Golden
Goliath Resources Ltd. (TSX.V:GNG) (US:GGTH-F) is pleased to
provide an
update of its 2008 exploration projects in Chihuahua, Mexico. Within the Company's main property
package, the Uruachic Mining District, three projects, San Timoteo, La Reforma
and Las Bolas are currently active.
These projects, which are directly operated by the Company, include
diamond drilling on all three areas, underground rehabilitation and sampling on
the San Timoteo and Las Bolas areas and geological mapping, Induced Polarization
and Magnetic geophysical surveys in preparation for drilling on the San Timoteo
II claim. The Company is well
financed, with over $4.3 million currently in the treasury, and expects to be
active on these projects throughout the year. A separate press release with updated
details of the drilling will be released shortly.
Apart from the
projects being run directly by the Company, two other exploration programs are
underway on properties that are currently under option to other
companies.
Golden Goliath's
La Cruz property is currently under option to Pan American Silver's Mexican
subsidiary, Minera Corner Bay S.A. de C.V.
Under the terms of the option agreement Minera Corner Bay has the right
to earn a 60% interest in La Cruz by making cash payments totaling US $300,000
and spending US $450,000 on the property over a period of 3 years.
The La Cruz
property is located in Chihuahua State, on the very eastern edge of the Sierra
Madre Occidental mountain range. La
Cruz has extensive old underground mine workings and large old dumps that attest
to substantial past activity. The mine workings have been inactive for at least
75 years and there is no record of any exploration drilling having ever been
done.
Pan American
Silver has given Golden Goliath an exploration summary for the La Cruz project
dated April 1/08. The work done to
date includes rehabilitation of the access and old mine roads and 1:2,000 scale
surface geological mapping. Survey grid lines have been established and surface
samples collected along them at 25 metre intervals. The main La Cruz mine workings have been
rehabilitated and mapped at a scale of 1:500. Systematic underground sampling has been
done every 3 metres perpendicular to the main structure, resulting in the
collection of 194 samples from inside the mine. A Natural Source-Frequency Magneto
telluric Imaging survey has also been conducted, with its final report still
pending.
In addition,
pads have been prepared for an initial planned diamond drill program of 8 holes
totaling approximately 2,000 metres of HQ diameter coring. They are currently waiting for
geophysical results, doing additional surface work and are waiting for the drill
crew which is expected in four to six weeks.
Golden Goliath
is pleased with the progress to date on La Cruz and is happy to have a very
successful and competent partner on this project. Having Pan American Silver and Minera
Corner Bay conducting the exploration at La Cruz allows Golden Goliath to focus
its efforts on the main portion of the Uruachic Camp.
Golden Goliath
has also entered into an option agreement with Comstock capital on the Company's
Corona and Chamizal properties.
Under the terms of the agreement Comstock Capital has the right to earn a
60% interest in the Corona property, which lies in the northwest corner of the
Uruachic mining camp in Chihuahua's Sierra Madre Occidental mountain
range.
Comstock Capital
has been conducting exploration work on the Corona property since last
summer. They are very pleased with
the results of their initial work program and have now completed its 43-101
report which it is preparing to file with the Exchange. Details of the results will be disclosed
once the 43-101 report has been filed.
About Golden
Goliath
Golden Goliath Resources
Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol
GNG). The Company is focused on exploring and developing the gold and silver
potential of an historic mining camp located in the world famous Sierra Madre
Occidental Mountains of northwestern Mexico. Unlike most juniors, which have an
option to earn an interest in a single property or a few scattered properties in
various areas or countries, Golden Goliath controls an entire old mining camp,
or district, that covers an area of 15 by 25 kilometres, with numerous past
producing gold and silver mines dating back to the time of the Spaniards. Golden
Goliath's Uruachic claims are owned 100% by the Company and are fully paid for
with no property option or purchase payments to make. To find out more about
Golden Goliath visit www.goldengoliath.com.
ON BEHALF OF
GOLDEN GOLIATH RESOURCES LTD.
J.
Paul Sorbara, M.Sc.,
P.Geo.
President
To find out more
about Golden Goliath Resources Ltd. visit our website at: www.goldengoliath.com
The TSX Venture
Exchange has not reviewed and does not approve or disapprove the adequacy or
accuracy of this release.