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Golden Goose Resources Inc.

Publié le 29 mai 2008

Reports a New 43-101 Resource Estimate for its Magino Gold Property

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Golden Goose Reports a New 43-101 Resource Estimate for its Magino Gold Property

Innovexplo resource estimate targets new area, supplements previously known resource

Montreal, Quebec, May 29th, 2008 � Golden Goose Resources Inc. (TSX-V: GGR) (the �Company�) is pleased to report a new resource estimate for its wholly-owned Magino Mine property, located 1.5 km southwest of the Richmont/Patricia Island Gold Mine, near Wawa, Ontario.  The estimate complies with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Prepared by Innovexplo, an independent mining and exploration consulting firm based in Val-d�Or, Quebec, the new estimate shows an inferred resource of 3.75 million tonnes grading 5.94 g/t Au at a cut-off grade of 3 g/t Au, representing over 700,000 ounces of gold. The resource lies in the area below the old Magino mine workings, at a depth of from 200 to 600 metres.  The estimate is mainly based on drilling carried out since the beginning of 2006 that identified some 76 separate mineralized zones, all of which remain open at depth and along strike.  The estimation method used was polygons on longitudinal section for each zone, designed based on the future underground mining potential.

�We knew our drill results were excellent, but we are still extremely impressed by the size of the resource,� said Jean-Marc Lacoste, President and Chief Executive Officer of Golden Goose. �These numbers clearly demonstrate the excellent potential of the property. We will now begin work on upgrading this Inferred Resource to the Indicated category in preparation for prefeasibility.�

Depending on the cut-off grade used, the new estimate shows an inferred resource below the 200-metre level as follows:

Magino Project
Innovexplo Inferred Mineral Resource

Cut-off

Grade

 Tonnes

Grade

(Au g/t)

 Ounces

3 g/t

3,755,600

5.94

         717,227   

4 g/t

2,515,400

7.19

         581,469  

5 g/t

1,880,900

8.11

         490,430  

6 g/t

1,371,200

9.09

         400,733   

7 g/t

959,600

10.19

         314,380  

The Independent and Qualified Persons for the Mineral Resource estimates as defined by Regulation 43-101 are Carl Pelletier, B.Sc., P.Geo. and Bruno Turcotte, M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the estimate is May 23, 2008.

Notes:

  • Mineral Resources are not Mineral Reserves having demonstrated economic viability.  
  • Results are presented undiluted and in situ. The estimate included 76 gold-bearing zones and covers the Magino project area over 840 m E-W, 400 m N-S and from elevation -200m to -600m
  • The resources were compiled using a cut-off grade of 3.0 g/t Au.  This cut-off must be re-evaluated in the light of the present market conditions: gold price, exchange rate and mining cost.  A fixed density of 2.87 g/cm3 was used.  A minimum of 1.6 m true width was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed.  High grade capping was done on the raw data and established at 40.0 g/t Au.  No drill hole compositing was done. Resources were evaluated from drill hole results using a polygonal on longitudinal approach.
  • Calculations used metric units (meter, tonnes and g/t Au).
  • The company is not aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource estimates.

The new resource is in addition to a near-surface resource estimated by Snowden Mining Industry Consultants Inc. in April 2004. Snowden estimated measured and indicated resources of 7.3 million tons grading 2.33 g/t Au for a total of 544,000 ounces and an inferred resource of 1.2 million tons at 2.21 g/t or 84,625 ounces. All these ounces of gold lie between surface and a depth of 200 metres. These near-surface resources were based on a cut-off grade of 1.24 g/t Au.  Snowden�s mineral resource estimate was designed for low-grade, large-volume, open-pit potential.  The estimation method used was a block model with a block size of 7.6 m x 7.6 m x 3 m.  Grade models were estimated with multiple indicator kriging and ordinary kriging.

The Snowden and Innovexplo estimates stands as follows as at May 23, 2008:

Magino Project Resources

Innovexplo resource estimate - May 2008:
Area targeted: -200 to -600 metres

Category

Tonnes

Grade

(g/t Au)

Ounces

Inferred

3,755,600

5.94

717,227

Snowden resource estimate � April 2004:
Area targeted: surface to -200

Category

Tonnes

Grade

(g/t Au)

Ounces

Measured

6,090,000

2.33

456,209

Indicated

1,204,000

2.27

87,871

       Total: Measured and Indicated

7,295,000

2.33

544,080

      Inferred

1,191,000

2.21

84,625

Gilles Provost, P.Geo., a Qualified Person under NI 43-101, plans and supervises the exploration work on the Magino property and 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, platinum group metals, and nickel 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
President      
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
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com

Qualified Persons under NI 43-101
Carl Pelletier, B.Sc., P.Geo.
Bruno Turcotte, M.Sc., P.Geo.
InnovExplo Inc.
Tel.: (886) 749-8140
Fax: (819) 874-0379
www.innovexplo.com

Gilles Provost, M.Sc.A., P.Geo.
Golden Goose Resources Inc. 
Tel.: (888) 928-4667
Fax: (888) 494-5471
www.goldengooseres.com

Golden Goose Resources Inc.

CODE : GGR.V
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Golden Goose est une société d’exploration minière d'or basée au Canada.

Golden Goose est cotée au Canada. Sa capitalisation boursière aujourd'hui est 19,6 millions CA$ (19,5 millions US$, 14,5 millions €).

La valeur de son action a atteint son plus bas niveau récent le 29 décembre 2000 à 0,04 CA$, et son plus haut niveau récent le 31 décembre 2007 à 1,25 CA$.

Golden Goose possède 51 562 000 actions en circulation.

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Rapports annuels de Golden Goose Resources Inc.
Reports 2007 Annual Results
Annual Report 2007
Financements de Golden Goose Resources Inc.
17/12/2007Closes Private Placement Financing With the Mineralfields Gr...
04/09/2007$1,200,000 Private Placement - Issuance of Flow-Through Comm...
Attributions d'options de Golden Goose Resources Inc.
06/03/2008Announce of the Grant of Stock Options
05/06/2007Annual Meeting Of Shareholders And Grant Of Stock Options
09/05/2007Announces The Grant Of Stock Options
Nominations de Golden Goose Resources Inc.
29/10/2007 Appoints Kevin Ramsay as Director
Rapports Financiers de Golden Goose Resources Inc.
26/08/2008Reports its Financial Results for the Second Quarter of 2008
27/05/2008Reports its Financial Results for the First Quarter
22/11/2007 Reports Its Financial Results For The Third Quarter
29/08/2007reports its financial results for the second quarter
24/05/2007Reports Its Financial Results For The First Quarter
Projets de Golden Goose Resources Inc.
12/08/2009(Lac Levac)signs option to sell its Lac Levac nickel property
29/07/2009(Lac Levac)files metalurgy report for its Lac Levac nickel deposit
22/07/2009(Montauban)sells its Montauban properties
03/09/2008(Lac Levac)Doubles its Lac Levac Land Position to 200 Km(2)
29/05/2008Reports a New 43-101 Resource Estimate for its Magino Gold P...
15/05/2008(Magino)Hits 5.25 g/t of Gold Over 13.4 Metres at its Magino Gold Pr...
07/05/2008(Lac Levac)Reports a 43-101 Nickel Resource at its Lac Levac Property
16/04/2008(Lac Levac)Nickel Results Confirm Depth Extension of Deposit at its Lac...
11/04/2008(Lac Levac)hits multiple high nickel, copper and palladium grades at La...
08/04/2008(Magino)Infill Drilling at Golden Goose?s Magino Gold Property Conti...
13/02/2008(Lac Levac)Extends Lac Levac Strike Length to 750 Metres with Multiple ...
29/01/2008(Lac Levac) Hits 18.5 Metres of 1.22% Nickel at its Lac Levac Property
24/01/2008(Lac Levac) Hits 16.88 G/T Platinum Over 0.50 Metres in a 3.5-Metre Zon...
18/12/2007(Lac Levac)Completes 7,150-Metre Fall Drilling Program on its Lac Levac...
14/12/2007(Magino)Completes Phase I of Drilling on its Magino Gold Property
20/11/2007(Magino) Reports More Gold With 16.59 g/t Over 5.40 Meters
14/11/2007(Magino)Hits 36 Meters of 4.11 Grams of Gold per Tonne
22/10/2007(Lac Levac)Begins 6,000 Metre Drilling Program at its Lac Levac Nickel ...
14/09/2007(Lac Levac)Gives the Green Light to an Additional 6,000 Metres of Drill...
31/07/2007(Magino)Reports Multiple Gold Intersections From Magino Drill Progra...
12/07/2007(Lac Levac)Lac Levac Property NI 43-101 resources estimate with
17/05/2007announces New Nickel drilling results on its Lac Levac Prope...
04/05/2007(Lac Levac)intersects new 1.07% nickel over 4.0 metres at its Lac Levac...
20/04/2007(Lac Levac)intersects 17.5 metres grading 1.48% nickel at its Lac Levac...
09/03/2007 Magino Drilling Discovers New High-Grade Gold Zone
Communiqués de Presse de Golden Goose Resources Inc.
06/06/2008Grove resumes production
04/06/2008Power Supply Interruption at Golden Grove
04/03/2008Gives Sgs Lakefield The Go-Ahead for Lac Levac Metallurgical...
30/11/2007Geophysical Survey Identifies New Lateral Extension of 400 M...
06/11/2007Company Execs Online Interview
25/09/2007Graduates to Tier 1 on TSX Venture Exchange
07/08/2007V-P Exploration Joins Golden Goose Resources Inc.
14/06/2007Resignation Of A Director
11/05/2007Pinetree Capital Ltd. acquires common shares of Golden Goose...
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