Williams Creek Gold Limited

Williams Creek Gold Limited

October 15, 2012 09:00 ET

Williams Creek Announces Final Results from 2012 Big Sky Geological Reconnaissance & Sampling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2012) - Williams Creek Gold Limited (TSX VENTURE:WCX) ("Williams Creek", "WCX" or the "Company") is pleased to announce additional positive results from its geological reconnaissance and sampling program on its Big Sky joint venture, Yellowknife, NT, Canada. The Company is earning a 50% interest in the Big Sky Property from its Joint Venture partner, Tyhee Gold Corp. (News Releases WCX12-04, March 31/12; WCX12-06, May 31/12; and WCX12-11, September 18, 2012).

These are the final 2012 results from a helicopter supported geologic mapping and sampling program involving a senior geologist and a two-man prospecting team with long experience in the Yellowknife district. The Big Sky property is located to the north along strike from, and in similar host rocks to, the prolific Yellowknife gold district. The samples were collected from both previously known and newly identified mineralized shear zones. The summary report on the 2012 geological investigation is complete, pending a corporate review, and will be used to plan follow up programs, particularly targeting highly anomalous gold values.

The following table lists anomalous samples, the ICP-ES parts per billion (ppb) gold and the combined total gold M150 G6.ME assays in grams per metric tonne. The results reported here are for samples retuning gold values greater than 500ppb.

A map of the released 2012 sample returns is incorporated into the release and will also be available on the Company website (www.WilliamsCreek.ca).

Sample Au-ICP-ES Au-M150 G6.ME Sample Au-ICP-ES Au-M150 G6.ME
Description ppb Total Au, gm/t Description ppb Total Au, gm/t
996449 >10,000 36.48 996561 1814
996450 2538 996562 1509
996469 3075 996574 3575
996470 2584 996576 1323
996471 1690 996577 >10,000 0.19
996474 >10,000 220.2 996580 687
996476 5421 996581 5448
996477 >10,000 41.77 996582 6843
996481 4885 996590 755
996482 8475 996592 3020
996483 >10,000 8.83 996602 1141
996484 6207 996604 783
996485 7564 996608 1301
996492 >10,000 62.34 996611 >10,000 36.30
996494 3873 996619 2637
996495 >10,000 23.48 996620 7777
996496 7020 996621 >10,000 11.83
996497 4403 996622 809
996498 >10,000 I.S. * 996624 1326
996499 >10,000 I.S. * 996631 1416
996500 >10,000 36.03 996633 527
996503 1916 996634 622
996516 5886 996544 1441
996517 1828 996545 9706
996519 3597 996642 >10,000 15.89
996521 524 996643 6387
996526 >10,000 47.67 996644 8480
996535 1270 996645 2316
996552 522 996648 5496
996555 2321 996649 >10,000 17.18
996560 >10,000 7.75 996654 812

To see the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/wcx1015i.pdf.

Sample Au-ICP-ES Au-M150 G6.ME
Description ppb Total Au, gm/t
996655 >10,000 38.81
996656 >10,000 49.40
996658 >10,000 37.10
996664 5484
996668 5412
996673 4982
996681 3885
996682 5774
996697 991
996717 3557
996719 2301
996727 8038
996729 1327
996730 1128
996739 >10,000 16.05
996762 5319
996764 557
996781 985
996804 670
* I.S. denotes insufficient material to re-run for g/t values

"We continue to be delighted with the final Big Sky results, from the 2012 season," stated Company Chairman and CEO Michael R. Sonnenreich. "And have embarked on the planning process to define a follow up program for 2013."

Brian K. Briggs, President and CEO of Tyhee Gold Corp., noted, "These latest assay results continue to support our shared belief that Big Sky is highly prospective and we are very pleased that the management and technical team of Williams Creek are proceeding aggressively to identify the best target areas. We look forward to seeing the results of Williams Creek's ongoing detailed technical review and then their plans for an initial drill program in 2013."

Mr. Sonnenreich concluded, "Williams Creek definitely sees the Big Sky property as an excellent addition to its portfolio of properties and is very pleased with having Tyhee Gold Corp. as a partner."

These results are located at eight of the 13 recognized mineralized zones within the Big Sky Property. Mineralized vertical shears are commonly north south trending features along northern portions of the property with variable widths and quartz vein/sulfide content. Shears and veining within southern portions of the property are northeast - southwest or northwest - southeast, again with variable vein and shear widths. All assays have now been received for the 2012 program.

Thirty-eight samples occur along the Oro Lake Main Shear Zone, a 10-25m wide 2.8km long shear in mafic volcanics similar to the Giant Mine at Yellowknife, NT (sample numbers 996449-50, 996469-71, 996419, 996521, 996526, 996535, 996544-45 996552, 996555, 996560-62, 996574, 996576-77, 996580-82, 996590, 996592, 996602, 996604, 996608, 996611, 996621-22, 996624, 996654-56, 996658, 996664, 996697 and 996739).

Seventeen samples occur along the Chan Lake Vein set, where two 0.75 to 1.25m wide 60m long sugary-quartz vein in mafic volcanics occur (sample numbers 996474, 996476-77, 996481-85, 996492, 996494-500, and 996503). Sample 996474 returned the season's highest gold value at 220.23 gm/t. Samples 996498 and 996489 had insufficient sample results to perform subsequent G6 analysis but do contain ICP results of 38.9 g/t and 13.1 g/t respectfully, which are not expected to be accurate but do represent approximate values.

Eleven samples occur at random locations throughout the property associated with narrow quartz veins (sample numbers 996516-17, 996631, 996633, 996668, 996719, 996729-30, 996764, 996781 and 996804).

Four samples occur along the Hutter Shear, a 2m to 4m wide, 800m long shear in mafic volcanics (sample numbers 996642-44, and 996762).

Three samples occur along the newly recognized Slippery Slope Shear, a set of narrow quartz veined shears over an undetermined length in mafic volcanics (sample numbers 996619-20, and 996727).

Three samples occur at the Greyling Lake Gossan, a 1m wide folded semi-massive to massive sulfide shear less than 10m long in mafic volcanics (sample numbers 996645, and 996681-82).

Two samples occur at the southern extent of the Dwyer Main Shear, a 1m to 12m wide, 4.1 km long shear cutting both mafic volcanics and gneiss volcanics (sample numbers 996648-49).

Two samples occur at the newly identified Kendrick Zone just north of the Chan Lake quartz veins within a zone approximately 5m wide by at least 100m long where quartz veins are associated with felsic dikes within mafic volcanics (sample numbers 996673 and 996717).

One sample was associated with the Havoc Zone which hosts multiple 2-8m wide and 500m long mafic shear zones with Arsenopyrite in quartz veining all within mafic volcanics (sample number 996634).

The additional rock sample results reported here are from reconnaissance grab samples that were initially assayed for gold by Acme Labs in Vancouver using fire assay method 3B01, ICP-ES and 1EX ICP-MS for other elements. Samples returning gold values greater than 10,000 parts per billion (ppb) were re-assayed using two M150 G6.ME assays, one for the fine fraction and one for the coarse fraction of the samples, to offset the 'nugget effect'. The coarse and fine values were then combined by Acme Labs to arrive at the total grams per tonne (gm/t) reported for the samples.

The Chubby Bear property, acquired from New Gold Inc. (News Release WCX12-03, March 7/12), is currently the subject of ongoing geochemical soil sampling programs. A geochemical soil survey is now complete on the Ahbau Creek property, also acquired from New Gold Inc. (News Release WCX12-03, March 7/12). Assay results are pending on both Chubby Bear and Ahbau Creek.

The technical information contained in this news release was prepared by Michael B. Regular, P.Geo., a "Qualified Person" as defined under National Instrument 43-101. Mr. Regular conducted the 2012 Big Sky program. Mr. Regular is an independent consultant to Williams Creek.

About Williams Creek Gold Limited (WCX)

Visit http://www.WilliamsCreek.ca to learn more about Williams Creek Gold Limited.

Williams Creek Gold Limited is a Canadian company with the primary purpose of participating broadly in the natural resource sector, with an emphasis on the gold subsector, through exploration, joint ventures or other equity investments, royalty and finance agreements.

Williams Creek Gold Limited owns twenty-eight Crown Granted mineral claims known as the Barkerville Project in the immediate vicinity of Barkerville, BC in the Cariboo mining division. The Cariboo gold belt and the Barkerville Camp have a long history of gold production dating back to the 1800s. Historically the Barkerville Camp has reported gold production of 3.8 million ounces, including 2.6 million ounces from surface placer and 1.2 million ounces from lode mining. When placer gold production peaked in the late 1890s, Williams Creek Gold's Black Jack (District Lot 1B), Home Stake (District Lot 4B), Cornish (District Lot 1F) and Wintrip (District Lot 32F) Crown Granted mineral claims were among the first acquired in the early search for lode gold.
Williams Creek Gold Limited also owns a block of four mineral claims 17km west of Barkerville known as the Pine Properties. The Company has three Crown Granted mineral claims in the Kamloops Mining Division, two of which are adjacent to New Gold's New Afton project. Williams Creek Gold Limited also owns the Ahbau Creek, Chubby Bear and Ahbau Lake claim groups in Central British Columbia.

Williams Creek Gold is earning a 50% interest through a joint venture with Tyhee Gold Corp. in the Big Sky Property north of Yellowknife, NWT.

Additionally, Williams Creek Gold Limited has a net 30% interest in the ATW diamond property in the MacKenzie Mining District of the Northwest Territories. Williams Creek also holds the BOPS Project consisting of 32 unpatented lode-mining claims in Pershing County, Nevada.

On behalf of the Board of Directors,

Michael R. Sonnenreich, Chairman and CEO

Williams Creek Gold Limited

This news release may contain forward-looking statements including management's assessments of future plans and operations, and the anticipated timing of meeting the terms of its joint venture agreement obligations. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the risks associated with the mining and exploration industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures), and the uncertainty of the availability of capital. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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