Goldcrest Resources Ltd. Continues to Report Wide Mineralized Intercepts and Identifies New Targets at its Gaoua Copper-Gold Project in Burkina Faso



    TORONTO, Oct. 22 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest", "the
Company"), (GCL-TSX.V) is pleased to announce more results from the on-going
diamond drilling program at its Gaoua copper-gold project in southern Burkina
Faso, West Africa. The last batch of drill results continue to return
impressive Cu-Au intercepts. Significantly, several new targets have been
identified which have considerably expanded the potential size of the
mineralized area.
    "Today we are announcing results from drill holes that were drilled to
test new targets beyond our initial drill plan," says Kevin Bullock President
and CEO, Goldcrest Resources Ltd. "Previously reported drill results have
confirmed porphyry-style mineralization at both Gongondy and Dienemera and now
we are seeing results from new targets pointing to the potential of a much
larger area of mineralization."
    Since the September 20, 2007 news release, assay results have been
received from the last holes (S72 to S77DIE/07) drilled on the Dienemera
target (see figure 1 - http://files.newswire.ca/329/GCR1022.pdf), from the
three holes drilled on the Mont Biri target (S45MBI to S47MBI, see figure 2 -
http://files.newswire.ca/329/GCR1022.pdf) and from the first two holes drilled
on the Gongondy target (see figure 3 -
http://files.newswire.ca/329/GCR1022.pdf) during the on-going expansion
program. The drilling program commenced in April (see News Release of 5 April,
2007) with the objective to test several targets for copper-gold porphyry
style mineralization in two main areas; Gongondy, in the Souhouera property,
and the Dienemera and Mont Biri targets, in the Malba property (see figure 4 -
http://files.newswire.ca/329/GCR1022.pdf). Based on the encouraging results
received so far, the drilling program has been increased by a further 2,500
metres, mainly aimed at drill testing the Gongondy target (see News Release of
August 30, 2007).
    The assay results obtained from the last holes drilled on the Dienemera
target confirm the presence of wide mineralized intervals in the northern part
of the tested area, while a new prospective area has been opened by hole
S72DIE/07 designed to test an area where previous (historical) drill holes had
indicated the presence of Cu mineralization. Highlights of the Dienemera
drilling include 57m @ 0.41% Cu and 0.21g/t Au (S72DIE), 78m @ 0.56% Cu and
0.22g/t Au (S76DIE), 35m @ 0.44% Cu and 0.27g/t Au (S77DIE) and three
mineralized intervals in hole S75 DIE, namely, 46m @ 0.33% Cu and 0.1g/t Au
from 44m, 29m @ 0.56% Cu and 0.17 g/t Au from 130m and 15m @ 0.61% Cu and
0.25g/t Au from 182m.
    The holes at Dienemera have identified copper-gold mineralization over
the entire tested area, extending in (N-S) length over more than 600m from
hole S66DIE in the south to hole S77DIE in the north, and in width over nearly
850m from hole S67DIE in the west to S72 in the east (see figure 1). 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.
    The drilling of three holes at Mont Biri, aimed at testing geological
indications, unveiled two new Cu-Au targets. Drill hole S45MBI/07 intersected
Cu-Au mineralization in the northern part of the target area, including an
impressive 13m @ 1.53% Cu(1) and 1.07g/t Au, including 1m @ 14.10% Cu and 2.35
g/t Au, together with several one meter intercepts grading greater than 1.0
g/t Au. Hole S47MBI/07, drilled on a completely different target than hole
S45, some 800m apart, identified Cu-Au mineralization in the south-western
part of the target area, previously unknown. The first and, so far, only hole
on the new target intercepted 47m @ 0.26% Cu.
    The results obtained from two recent holes in Gongondy confirm the
extension of the gold mineralization, as identified by previous holes, to the
north. Highlights include 3m @ 2.57g/t Au (S34GON), and 14m @ 1.07g/t Au
(S35GON), including 6m @ 0.36% Cu and 0.86g/t Au.
    Significant Cu-Au drill intercepts from this program are listed in
table 1 below.

    
    Table 1. Main Cu-Au Intercepts.

    -------------------------------------------------------------------------
                                                                     Maximum
    TARGET             FROM(*)          INTERVAL(*)                 Internal
     AREA    HOLE Nb.    (m)   TO(*)(m)    (m)      Cu %  Au (g/t)  Dilution
                                                                      (m)(*)
    -------------------------------------------------------------------------
              S72DIE      88      145       57      0.41    0.21        6
                      -------------------------------------------------------
                      INCL. 125   145       20      0.59    0.29        0
              ---------------------------------------------------------------
              S73DIE     147      162       15      0.48    0.15        1
                      -------------------------------------------------------
                         230      232        2      0.49    0.19        0
              ---------------------------------------------------------------
              S74DIE       7       12        5      0.49    0.23        1
                      -------------------------------------------------------
                          38       49       11      0.46    0.14        1
                      -------------------------------------------------------
                          74       81        7      0.38    0.14        2
                      -------------------------------------------------------
                         158      191       33      0.37    0.13        4
                      -------------------------------------------------------
                         283      288        5      0.40    0.17        1
                      -------------------------------------------------------
    DIENEMERA            302      305        3      0.76    0.33        0
                      -------------------------------------------------------
              S75DIE      44       90       46      0.33    0.10        5
                      -------------------------------------------------------
                         130      159       29      0.56    0.17        2
                      -------------------------------------------------------
                         182      197       15      0.61    0.25        0
             ----------------------------------------------------------------
              S76DIE       0       78       78      0.56    0.22        3
                      -------------------------------------------------------
                         184      195       11      0.46    0.19        2
                      -------------------------------------------------------
                         218      231       13      0.34    0.12        4
                      -------------------------------------------------------
                         265      269        4      0.80    0.72        0
              ---------------------------------------------------------------
              S77DIE       2       11        9      0.43    0.14        2
                      -------------------------------------------------------
                          42       69       27      0.33    0.19        4
                      -------------------------------------------------------
                          97      103        6      0.42    0.25        1
                      -------------------------------------------------------
                         127      162       35      0.44    0.27        3
    -------------------------------------------------------------------------
    MONT BIRI S45MBI(1)  117      130       13      1.53    1.07        2
              ---------------------------------------------------------------
              S47MBI     181      186        5      0.72 (less than)0.1 1
                         233      280       47      0.26 (less than)0.1 7
                      INCL. 256   262        6      0.39 (less than)0.1 1
                      INCL. 276   280        4      0.58 (less than)0.1 1
    -------------------------------------------------------------------------
    GONGONDY  S35GON      63       69        6      0.36    0.86        0
    -------------------------------------------------------------------------
    (*) core length-not true width.
    -------------------------------
    (1) : No top cut applied
    

    The above 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 4m except for the wider (+40m) intervals, where the maximum
internal dilution is 6m (88 to 145m) in hole S72DIE/07, 5m (44-90m) in hole
S75DIE/07 and 7m (233-280m) in S47MBI/07.
    The above assay results were obtained on HQ and some NQ sized core
sampled at one metre intervals, on average (some 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, except for S76DIE, where standards were inserted every
25 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.
    Presently, drilling continues on the Gongondy target, were a 2,500m
drilling expansion program is being carried out (see news release of
August 30, 2007). The drilling at Gongondy aims at identifying extensions and
at testing the continuity of the over 1.5km long mineralized area as
identified by the initial drilling campaign. The north-south oriented
mineralization is, as know to date, open to the north, south and west.
    This drilling campaign is being 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).

    
    Table 2. Drill Hole Locations for Holes S72DIE to S77DIE, S45MBI to
    S47MBI and S34GON to S35GON.

    -------------------------------------------------------------------------
      AREA    Drill Hole     Location(*)     Azimuth      Dip      Drill Hole
                  Nb       ---------------  (degrees)  (degrees)   Length (m)
                            East    North
    -------------------------------------------------------------------------
    DIENEMERA  S72DIE/07   498450  1147625      90         55         212.8
              ---------------------------------------------------------------
               S73DIE/07   497850  1147775      90         55         278.8
              ---------------------------------------------------------------
               S74DIE/07   497797  1147842      90         55         326.7
              ---------------------------------------------------------------
               S75DIE/07   497847  1147875      90         55         305.7
              ---------------------------------------------------------------
               S76DIE/07   498011  1147845       0         90           273
              ---------------------------------------------------------------
               S77DIE/07   498000  1148093      90         55         254.7
    -------------------------------------------------------------------------
    MONT BIRI  S45BIR/07   499090  1149900      90         55         317.7
              ---------------------------------------------------------------
               S46BIR/07   499169  1149277     270         55           300
              ---------------------------------------------------------------
               S47BIR/07   498550  1149285      90         55         302.7
    -------------------------------------------------------------------------
    GONGONDY   S34GON/07   498863  1140900      90         55         335.7
              ---------------------------------------------------------------
               S35GON/07   498763  1140900      90         55         314.8
    -------------------------------------------------------------------------
    (*) Datum WGS84, coordinates as planned, final coordinates to be surveyed
        and confirmed.


    DIENEMERA

    -   Hole S72DIE/07 aimed at testing an area around historical drill holes
        S18D and S32D, approximately 500 metres east of hole S69D. S18D had
        returned 12.8m @ 0.53% Cu (no assays for gold had been carried
        out), S32D had returned 32m @ 0.39% Cu (no gold assays) from 64m
        and 26m @ 0.42% Cu from 133m. Hole 72DIE, drilled west of these
        holes, returned 57m @0.41% Cu and 0.21g/t Au from 88m, including
        20m @ 0.59% Cu and 0.29 g/t Au from 124m. This confirms the
        presence of sizeable mineralization in this new area.

    -   Holes S73, 74 and 75 aimed at testing the mineralization at depth,
        under historical holes S28 and S58 and under the company's former RC
        hole 10, drilled in 2004. All three holes encountered mineralization.
        Mineralized intercepts are relatively narrow in S73; they are wider
        in holes S74 (33m@0.37% Cu and 0.13g/t Au) and in S75 where
        mineralization was intercepted in three main sections (44-90, 130-159
        and 182-197m) totalling a cumulated length of 90m averaging 0.45% Cu
        and 0.15g/t Au. Holes S74 and S75 extend the mineralization
        encountered in previous holes at depth.

    -   Vertical hole S76DIE twinned historical hole S51, which returned
        10.2m @ 0.63% Cu and 0.25g/t Au from surface and 41.9m @ 0.72%
        Cu and 0.25g/t Au from 37m. Hole S76 confirms the presence of a wide
        mineralized interval from surface to 78m depth and, in addition,
        encountered several other wide mineralized intervals at depth,
        amongst which 11m @ 0.46% Cu and 0.19g/t Au from 184m,
        13m @ 0.12g/t Au from 218m and 4m @ 0.8% Cu and 0.72g/t Au from
        265m.

    -   Hole S77DIE confirmed the presence of the mineralization reported by
        historical hole S56, which returned 13m @ 0.84% Cu and 0.4g/t Au
        from 157m wrapped by a broad mineralized envelope averaging 0.27% Cu
        from surface to 170m depth. Hole S77DIE intercepted four distinct
        mineralized intervals, including 27m @ 0.33% Cu and 0.19g/t Au
        from 42m and 35m @ 0.44% Cu and 0.27g/t Au from 127m.

    The high-grade copper-gold mineralization in Dienemera is confined to
hydrothermal breccias, hosted by quartz diorite and/or diorite porphyry
intrusions. The breccia-hosted mineralization is genetically related to the
porphyry complexes as part of a porphyry copper-gold system and is largely
hosted by diorite porphyry intrusions.

    MONT BIRI

    -   Hole S45MBI/07 aimed at testing an area where trenching carried out
        by the company had returned anomalous gold and copper values and
        where RAB and RC drilling carried out in the 1990s by Billiton Metals
        B.V. and Gold Fields Metals B.V. had indicated the presence of gold
        mineralization. The Billiton and Gold Fields RAB and RC drill samples
        had not been assayed for copper, though chalcopyrite was reported in
        the drill logs. The hole returned 13m @ 1.53% Cu(2) and
        1.07g/t Au, including 1m @ 14.10% Cu and 2.35 g/t Au. This hole
        opens up a new area to the northeast and east of the drill hole,
        where historical drill records, assayed for gold only, regularly
        report the presence of chalcopyrite.

    -   Hole S46MBI/07 aimed at testing an area where historical trenching
        had returned a wide gold-mineralized interval. For access reasons the
        hole had to be drilled from east to west, with a relatively low angle
        to the general dip of the formations. The hole intersected several
        1m Cu-Au mineralized intervals, but failed at intercepting a wide
        interval. Further attempts will be made to test the area from other
        locations, intersecting rocks and possible mineralization nearly
        perpendicular to dip.

    -   Hole S47MBI aimed at testing an area with outcropping rocks showing
        malachite staining and where a company trench has identified a Cu-Au
        anomaly. The hole intercepted a large number of 1 to 6m wide high-
        grade Cu intervals between 115 and 280m. The copper mineralization
        occurs essentially as disseminated chalcopyrite in diorite porphyry
        hosts. The diorite, as opposed to the holes drilled at Dienemera, is
        only slightly brecciated. The gold mineralization associated with the
        copper is relatively weak; usually below 0.1g/t. The best intercept
        consists of 47m @ 0.26% Cu from 233m, including 6m @ 0.39% Cu
        from 256m and 4m @ 0.58% Cu from 276m. This hole opens a totally
        new area, situated between Dienemera in the south and the New Mont
        Biri area identified by S45MBI in the north.

    -------------------------------
    (2) : No top cut applied

    GONGONDY

    -   Holes S34and S35GON aimed at testing the mineralization 200m north of
        the mineralized intercepts reported by holes S29 to S31GON. Holes
        29 and 30GON intersected wide Cu-Au intervals and are marked by
        relatively high average gold grades. Holes S34 and S35 confirm the
        trend of relatively high-grade gold, but only hole S35 intersected
        associated copper mineralization, namely 6m @ 0.36% Cu and
        0.86g/t Au from 63m. Gold highs which are not immediately associated
        with copper are presented in table 3. They occur in sulphide-rich
        intercepts, mainly comprising pyrite.

    Table 3. Main (wide or high-grade) gold intervals not directly associated
    with copper mineralization.

    -------------------------------------------------------------------------
                                                                     Maximum
      TARGET                FROM(*)          INTERVAL(*)            Internal
       AREA      HOLE Nb.     (m)   TO(*)(m)    (m)      Au (g/t)   Dilution
                                                                      (m)(*)
    -------------------------------------------------------------------------
    MONT BIRI     S45MBI      26       27        1         3.61         0
                         ----------------------------------------------------
                              72       73        1         1.95         0
                         ----------------------------------------------------
                              90       91        1         1.01         0
                         ----------------------------------------------------
                             233      234        1         1.20         0
    -------------------------------------------------------------------------
    GONGONDY      S34GON      46       47        1         1.75         0
                         ----------------------------------------------------
                              93       96        3         0.97         0
                         ----------------------------------------------------
                             249      252        3         2.57         0
                         ----------------------------------------------------
                             280      281        1         3.96         0
               --------------------------------------------------------------
                  S35GON       9       11        2         1.07         0
                         ----------------------------------------------------
                              19       20        1         1.23         0
                         ----------------------------------------------------
                              54       68       14         1.09         1
    -------------------------------------------------------------------------
    (*) core length-not true width.
    

    The above +1m 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 as indicated.

    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.

    Goldcrest currently has 81,707,573 shares issued and outstanding and a
cash position of over $11,500,000 as well as holding 12,935,714 shares in Apex
Minerals NL valued at more than $15,000,000 as at yesterdays 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; Ann Gibbs, Investor Relations, Goldcrest Resources Ltd.,
agibbs@goldcrestresources.com, Ph: (416) 488-0778; Corporate Website:
www.goldcrestresources.com

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