Skygold Ventures Ltd.
TSX VENTURE : SKV

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

Wildrose Resources Ltd.

January 19, 2006 08:30 ET

Skygold Ventures Ltd. and Wildrose Resources Ltd.: Step Out Drill Sections Return the Most Expansive Mineralization to Date at Spanish Mountain

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2006) - Skygold Ventures Ltd. (TSX VENTURE:SKV) and Wildrose Resources Ltd. (TSX VENTURE:WRS) are pleased to announce that step-out diamond drilling within the Main Zone continues to intersect wide zones of gold mineralization on the Spanish Mountain property, in central British Columbia.

Results for four additional diamond drill holes (266 - 269) have been received. These holes were completed within the area of the Main Zone. This area of detailed drilling has been remarkably consistent and now stretches north south for 440 metres within the Main Zone and remains open along the projected 1.2 kilometre long mineralized trend. A plan map of the detailed area with all holes and intercepts has been updated on the company website at www.skygold.ca.

Holes 266 and 268, located 60 metres and 120 metres west of hole 265 respectively, intersected 109.5 metres of 1.12 g/t gold and 72.0 metres of 1.22 g/t gold. These three holes complete the furthest section line to the north for which results have been received. This section contains the most expansive zone of mineralization intersected to date with gold intercepts ranging from 72 metres to 135 metres. This cross-section can be viewed on the company website at www.skygold.ca.

The following table lists the intercepts from this cross-section noting hole 265 was previously released on November 25th, 2005.



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From To Interval Gold
Hole No. (m) (m) (m) (g/t)
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05-DDH-265 23.6 159.1 135.5 1.00
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Including 49.1 89.35 40.25 1.31
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Including 49.1 68.1 19 1.92
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and 143.5 159.1 15.6 2.83
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Entire Hole 6.7 223.75 217.05 0.69
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05-DDH-266 25.5 135.0 109.5 1.12
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Including 43.5 123.5 80.0 1.43
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Including 43.5 76.75 33.25 1.72
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Including 43.5 60.5 17.0 2.62
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or 50.0 60.5 10.5 3.59
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05-DDH-268 73.5 145.5 72 1.22
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Including 73.5 138 64.5 1.31
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Including 73.5 104.5 31 2.13
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248 277 29 0.52
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Including 248 261.5 13.5 0.77
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Hole 267, drilled 30 metres north of hole 265, intersected 49.85 metres grading of 1.24 g/t gold including 22.5 metres of 2.07 g/t gold. Hole 269 drilled up-dip from previously announced hole 270 at the collar of 261 intersected two distinct zones of mineralization. The upper zone of hole 269 averaged 50.0 metres grading 1.25 g/t gold including 20.0 metres grading 1.74 g/t gold. In addition to the upper zone, hole 269 ended in mineralization which was more thoroughly tested in hole 270 which intersected 88.4 metres grading 1.01 g/t gold including 13.6 metres grading 2.57 g/t gold.

The following table summarizes the results from holes 267, 269 and 270 noting that hole 270 was previously announced on November 25th, 2005.



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05-DDH-267 23.55 73.4 49.85 1.24
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Including 38.2 60.7 22.5 2.07
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Including 45.45 60.7 15.25 2.6
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135 151.5 16.5 0.88
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05-DDH-269 53.5 103.5 50.0 1.25
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Including 61.0 81.0 20.0 1.74
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Including 61.0 76.5 15.5 1.97
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239.0 260.7 21.7 0.99
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Including 239.0 251.0 12.0 1.46
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05-DDH-270 57.5 135.7 78.2 1.05
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Including 57.5 90 32.5 2.14
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and 212.4 300.84 88.44 1.01
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Including 212.4 228 15.6 1.6
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and 260.4 300.84 40.44 1.27
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Including 279.5 293.1 13.6 2.57
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Reconnaissance holes 05-RC-305 and 306 to the northeast of the Main Zone intersected broad zones of weakly anomalous gold values.

Results are pending for the remaining twenty-three drill holes, consisting of fifteen diamond drill holes and an additional 8 reverse circulation drill holes completed in 2005.

Much of the 2005 drilling concentrated on exploring the potential bulk mineable mineralization within the Main Zone. As previously mentioned, the Main Zone mineralized trend has been projected for over 1200 metres and remains opens along strike. The following table is a summary of the near surface intercepts within the Main Zone that lie within an 800 metre by 200 metre area of the gold bearing trend.



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From To Width Gold
Hole No. (m) (m) (m) g/t
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RC 216 19.0 76.9 57.80 1.11
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Incl. 41.8 58.5 16.70 2.15
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RC 221 26.5 105.8 79.30 1.16
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Incl. 78.3 105.8 27.50 2.2
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RC 229 50.9 73.8 22.90 1.43
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RC 235 22.9 117.4 94.50 1.81
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Incl. 22.9 88.4 65.50 2.35
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Incl. 65.5 88.4 22.90 5.04
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RC 245 3.1 107.6 104.50 0.99
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Incl. 42.7 107.6 64.90 1.33
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Incl. 54.9 76.2 21.30 2.09
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RC 246 94.5 129.5 35.00 1.13
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RC 247 32.0 118.9 86.90 1.3
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Incl. 108.2 118.9 10.70 3.63
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RC 249 36.6 89.9 53.30 2.05
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Incl. 51.8 67.1 15.30 4.28
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RC 250 64.1 120.4 56.30 1.17
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DDH 251 19.5 73.3 53.80 1.06
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Incl. 64.0 73.3 9.30 2.51
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DDH 252 49.0 156.0 107.00 1.22
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Incl. 86.0 123.75 37.75 1.83
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DDH 253 34.6 138.4 103.80 0.84
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Incl. 36.1 67.5 31.40 1.22
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and 131.4 138.4 7.00 2.65
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DDH 254 12.6 103.2 90.60 1.15
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Incl. 38.8 85.7 46.90 1.59
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DDH 255 55.8 107.0 51.20 1.49
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Incl. 71.5 107.0 35.50 2.02
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and 130.25 162.0 31.75 1.44
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DDH 256 25.4 96.0 70.60 1.01
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Incl. 39.9 61.5 21.60 1.99
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and 126.3 138.3 12.00 2.88
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DDH 257 12.0 16.5 4.50 1.29
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Incl. 136.6 149.7 13.10 1.05
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DDH 260 5.18 89.9 84.72 1.03
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Incl. 40.5 60.0 19.50 2.64
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DDH 265 23.6 159.1 135.50 1.00
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Incl. 49.1 89.35 40.25 1.31
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Incl. 49.1 68.1 19.00 1.92
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DDH 270 57.5 135.7 78.20 1.05
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Incl. 57.5 90.0 32.50 2.14
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RC 303 110.95 164.59 53.64 0.49
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Incl. 153.62 164.29 10.97 0.93
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RC 304 41.76 108.81 67.05 0.87
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Incl. 73.76 108.81 35.05 1.08
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Incl. 98.15 108.81 10.66 1.51
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Entire 3.66 108.81 105.15 0.61
Hole
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The Spanish Mountain mineralization continues to show continuity in both grade and thickness. Additional drilling is needed to fully delineate the gold mineralization on the Spanish Mountain property, which remains open in all directions. An aggressive drill program is planned for early spring.

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.

Doug Fulcher, President

On Behalf of the Board,

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.

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