Zoloto Resources Ltd.

April 17, 2008 08:00 ET

Zoloto Resources Announces High Grade Gold Results From 2007 Trench Sampling at Tumannoye Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2008) - Zoloto Resources Ltd. ("Zoloto" or the "Company") (TSX VENTURE:ZR) is pleased to announce significant results from its 2007 exploration programme at its 100% owned Tumannoye gold project in the Chukotka Oblast, Far East Russia. At Tumannoye, historic work had identified three highly prospective areas. At the most prospective site known as Rudny, numerous mineralised zones have been identified.

Zoloto's first phase exploration, in the second half of 2007, was concentrated on Rudny. A total of 40 channel samples were completed in three trench locations (T-200, T-201 and T-203 over an aggregate strike length of 205 metres). This area represents only a small part of the Tumannoye concession, and the three Rudny zones tested remain open at depth and along strike. A map outlining the excavated areas and the underlying geology are posted on www.zolotoresources.com.

Highlights include:

- T-200: Average grade of 6.22 g/t Au over an average width of 4.80 m over a total strike length of 80 metres.

- T-201: Average grade of 4.69 g/t Au over an average width of 7.48 metres over a total strike length of 80 metres.

- T-203: Average grade of 11.18 g/t Au over an average width of 7.21 metres over a total strike length of 45 metres.

It should be noted that several assays are still pending for some of the channels, so average mineralized channel widths reported here are likely to be understated. In total, 52,800m3 of material was excavated during the 2007 campaign. The three targets above accounted for 23,690m3, with the remainder excavated at three other targets at Rudny. These will be completed and sampled in 2008.

Management is particularly pleased with these latest results as they confirm the tenor of the mineralization as undertaken by previous Russian exploration. A recently filed NI 43-101 report detailing the historic Russian information is available on SEDAR.

Bob Maddigan, Director of Zoloto Resources, comments, "These initial exploration results demonstrate the potential for Tumannoye to host significant high grade gold mineralisation. Over the winter period the camp has been re-supplied ahead of the summer 2008 exploration season. Once our pending exploration results from the Elvenei and Kenkeren properties have also been evaluated, we will outline our detailed summer exploration programmes for all three of our properties in Chukotka."

Detailed Trench Results

In 2007, three targets in the Rudny zone were trenched and sampled (T-200, T-201 and T-203). The targets were sampled by 40 separate channel samples across strike at 5 metre intervals. The sampling procedure involved taking material from continuous 1 metre long by 10 cm wide by 3 cm deep rock-saw cuts along the channels. Results are summarised in the following table.

At T-200, all channels, with the exception of Ch-03, returned anomalous gold values over composite intervals ranging from 1.69 g/t Au over 8.20 metres to 12.45 g/t Au over 7.80 metres. Highlights include 13.09 g/tonne Au over 5.1 metres in Channel 10 and 12.45 g/t Au over 7.80 metres in Channel 11. A plan of T-200 results is posted on the Zoloto website.

TrenchID From (m) To (m) Length (m) Grade (g/t)
T200Ch-04 3.00 5.00 2.00 6.13
T200Ch-03 - - - -
T200Ch-02 5.00 6.50 1.50 4.00
T200Ch-01 6.60 7.90 1.30 5.58
T200Ch-01 0.00 1.80 1.80 13.05
T200Ch01 1.50 9.70 8.20 1.69
T200Ch02 7.90 18.30 10.40 2.03
T200Ch03 3.90 12.30 8.40 6.73
T200Ch03 14.80 16.90 2.10 3.44
T200Ch04 13.10 18.50 5.40 5.35
T200Ch04 3.00 11.50 8.50 3.70
T200Ch05 -0.10 9.50 9.60 3.06
T200Ch05 14.50 18.50 4.00 4.97
T200Ch06 4.00 7.00 3.00 4.94
T200Ch06 14.10 16.90 2.80 6.03
T200Ch07 4.70 5.90 1.20 5.53
T200Ch08 9.00 13.00 4.00 4.82
T200Ch09 6.00 13.40 7.40 5.38
T200Ch10 10.00 15.10 5.10 13.09
T200Ch11 3.00 10.80 7.80 12.45
T200Ch12 3.00 11.60 8.60 5.48

At T-201, all channels returned anomalous gold values over composite intervals ranging from 2.23 g/t Au over 3.90 metres to 5.77 g/t Au over 14.40 metres. Highlights include 10.23 g/t Au over 6.00 metres in channel 13.

TrenchID From (m) To (m) Length (m) Grade (g/t)
T201Ch01 3.00 6.90 3.90 2.23
T201Ch02 3.00 5.90 2.90 5.81
T201Ch02 16.30 18.10 1.80 6.25
T201Ch03 1.00 8.50 7.50 3.60
T201Ch04 0.00 16.00 16.00 2.83
Including 0.00 7.10 7.10 4.26
Including 14.10 16.00 1.90 5.31
T201Ch05 1.90 16.00 14.10 3.93
Including 2.00 10.90 8.90 4.93
T201Ch06 14.00 16.00 2.00 2.56
T201Ch07 6.00 10.30 4.30 5.70
T201Ch07 14.30 16.00 1.70 5.52
T201Ch08 -0.10 18.10 18.20 3.21
T201Ch09 3.00 18.70 15.70 4.26
T201Ch10 0.00 14.60 14.60 3.76
Including 0.00 6.00 6.00 4.30
Including 8.00 14.60 6.60 4.29
T201Ch11 7.50 13.90 6.40 4.58
T201Ch11 9.40 12.30 2.90 7.90
T201Ch12 0.00 4.00 4.00 6.27
T201Ch12 11.00 13.20 2.20 5.15
T201Ch13 0.00 14.40 14.40 5.77
Including 0.00 6.00 6.00 10.23
T201Ch14 3.00 10.40 7.40 4.08
T201Ch15 7.10 13.40 6.30 4.48
T201Ch16 7.40 10.60 3.20 5.91

At T-203, channels returned assays ranging from 16.60 g/t gold over 9.10 metres to 4.48 g/t Au over 9.50 metres. Highlights include 28.00g/t over 3.00 metres in channel 05 and 25.96 g/t Au over 5.00 metres in channel 06.

TrenchID From (m) To (m) Length (m) Grade (g/t)
T203Ch01 0.00 9.50 9.50 4.48
T203Ch02 0.00 9.00 9.00 10.39
Including 2.50 5.50 3.00 24.10
T203Ch03 0.00 6.00 6.00 9.53
T203Ch04 0.00 6.00 6.00 7.94
T203Ch05 0.00 9.20 9.20 11.40
Including 3.70 6.70 3.00 28.00
T203Ch06 1.00 10.10 9.10 16.60
Including 4.70 9.70 5.00 25.96
T203Ch07 4.60 10.20 5.60 10.76
Including 8.40 10.20 1.80 23.25
T203Ch08 0.00 3.80 3.80 18.08
T203Ch09 0.00 6.70 6.70 11.48

The sampling was carried out under the supervision of Vladimir Petrovich Shabalin, a Russian geologist with 37 years experience in gold exploration and who is a qualified mining engineer and geologist. The samples were processed by Alex Stewart Group Ltd at ASA GEO ANALITIKA, LLC laboratories in Moscow. Analysis for gold was carried out using standard fire assay techniques with an AA finish. The Alex Stewart Group Ltd is a leading global supplier of precious metal inspection and analytical services. Their Moscow Laboratory is accredited to ISO IEC 17025 standards.

The technical data in this press release has been reviewed by Louis Covello, P. Geol. Mr Covello is the qualified person for the Tumannoye project.


The Tumannoye gold project is located at approximately 80 km southeast of the town of Iultin, in the Chukotka region of Far East Russia. Iultin is connected to the arctic seaport town of Egvekinot with a 199 km long class II road. Through Chukot Gold ZAO ("Chukot"), its wholly owned subsidiary, Zoloto has a 25 year mining and exploration licence at Tumannoye.

Since 1952, historic Russian exploration on the property has outlined numerous zones of low sulphidation epithermal gold mineralisation associated with Mesozoic sandstones and siltstones. There are two main types of gold mineralization at Tumannoye: tabular deposits of disseminated pyrite-arsenopyrite ores in quartz-pyrite altered terrigenous-carbonaceous layers, and gold mineralized granite porphyry dikes.

Up to 1994, 15,771 metres of diamond drilling and 128,000 cubic metres of trenching had been carried out. From this Russian exploration, gold mineralization varied from 1-2g/t to 111g/t and averaged 5-12g/t. Orebody dips are moderate (30-50º) and are generally orientated in a northern direction. Vertically, mineralization is exposed on relief as much as 200m, and ore zones have been intercepted by historic core holes drilled to depth of 350m below surface.

Russian predictive resources at Tumannoye were authorized in the amounts: P1 - 1.75 million tonnes grading approximately 6.9 g/t, gold; P2: - 1.88 million tonnes grading approximately 7.3 g/t gold. These historical resource estimates are hypothetical in nature, estimated using techniques that are non-NI 43-101 compliant and are mentioned here as merely being indicative of the potential of the area for discovery of gold-containing mineral resources at Tumannoye.

For a more detailed overview of the project, and an NI 43-101 report on Tumannoye see the Zoloto Resources website at: www.zolotoresources.com.

Zoloto shipped equipment (bulldozers, drills and camp facilities) to Tumannoye, in the summer of 2006, and moved to site over the winter 2006/7. During the summer 2007 exploration season, a total 52,800m3 of trenching was undertaken on six target zones at Tumannoye. Three targets have been completed as detailed above, while a further three (T-202, T-204 and T-205) are to be completed.

About Zoloto Resources

Zoloto Resources is a gold exploration company whose primary focus is to become a mid-tier gold producer through the advancement of its gold exploration properties in the Russian Federation. In addition, Zoloto's management will continue to evaluate acquisition opportunities within the Russian Federation. Zoloto's philosophy is to unlock shareholder value in a socially and environmentally responsible manner.

Robert Maddigan, Director

Certain information in this news release contains forward-looking statements that are based on the Company's current expectations and estimates that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company's plans with respect to the exploration and development of the Tumannoye property). Forward-looking statements are frequently characterized by words such as "plan," "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding potential mineralization and resources, exploration results and future plans and objectives of the Company. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Factors that could cause such differences include changes in world gold markets and equity markets, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, delays in the development of projects and the other risks involved in the gold exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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

Contact Information