MONTREAL, May 7 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR)
(the "Company") is pleased to report the results of a new resource estimate
for its wholly-owned Lac Levac nickel project, located 216 km north of
Chibougamau in the James Bay area of northern Quebec.
The resource estimate, which complies with the requirements of National
Instrument 43-101, was prepared by RSW Inc. of Montreal, who were also
responsible for the previous estimate dated July 2007.
The results of the new estimate are as follows:Nickel Palla- Plati-
Category Tonnes ------------------ Copper Cobalt dium num
% Ni lbs % Cu % Co g/t Pd g/t Pt
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Measured 1,255,000 1.09 30,158,000 0.56 0.07 1.11 0.20
Indicated 783,000 1.00 17,262,000 0.53 0.06 0.91 0.29
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Total 2,038,000 1.06 47,420,000 0.55 0.07 1.03 0.23
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Inferred 1,053,000 0.81 18,803,000 0.32 0.06 1.06 0.50
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Cut off grade was 0.4% nickel and no external dilution was included."This 43-101 report confirms our expectations based on the results of
fall drilling," stated Jean-Marc Lacoste, President and Chief Executive
Officer of Golden Goose. "We have succeeded in outlining a measured and
indicated resource of 47.4 million pounds of nickel and an additional
18.8 million pounds inferred. With nickel trading above $12 per pound, we now
have excellent grounds for building on our exploration efforts and aiming to
put this project into production."
The previous resource estimate for the project showed an indicated
resource of 516,000 tonnes at 0.89% Ni and an inferred resource of
734,000 tonnes at 0.89% Ni. In the fall of 2007 and winter 2008, the Company
drilled over 11,000 metres of additional drilling in 53 holes on the NISK-1
deposit in order to extend and upgrade the project resource. The new resource
estimate was warranted by very strong fall exploration results that included
the discovery and delineation of the Eastern extension of the deposit.
The new resource lies within a 900-metre long mineralized zone that
remains open along strike and at depth. To date, mineralization has been
intersected at real vertical depths of between 12 and 330 metres.
"Drilling to date has provided us with fairly high level of confidence in
our geological model, which is that of an intrusive body," explained
Marc-Antoine Beaupré, head of Golden Goose's nickel exploration program at Lac
Levac. "We consider the greatest potential for additional resources within
this intrusive to be at depth, while we should be able to fairly easily
upgrade some of the indicated resource to the measured category with
additional infill drilling."
Mr. Lacoste also noted that the property hosts several other ultramafic
lenses that could provide additional ore for a future operation. The Company
plans to begin working on these other potential mineralizated host rock area
later this year.
The Lac Levac property lies 200 km east of James Bay and is easily
accessible by the extensive road network that serves the Hydro-Québec power
projects. It lies less than four kilometres from Hydro-Québec's Albanel
substation and 40 km east of the Nemiscau airport.
A map of the Lac Levac property showing holes locations and the best
drill results to date can be found at
http://www.goldengooseres.com/pages/en/levac_results_07
The Lac Levac drilling programs are planned and supervised by
Marc-Antoine Beaupré, a geological engineer and a qualified person as defined
by National Instrument 43-101. Pierre Trudel of RSW Inc. acted as the
qualified person for the 43-101 resources estimate. Messrs Beaupré and Trudel
have both 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: Golden Goose Resources Inc.: Jean-Marc Lacoste,
1-888-928-4667, Fax: 1-888-494-5371, lacoste@goldengooseres.com; Renmark
Financial Communications Inc.: Barry Mire, bmire@renmarkfinancial.com; James
Buchanan, jbuchanan@renmarkfinancial.com; (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com; Qualified Person under NI 43-101: Pierre Trudel,
Ing., RSW Inc., (514) 878-2621, Fax: (514) 397-0085, www.rswinc.com
