Triumph Gold Corp.

November 14, 2006 12:41 ET

Triumph Gold Announces Gold and Silver Resource for Project in Southeastern Oregon

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Triumph Gold Corp. (TSX VENTURE:TAU), today released the results of an independent update of the gold and silver resource estimates for its Quartz Mountain Project (formerly called the Jessie Page Project) in Malheur County in southeastern Oregon. MineFill Services, Inc. of Vancouver, Canada, recently completed a NI43-101 compliant resource estimate based on a database of historical drilling. The new resource estimate is based on 169 verified drill holes from a total of 175, encompassing 18,938.2 meters of drilling completed in the 1980's by Chevron Minerals and MK Gold Company.


- The Indicated resource is 15.0 million tonnes containing 281,439 ounces of gold at a grade of 0.58 grams/tonne ("g/t") plus 3,526,261 ounces of silver at a grade of 7.29 g/t above a cutoff of 0.34 g/t gold.

- The Indicated resource of 15 million tonnes has gold-equivalent values of 352,677 ounces gold at an average grade equivalent of 0.80 g/t gold obtained by converting the silver to gold values using a ration of 49.5:1 silver to gold. Metallurgical recoveries were not considered.

- LEAPFROG modeling confirms Chevron's interpretation of two main mineralized zones: an East zone that contains 96 percent of the resource, and a Central zone containing the remaining 4 percent.

- The highest assays in the database are 14.95 g/t gold plus 106.3 g/t silver.

- An apparent high-grade feeder zone has been intersected in several historical drill holes. Assays on secondary minerals show anomalous values for As, Sb, and Hg indicative of a deep feeder system.

The Quartz Mountain Project encompasses 13 unpatented claims in the Quartz Mountain claims group, covering 108.7 hectares of land. Chevron Minerals prepared a historical resource estimate in 1990 using both polygonal and block modeling/kriging techniques.

The new resource estimate was calculated using LEAPFROG and SURPAC software and block modeling techniques. The block model is based on 20 ft x 10 ft blocks in plan, and 10 ft. high blocks in elevation. The gold and silver grades in the block model were computed by ordinary kriging methods. No capping of high-grade assays was performed.

This study provides a basis to continue expanding the gold and silver resource at Quartz Mountain with the mineralization open to the west and northeast. The property has the potential for a higher-grade feeder zone that is largely unexplored, and several secondary targets that require further work. There is the potential to significantly expand the existing resource base at Quartz Mountain.

Following is the global Indicated resource at various cutoff grades:

g/t cutoff tonnes g/t Au g/t Ag ounces Au ounces Ag
0.34 15,018,461 0.58 7.29 281,439 3,526,261
0.69 3,513,531 0.89 9.74 100,700 1,100,000
0.86 1,674,756 1.03 10.39 55,400 559,400

The updated resource estimate was prepared in compliance with Canadian Institute of Mining and Metallurgy standards on reporting of mineral resources (CIMM (2000)) and is fully compliant with NI 43-101. The Qualified Person responsible for the updated resource is Dr. David Stone, P.Eng., President of MineFill Services, Inc. A copy of the Quartz Mountain Technical Report will be posted on SEDAR and will be available on the company's website.

About Triumph Gold Corp.

An updated Preliminary Economic Evaluation and Technical Report was recently completed for the Company's Guariche gold project located in Venezuela and is available on the Company's website.

The Company's current status of the gold resources from three of the Company's advanced gold projects are summarized as follows:

Project Tonnes g/t Au Ounces Au Status/Classification
Guariche(1) 5,245,732 1.87 314,779 Measured and Indicated
- NI43-101
Quartz Mtn. OR(2) 15,050,196 0.80 352,677 Indicated - NI43-101
Hope Butte OR(3_ 5,000,000 0.91 146,302 Historical - Not NI43-101
(1) Resources above a 0.10 g/t cutoff
(2) Resources above a 0.34 g/t cutoff with silver converted to gold
equivalent using a ratio of 49.5:1 silver to gold. Metallurgical recoveries
were not considered
(3) These resources are considered historic in nature, do not comply with
current NI 43-101 standards, have not been verified by the Company and
therefore should not be relied upon. It is uncertain if further exploration
will result in the discovery of an economic mineral resource.

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. The economic viabilities of the resources estimates discussed in the release have not been established and may not be. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.

To view Figure 1 Quartz Mountain Cross section showing near surface mineralized areas please click on the following link:

To view Figure 2 Quartz Mountain grade shell for a 0.2 g/t "Au" threshold (oblique view) please click on the following link:

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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