability to target future drilling. We are aggressively drilling the known gold zones with one drill and beginning to explore additional targets with a second drill."

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,

SKYGOLD VENTURES LTD.

John McGoran, Director

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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