June 24, 2009
Skygold Ventures Ltd. (�Skygold� or the �Company�) (SKV-TSXV) is pleased to announce the start of the 2009 field programs. Crews have been mobilized to all three 100% owned properties; Spanish Mountain, Thunder Ridge and Prince George.
Although the main focus of this years activities will be on Spanish Mountain where drilling is expected to commence by the end of June, diamond drills have been mobilized firstly to Thunder Ridge so as not to disrupt the much larger program at Spanish Mountain once it begins. Details of the Spanish Mountain program will be reviewed in a subsequent release.
Thunder Ridge Drilling -Spanish Creek Property
Field crews have confirmed that Diamond Drilling is currently underway at Thunder Ridge. The drill program will focus on a new high grade gold and silver discovery made by Skygold in 2008. The results of the first 7 reconnaissance drill holes indicated that a large mineralized corridor at least 450m wide and 750m long was responsible for the geochemical anomaly that was targeted. Five of the seven holes intercepted meaningful gold and or silver values. Highlights from the 2008 program include:
- Hole SC-005 : 45.49 g/t gold over 2.5 metres including 223.0 g/t gold over 0.5 metre.
- Hole SC-007 : 1.23 g/t gold over 11.5 metres including 4.83 g/t gold and 232.0 g/t silver over 1.5 metres and 1.32 g/t gold over 6.5 metres in separate horizons.
The 2008 drill program was the first drilling ever on the Thunder Ridge Zone. The 2009 program is designed to further evaluate the orientation, continuity and extent of high grade structural controls of the system as well as the potential for bulk tonnage lower grade material across the corridor.
Prince George Property
A trenching program has been completed on the Prince George property to test a gold anomaly that was discovered through a regional silt sampling program with follow-up soil sampling. Results from the program are expected within the next few weeks.
About Skygold
Skygold is an exploration company focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company is well funded with a current cash position of $3.0 million and has applied for Mineral Exploration Tax Credit refunds from the Province of British Columbia totaling $2.7 million. These funds are expected to be received in 2009.
Robert Darney, P.Geo. and R. Bob Singh P.Geo are the qualified persons (as defined in NI 43-101) who have reviewed this news release.
On Behalf of the Board,
SKYGOLD VENTURES LTD
Brian Groves
Brian Groves.
President
Contact:
| Tim Mikula |
or |
B&D Capital Partners |
|
(604) 484-6317 |
(604) 685-6465 |
www.skygold.ca
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. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.