VANCOUVER, BRITISH
COLUMBIA, September 26, 2007 -
Golden Goliath Resources Ltd (TSX-V: GNG) (Pink Sheets: GGTHF), a junior gold
and silver exploration company with primary land holdings and mining targets in
Mexico's Sierra Madre Occidental gold belt, is pleased to announce an option and
joint venture agreement with a Mexican subsidiary of Pan American Silver Corp.
("Pan American") (Nasdaq: PAAS) (TSX: PAA), for the early stage exploration of
Golden Goliath's La Cruz property.
Under the terms of the
option agreement, Pan American Silver Corp's Mexican subsidiary, Minera Corner
Bay S.A. de C.V., 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 property
will consist of: the Company's La Cruz property; additional ground staked around
the La Cruz property; and the La Cruzada property for which Pan American's
subsidiary already has an option.
Golden Goliath will be responsible for 25% of the costs associated with
La Cruzada.. Upon Minera Corner Bay
exercising its option, a 60/40 joint venture would proceed on the La Cruz and
newly staked grounds, with Pan American having the right to earn an additional
15% by completing a feasibility study.
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.
"We are extremely pleased
with this agreement as it allows for the exploration and development of La Cruz
by a very experienced and respected silver producer," said Paul Sorbara,
president of Golden Goliath. "This
also allows our Company to continue our focus and exploration efforts on the
major drilling campaign now underway at the Uruachic mining
camp."
Paul Sorbara, president of
Golden Goliath said "This is a major milestone for Golden Goliath and its
shareholders. We are very pleased to be working alongside Pan American during
the exploration and development stage of our La Cruz property. Also, with Pan
American taking the reins at La Cruz, we will continue to focus the majority of
our attention and resources on our Uruachic Camp properties, where a major
drilling program is underway with four drill rigs currently at work".
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.