Goldcrest Continues to Expand Mineralization at its Gaoua Copper-Gold Project



    TORONTO, Jan. 4 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest" or "the
Company"), (GCL-TSX.V) is pleased to report that assay results from the final
six diamond drill holes have identified new target zones that have the
potential to expand the size of the mineralized area at its Gaoua copper-gold
project in southern Burkina Faso, West Africa.
    "We are extremely pleased to have still more evidence confirming not only
that Gaoua is a large, significantly mineralized and near-surface copper-gold
project, but that we seem to have not yet reached its limits," said Kevin
Bullock President and CEO, Goldcrest Resources Ltd. "We look forward to
further delineating this mineralization as quickly as possible working towards
a resource calculation in 2008."
    The original goal of the drill program, which began in April (see News
Release of 5 April, 2007), was to test several targets for copper-gold
porphyry style mineralization in three main areas; Gongondy, in the Souhouera
property, and the Dienemera and Mont Biri targets, in the Malba property (see
figure 1 - http://files.newswire.ca/329/fig1.pdf). Encouraging results from
the original program led to its being increased by a further 2,500 metres in
August 2007, mainly aimed at drill testing the Gongondy target (see News
Release of August 30, 2007). Drilling was completed on October 31st, (see News
Release October 22, 2007) with 41 core holes drilled for 12,626 metres on the
three targets. The campaign has confirmed the presence of highly anomalous
copper-gold mineralization hosted by brecciated diorite and hydrothermal
breccia, which show porphyry copper characteristics in all three target areas.
    The latest results concern four holes drilled at Gongondy (S36 GON/07 to
S39 GON/07), one drilled at Mont Biri (S48MBI/07) and one hole drilled at
Dienemera (S78DIE/07).
    The assay results obtained from the last holes drilled on the Gongondy
target (the most southerly of the three target areas) confirm the trend of
relatively higher grade gold and indicate the extension of the copper-gold
mineralization to the north towards Dienemera. These holes were quite large
step outs (see figure 2 - http://files.newswire.ca/329/fig2.pdf). Highlights
of the Gongondy drilling include 8m @ 0.43%Cu and 0.26g/t Au, from surface,
and 6m @ 0.52% Cu and 0.28g/t Au, from 113m, in hole S39GON/07; 40m @ 0.54 g/t
Au from 1m, 3m @ 1.85g/t Au, from 75m, and 8m @ 1.32g/t Au, from 120m, in hole
S37GON/07; and 14m @ 1.16g/t Au, from 188m, including 2m @ 5.27g/t Au, in hole
S38 GON/07.
    Copper-gold mineralization has now been recognized at Gongondy over a
more than two-kilometre strike length extending from hole S22 in the south to
hole S39 in the north. Further drilling will be needed to test whether the
mineralization is continuous, hosted by one large breccia, or in a set of
contiguous breccia bodies. Drill results obtained to date indicate that the
northernmost area is richer in gold, inferring a zoning in the mineralization.
    The latest hole drilled at Mont Biri, approximately 15 km north of
Gongondy, intersected 13m @ 0.43% Cu and 0.18g/t Au under a prominent
copper-in-soil anomaly (see figure 3 - http://files.newswire.ca/329/fig3.pdf),
confirming the prospectivity of the southeastern part of the otherwise
untested Mont Biri prospect. Previous, wide-spaced, drilling elsewhere on
Mont Biri had also confirmed the presence of widespread copper-gold
mineralization in the area, justifying further testing of the target.
    Hole S78DIE/07, drilled in the northernmost part of the Dienemera
prospect, two kilometers south of Mont Biri, intersected 18m @ 0.27% Cu from
143m, including several 1m intervals grading higher than 0.5% Cu. Drilling at
Dienemera has identified copper-gold mineralization over the entire tested
area, extending in (N-S) length over more than 900m from hole S66DIE in the
south to hole S78DIE in the north, and in width over nearly 850m from hole
S67DIE in the west to S72 in the east (see figure 4 -
http://files.newswire.ca/329/fig4.pdf). The mineralization remains open in all
directions. Further drilling will be needed to test whether the mineralization
is contained in one large body, or whether it is hosted by a set of contiguous
bodies.
    Goldcrest intends to carry out an aggressive drilling program, commencing
in February, 2008, followed by a resource calculation on the Gongondy and
Dienemerra deposits.

    
    Table 1. Main Cu-Au Intercepts.
    -------------------------------------------------------------------------
    DRILL                                                          Maximum
    HOLE       FROM(*)             INTERVAL(*)             Au      Internal
     NB         (m)     TO(*)(m)      (m)       Cu (%)    (g/t)  Dilution (m)
    -------------------------------------------------------------------------
                 1         41          40     less than    0.54       3
                                                 0.1
            -----------------------------------------------------------------
                75         78           3     less than    1.85       0
                                                 0.1
            -----------------------------------------------------------------
     S37       120        128           8     less than    1.32       2
    GON/07                                       0.1
            -----------------------------------------------------------------
            Incl. 120     121           1     less than    7.74       0
                                                 0.1
    -------------------------------------------------------------------------
               188        202          14     less than    1.16       1
                                                 0.1
     S38    -----------------------------------------------------------------
    GON/07  Incl. 188     190           2     less than    5.27       0
                                                 0.1
    -------------------------------------------------------------------------
                 0          8           8       0.43       0.26       2
     S39    -----------------------------------------------------------------
    GON/07     113        119           6       0.52       0.28       2
    -------------------------------------------------------------------------
               145        147           2       0.48       0.39       0
     S48    -----------------------------------------------------------------
    MBI/07     166        179          13       0.43       0.18       2
    -------------------------------------------------------------------------
                67         69           2       1.39       0.90       0
            -----------------------------------------------------------------
               143        161          18       0.27       0.22       9
            -----------------------------------------------------------------
            INCL. 143     147           4       0.45       0.53       3
     S78    -----------------------------------------------------------------
    DIE/07  INCL. 156     160           4       0.46       0.25       2
    -------------------------------------------------------------------------
    (*) core length - not true width.
    

    The drilling campaign, just completed, was funded by Freeport-McMoRan
Exploration Corporation (formerly Phelps Dodge Exploration Corporation), a
subsidiary of Freeport-McMoRan Copper & Gold Inc., as part of its earn-in (see
news release of 21 November, 2006).
    The above Cu-Au intersections are based on a 0.3% Cu cut-off with no top
cut applied. Internal dilution (less than 0.3 % Cu) has been carried out to a
maximum of 2m except for the wider (18m) interval in hole S78DIE/07, where the
maximum internal dilution is 9m (147 to 156m). The above gold (with no
associated Cu) intersections are based on a 0.30g/t Au cut-off with no top cut
applied. Internal dilution (less than 0.30g/t Au) has been carried out to a
maximum of 1m, except for hole S37 (3m internal dilution in the 1-41m interval
and 2m in the 120-128m interval).

    
    Table 2. Drill Hole Locations for Holes S36GON to S39GON, S48MBI and
    S78DIE
    -------------------------------------------------------------------------
      AREA    Drill Hole     Location((*))   Azimuth      Dip      Drill Hole
                  Nb       ---------------  (degrees)  (degrees)   Length (m)
                            East    North
    -------------------------------------------------------------------------
              S36GON/07   498863  1140500      90          55        239.90
              ---------------------------------------------------------------
              S37GON/07   498613  1140900      90          55        263.70
    GONGONDY  ---------------------------------------------------------------
              S38 GON/07  498463  1140900      90          55        305.80
              ---------------------------------------------------------------
              S39 GON/07  498375  1141300      90          55        446.80
    -------------------------------------------------------------------------
    MONT BIRI S48MBI/07   498800  1149285      90          55        452.80
    -------------------------------------------------------------------------
    DIENEMERA S78 DIE/07  497780  1148400      90          55        254.60
    -------------------------------------------------------------------------
    (*) Datum WGS84, coordinates as planned, final coordinates to be surveyed
        and confirmed.
    

    These assay results were obtained on HQ and some NQ sized core generally
sampled at 1m intervals (sampling intervals are occasionally less than 1m),
and cut in half using a diamond saw. One-half of the core was archived at the
core storage facility on site while the other half was sent to Abilab Burkina
S.A.R.L, Ouagadougou/Burkina Faso (subsidiary of ALS Laboratory Group) for
standard preparation (crushing, pulverization, split) and gold fire assay on
50g charge. Copper was assayed by atomic absorption at the ABILAB facilities
in Bamako/Mali, while multi-element analysis, aimed at characterizing the
mineralization, is being carried out by ICP-MS by the ALS Laboratory Group in
the Republic of South Africa (results pending). The accuracy of the results
was tested through the systematic inclusion of standards (Ore Research and
Exploration, Australia, (OREAS) Cu-Au and OREAS multi-element standards) and
field blanks. Standards were inserted about every 15 samples and blanks every
30 samples. From a QA/QC perspective, the initial review of results suggests
this is a satisfactory and reliable data set.
    Under the guidelines of National Instrument 43-101, the qualified person
for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President,
Exploration of the company. Mr. Franceschi is a member of the European
Federation of Geologists and has reviewed and approved the contents of this
news release.
    The Company has granted 200,000 options to purchase common shares to an
officer of the Company exercisable at $0.30 per share until December 11, 2012.
    Goldcrest currently has 81,707,573 shares issued and outstanding and a
cash position of over $14,500,000 as well as holding 10,000,000 shares in Apex
Minerals NL valued at over $10,500,000 as at January 4th closing price of
AUS $1.35 per share.

    The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Except for the
historical statements contained herein, this news release presents
"forward-looking statements" within the meaning of Canadian securities
legislation that involve inherent risks and uncertainties. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or
achievements of Goldcrest to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to:
risks related to international operations, risks related to the integration of
acquisitions; risks related to joint venture operations; actual results of
current exploration activities; actual results of current or future
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold and
other minerals and metals; possible variations in ore reserves, grade or
recovery rates; failure of equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; and delays
in obtaining governmental approvals or financing or in the completion of
development or construction activities. Although the management and officers
of Goldcrest Resources Ltd. believe that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Goldcrest does not undertake to
update any forward-looking statements that are incorporated by reference
herein, except in accordance with applicable securities laws. Trading in the
securities of Goldcrest Resources Ltd. should be considered highly
speculative.

    %SEDAR: 00017848E




For further information:

For further information: Kevin Bullock, P.Eng., President & CEO,
Goldcrest Resources Ltd., kbullock@goldcrestresources.com, Ph: (416) 867-2299,
Fax: (416) 867-2298; Greg Taylor, Investor Relations, Goldcrest Resources
Ltd., gtaylor@goldcrestresources.com, Ph: (905) 337-7673, Fax: (905) 844-6532;
Corporate Website: www.goldcrestresources.com

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