GOLDEN GOOSE COMPLETES PHASE I OF DRILLING ON ITS MAGINO GOLD PROPERTY
Montreal, Quebec December 13th, 2007 - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to announce that Phase 1 of drilling on its wholly-owned Magino gold property near Wawa in northwestern Ontario is now complete. The property hosts the Magino gold mine, which produced about 105,000 ounces in the late 1980s and early 1990s.
Phase I of the program initially consisted of 6,838 metres of drilling aimed at testing the extensions of the known zones under the Magino mine workings as well as the potential at depth. However, due to the numerous new gold zones intersected, the program was increased to nearly 10,000 metres. Results for 27 of the 29 holes drilled are shown in the table below, with assays for holes 27 and 29 still pending and expected in late January.
The Company has also retained Innovexplo, a consulting firm based in Val-d'Or, Quebec, to carry out a new resource estimate for the project based on the Phase I drill
results. The estimate is already underway and is expected to be completed in the first quarter of 2008.
"The last resource estimate was dated April 2004 and showed a measured and indicated resource of about 7.2 million tonnes grading 0.075 opt Au, which is more than 500,000 ounces at surface," noted Jean-Marc Lacoste, President and Chief Executive Officer of Golden Goose. "We have since done substantial work and obtained very interesting results. Multiple zones have been identified, and the mineralization shows continuity from one hole to the next. We also expect the new QFP zone, which occurs at a depth of about 400 m below surface, to contribute significantly to the new resource estimate."
Complete results received to date for Phase 1 of the drilling program on the Magino property are as follows. A map showing the hole locations with the best results can be found on the Company's website at: ht
tp://www.goldengooseres.com/site/results_12_07.html
THIS PRESS RELEASE CONTAINS A TABLE. TO VIEW FULL DOCUMENT, PLEASE CLICK HERE.
With Phase I complete, the drill has begun working on Phase II of the program, on a section of the property further to the east. Phase II consists of 17 holes for a total of 8,600 metres of drilling.
The work is being supervised by Gilles Provost, a professional geologist and Qualified Person under NI 43-101. He has approved the contents of this press release.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold and nickel-platinum group metals properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Golden Goose Resources Inc.
Jean-Marc Lacoste
Phone: 1-888-928-4667
Fax: 1-888-494-5371
email: lacoste@goldengooseres.com
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
James Buchanan: jbuchanan@renmarkfinancial.com
Media - Vanessa Napoli: vnapoli@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
QUALIFIED PERSON UNDER NI 43-101
GILLES PROVOST
TEL.: (888) 928-4667
FAX: (888) 494-5471
WWW.GOLDENGOOSERES.COM
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Golden Goose Resources Inc.
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CODE : GGR.V |
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Golden Goose is a gold exploration company based in Canada. Golden Goose is listed in Canada. Its market capitalisation is CA$ 19.6 millions as of today (US$ 19.5 millions, € 14.5 millions). Its stock quote reached its lowest recent point on December 29, 2000 at CA$ 0.04, and its highest recent level on December 31, 2007 at CA$ 1.25. Golden Goose has 51 562 000 shares outstanding. |