Upper Canada Gold Corporation

October 01, 2010 14:05 ET

Upper Canada Gold Corporation Announces Assay Results From the Dingman Property 2010 Drilling

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - Upper Canada Gold Corporation (the "Company") (TSX VENTURE:UCC) announces selected drill hole results from the drill program that commenced in early March 2010 on the Company's 100% owned Dingman Property.

The following assay results, corresponding to the 22nd to the 23rd drill holes, of a twenty four hole drill program at the Dingman Property are as follows:

Assay Results Received For Upper Canada Gold 2010 Drilling — Dingman Project
DH-ID Section Dip (degree) From (m) To (m) Length (m) Au (g/t)
DI-10-12A L75E, 200N -64.7 194.5 199.4 4.9 0.58
      244.0 281.4 37.4 0.60
  Including:   244.0 248.0 4.0 0.84
      249.0 255.0 6.0 1.53
      262.0 266.0 4.0 0.67
      272.0 274.5 2.5 0.82
      279.3 281.4 2.1 0.64
DI-10-12B L75E, 200N -55.2 165.0 182.0 17.0 0.50
  Including:   165.0 168.5 3.5 1.05
      180.0 182.0 2.0 1.09
      210.2 267.0 56.8 1.03
  Including:   210.2 217.6 7.4 0.58
      230.5 236.2 5.7 0.75
      238.6 245.5 6.9 4.50
      252.0 259.5 7.5 0.90
      260.5 267.0 6.5 0.73

The true widths of these mineralized zones are approximately 85% of the above Dingman drill intercept widths.

There was little where prior information on this section. Previous drilling occurred when Noranda drilled DI-87-07 and Opawica Explorations Inc ("Opawica") drilled a deep hole (DI-09-15). The Company drilled holes DI-10-11A & B on section (see press release dated September 10, 2010), below DI-87-07, to determine the continuity and tenor of the mineralization to depth.

A small portion of DI-87-07 occurs, as its is oblique to the section, above DI-10-11B and contains erratically distributed gold values above 0.4 g Au/t with one section grading 0.76 g Au/t over 37.5m. DI-09-15 intersected 0.62g Au/t over 45.0m, well below the Company's deepest hole on section, DI-10-12A.

Drill holes DI-10-12A & B were drilled below DI-10-11A and above DI-09-15. Results from these holes are shown in the above table.

Drilling on section L75E encountered a mineralized zone that appears to decrease in grade at depth (3.17 g Au/t over 31.8m in DI-110-11B to 0.70 g Au/t over 45.2m in DI-10-11-A). The results of DI-10-12A&B indicates that there is a repetition of relatively higher and lower grade intervals down dip within the mineralized zone.

The overall widths of the mineralized zone are somewhat less than those encountered on sections to the west and on section L100E 25m to the east.

The following assay results, corresponding to the 24th drill hole, of a twenty four hole drill program at the Dingman Property are as follows:

Assay Results Received For Upper Canada Gold 2010 Drilling — Dingman Project
DH-ID Section Dip (degree) From (m) To (m) Length (m) Au (g/t)
DI-10-13 L200W, 232N -45.9 181.3 223.8 42.5 0.95
  Including:   181.3 187.3 6.0 1.83
      196.2 206.5 10.3 1.10
      210.0 214.6 4.6 1.56
      219.2 223.8 4.6 1.60

DI-10-13 was targeted to test the extension of mineralization below Opawica's DI-07-05. Noranda drilled two holes higher up in the section (DI87-19 & 20).

DI-07-05 intersected scattered gold mineralization with the best intersection being 1.65 g Au/t over 8.0m. DI-10-13 intersects the mineralized zone approximately 50m down dip from DI-07-05. The mineralized zone in this hole indicates an increase in width (41.9m) of good grade (0.95 g Au/t).

The Company believes that the above reported drilling has increased the contained mineralization and increased the confidence in the extrapolation of mineralization between drill holes.

The Corporation began drilling on March 5, 2010 and, as of July 9, 2010, has drilled 24 drill holes in 14 drill setups (DI-10-01A to DI-10-13) totaling 6,546 metres. The results of the last drill hole are being incorporated into a press release.

The focus of the Company's efforts will be to determine the addition to the overall resources by incorporating the results of the above drill program into an NI-43-101 compliant report.

The drill program is focused on extending the mineralization beneath the current resource base from approximately 200 m to 300 m below surface. As described further in the Company's NI-43-101 compliant technical report on the Dingman Property dated September 15, 2009 and filed on SEDAR, the indicated resource estimate for the Dingman Property includes a total of 8,801,000 tonnes at 0.97 g/t Au. The inferred resource estimate is a total of 11,301,000 tonnes at 0.98 g/t Au. These resources are based on a 0.40 g/t Au cut-off grade and a capping Au strategy of 30 g/t.

Fire assaying for the Dingman property was completed by AGAT Laboratories of Mississauga, Ontario.

This release has been reviewed by Michael Leahey, [P.Geo.], who is a qualified person under National Instrument 43-101 and is responsible for the drill program.

Cautionary Note Regarding Forward Looking Statements:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization, resources and expansion of resources, recoveries, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with mine permitting, metallurgy, development, construction and mining operations, the uncertainty of the determination of mineable ounces of gold and copper in pounds or other minerals in pounds, or the future profitability of the Company's projects

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.

Contact Information