Threegold Resources Inc.

Threegold Resources Inc.

December 05, 2011 11:03 ET

Threegold Resources Inc.: Drilling Begins at South Bay

VAL-D'OR, QUÉBEC--(Marketwire - Dec. 5, 2011) - Threegold Resources Inc (TSX VENTURE:THG) is pleased to announce that drilling has began on its South Bay gold project about 40 km east of Val-d'Or, Québec. The drilling program follows a detailed induced polarization (IP) survey on the main occurrence and a thorough evaluation of new zones discovered this past summer. Threegold expects to drill approximately 1,500 metres before the end of the year.

The goal of the Phase II drilling program is to trace the sheared and gold mineralized quartz veins of the main zone at depth and along strike. The 2010 program had successfully tested the original surface discovery zone to a depth of 25 metres and extended it 25 metres towards the east. The current program will attempt to trace the zone another 250 metres eastward to an outcrop that assayed up to 5.9 g/t Au in grab samples, and westward into an area where no outcrops have been found at surface. Other drill targets include a zone of new surface occurrences discovered 900 metres north of the main zone during the summer prospecting program (up to 1.71 g/t Au; press release of Sept. 22, 2011), a new silver discovery (135g/t Ag; press release of Sept. 22, 2011), and the most promising anomalies from the recently completed IP survey, which are currently being assessed in the field. Note that grab samples are selective by nature and unlikely to represent average grades on the property.

Threegold has been exploring the South Bay property since the fall of 2010 with the objective of locating and testing historical gold occurrences and obtaining geological information about the near-surface context of mineralization at the main zone. The initial drilling program of five short holes was highly successful in demonstrating the continuity of the main zone mineralization and the potential for wider zones (see press release of July 10, 2011).

Antoine Fournier, P. Geo., Vice-President Exploration for Threegold and a Qualified Person as defined by National Instrument 43-101, prepared this press release and supervised the 2010 diamond drilling and sampling program. All assays were performed at Techni-Lab in Ste-Germaine using conventional fire-assay on a 30-g split with ICP finish. Samples grading above 2 g/t Au and 20g/t Ag were re-assayed by fire-assay with a gravimetric finish. Routine checks and duplicates are performed by the laboratory as part of their internal quality control and quality assurance protocol.

About Threegold

Threegold has established itself as one of the premier exploration companies in Québec. The Company has a highly qualified technical team with extensive exploration experience, including previous gold discoveries in Québec, and management with financing and public company expertise.

Threegold aims to create shareholder wealth through the discovery of new deposits with a focus on Canadian assets, mainly in Québec. Threegold offers investors a portfolio of high-quality exploration projects and the potential to take part in a major discovery.

With a strategic property portfolio and solid partnerships, like the one with Osisko Mining Corporation, Threegold's goal is to discover a low-cost, multi-million ounce gold deposit in Québec.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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