Threegold Resources Inc.

Threegold Resources Inc.

November 16, 2011 12:32 ET

Threegold Resources Inc.: Drilling to Begin at Standard Gold

VAL-D'OR, QUÉBEC, CANADA--(Marketwire - Nov. 16, 2011) - Threegold Resources Inc ("Threegold" or the "Company") (TSX VENTURE:THG) is pleased to announce that exploration is about to commence on its Standard Gold property under option to Bowmore Explorations Ltd ("Bowmore") (TSX VENTURE:BOW)(FRANKFURT:0B5). The terms of the agreement can be found in the press release dated Feb 14, 2011.

During Phase One of the exploration program, approximately 3,000 meters will be drilled in ten (10) diamond drill holes on the Standard Gold property located in the Abitibi region of Quebec. The objective of the initial phase of drilling will be to: 1) confirm some of the historical gold intersections near the past-producing Standard Gold mine; and 2) test the host granodiorite intrusion for possible extensions to gold mineralization along sections spaced 700 metres apart. The intrusion, defined by previous drilling and the aeromagnetic signature, is 4.8 km long and 150 to 250 metres wide. It hosts the Standard Gold deposit and displays intense regional-scale carbonate alteration similar to the context present at the historical Larder Lake gold camp in Ontario.

Previous drilling around the Standard Gold mine (surface and underground holes) suggests a potential for bulk tonnage gold mineralization around the past-producing mine and along the granodiorite intrusion. Although only partial assays are available for most historical holes, others were fully analyzed and returned significant intersections. Highlights are summarized below.

Table 1: Historical drill hole results on the Standard Gold property
Hole No. From (m) To (m) Length* (m) Au g/t
232-3 37.0 265.4 228.4 0.50
including 79.1 79.8 0.7 10.30
including 129.3 129.9 0.6 12.10
including 255.1 255.7 0.6 10.90
234-1 4.0 119.0 115.0 0.46
including 116.8 107.3 0.5 12.0
234-2 0.0 123.2 123.2 0.48
including 120.8 121.4 0.6 14.4
234-4 10.0 117.0 107.0 0.89
including 18.7 19.2 0.5 20.30
including 74.4 76.0 1.6 10.80
235-4 0.0 10.0 10.0 21.47
including 5.0 6.0 1.0 121.70
236-6 16.7 46.8 30.1 1.81
including 18.0 18.6 0.6 28.50
237-1 37.6 94.4 56.8 0.59
237-3 9.7 104.3 94.6 1.16
including 25.1 25.6 0.5 55.80
including 103.8 104.3 0.5 41.60
238-4 43.0 54.5 11.5 26.40
including 52.2 54.0 1.8 161.50
SG-24 10.4 83.1 72.7 0.57
including 23.7 24.1 0.4 27.43
S-36 39.4 76.0 36.6 0.90
including 75.6 76.0 0.4 20.23
*Drill length intercept

Neither Threegold nor Bowmore have verified the assaying quality or validity of the historical gold intersections reported above. However, both companies believe these results warrant disclosure and are relevant to the planning of the upcoming drill program.

Threegold has obtained all necessary agreements and permits for property access and for the drilling work to be done on the targeted areas. Drilling will extend into the winter season (after freeze-up) in order to access the swampy portions of the property.

Mr Victor Goncalves, President and CEO of Threegold Resources, comments: "The start of a new drill program is always exciting news and with the historical results indicated here, we eagerly await the results of this program."

Standard Gold Property

The Standard Gold property is located in Duverny Township some 19 km northeast of the town of Amos, Québec. It includes the Standard Gold mine, which operated from 1935 to 1953 and produced an unreported quantity of gold. It has been the subject of several historical exploration programs, including considerable diamond drilling. Higher-grade gold mineralization occurs within a sheeted, subvertical quartz vein system trending north-northeast, with a documented minimum surface extent of 200 metres by 200 metres and a minimum depth of 250 metres. The vein system is hosted within intensely carbonate-altered granodiorite wall rock, and historical drilling suggests this wall rock contains low-grade gold mineralization. The vein system sits in a brittle granodiorite intrusion displaying regional-scale carbonate (ankeritic) alteration. This intrusion extends for about 4.8 kilometres within a regional shear zone at least 9 kilometres long and known to extend onto the adjacent Duverny (Bowmore) property to the northwest.

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 (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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