Zoloto Resources - Phase 1 drilling complete & initial exploration results from Ozherelie Project



    VANCOUVER, Sept. 23 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (ZR - TSX-V), is pleased to update its exploration activity at the
Company's 100% owned Ozherelie Project in Irkutsk region of Russia (Southern
Siberia), and to announce initial results from the Phase 1 drilling program at
Ozherelie's Zone 1, which was completed last week.

    Highlights include:

    A total of 57 diamond drill holes have now been completed in Zone 1, with
all holes intersecting the target quartz horizon. Results for 12 holes have
been received, and significant gold mineralization is evident in 11 of the 12
holes assayed to date, including:

    
    -   348A - 2.19g/t over 35.0 metres from 38.0 to 73.0 metres,
    -   358 - 7.14g/t over 3.0 metres from 100.7 to 103.7 metres, and,
    -   359 - 2.99g/t over 12.0 metres from 133.8 metres to 145.8 metres
    

    Tim Petterson, President of Zoloto, comments: "We are very pleased with
the initial results in Zone 1. They validate the results from previous
drilling, but more importantly, significant gold-bearing intervals have now
been delineated approximately 300 metres away from the initial bulk sample."
    "The remaining holes from the late 2007 to early 2008 programme are
currently being assayed and will be reported in the fourth quarter, while the
28 holes drilled this summer have all intersected 20 to 60 metre thick
intervals of quartz veining corresponding to the mineralized zone. These drill
core samples are now being prepared for assaying."

    Zone 1 Drilling

    In order to provide comprehensive results, a three-phase exploration
program on the Ozherelie deposit was designed. Phase 1 includes drilling of NQ
diameter (61-63 mm) holes. In total, 6,550 metres in 45 holes were drilled in
2007-early 2008, and the drilling of a further 6,220 metres in 28 holes
commenced in July and completed mid-September. Of the total 73 holes drilled
to date, 57 holes have been drilled in Zone 1, as detailed in the Drill Hole
Plan Map. The main objective of Phase 1 at Ozherelie is to outline the
mineralized structure.
    As detailed in the 'Project Geology' section at the end of this release,
mineralization at Ozherelie is characterized by fine and coarse-grained gold
and sulphides in the form of pyrite. Drill holes 348A, 348B and 348C were
collared 1 to 2 metres from drill hole 348. This was planned to test the
continuity of gold grades over short distances. All four holes returned
notable gold mineralization up to 39 metres thick, starting on average 38
metres below surface. A higher grade 10 to 13 metre zone, starting on average
at 43 metres below surface was consistently evident in all four holes, with
grades averaging between 1.75g/t to 6.02g/t. A similar test has been conducted
around drill hole 351. Results are pending for these holes.
    Results of the 12 holes assayed to date are summarized in the table below
and are also annotated on two longitudinal sections available on the Company's
website (www.zolotoresources.com).

    
       Significant Intersections: 2007-8 drill holes, Ozherelie Zone 1
    -------------------------------------------------------------------------
                                         Interval (m)
                               ------------------------------
    Section         Hole         From           To       Length      Au (g/t)
    -------------------------------------------------------------------------
        7-4          347          8.0          9.0          1.0         0.34
                    ---------------------------------------------------------
                     348         37.0         76.0         39.0         0.81
                    incl         46.0         57.0         11.0         1.62
                    incl         52.0         54.0          2.0         2.96
                    ---------------------------------------------------------
                    348A         38.0         73.0         35.0         2.19
                    incl         44.0         54.0         10.0         6.02
                    incl         52.0         54.0          2.0        24.22
                    ---------------------------------------------------------
                    348B         38.0         74.0         36.0         0.99
                    incl         42.0         53.0         11.0         2.29
                    incl         51.0         53.0          2.0         8.81
                    ---------------------------------------------------------
                    348C         39.0         73.0         34.0         0.99
                    incl         40.0         53.0         13.0         1.75
                    incl         52.0         53.0          1.0        10.84
                    ---------------------------------------------------------
                     350         59.0         63.0          4.0         0.59
                                 69.0         70.0          1.0         1.29
                    ---------------------------------------------------------
                     351         23.6         26.6          3.0         0.41
                                 44.6         51.6          7.0         1.09
                    ---------------------------------------------------------
                     352         71.0         82.0         11.0         0.81
                    incl         77.0         82.0          5.0         1.44
    -------------------------------------------------------------------------
        7-2          356        136.5        144.5          8.0         0.51
                    ---------------------------------------------------------
                     357         86.2         99.2         13.0         0.31
                    ---------------------------------------------------------
                     358         70.7         90.7         20.0         0.33
                                100.7        103.7          3.0         7.10
                    incl        100.7        101.7          1.0        20.54
                                106.7        107.7          1.0        18.24
                                117.7        124.7          7.0         0.81
                    ---------------------------------------------------------
                     359        133.8        145.8         12.0         2.99
                                144.8        145.8          1.0        28.76
                    ---------------------------------------------------------
    

    The results reported above are consistent with the holes drilled in Zone
1 by the previous owners, but the historical results cannot be validated.
These results, have not been previously published but are shown in the Table 2
below and on the sections, for comparative and display purposes only.

    
       Significant Intersections: Historical drilling, Ozherelie Zone 1
    -------------------------------------------------------------------------
                                         Interval (m)
                               ------------------------------
    Hole                From              To          Length         Au (g/t)
    -------------------------------------------------------------------------
      c1               17.75           35.10           17.35            0.33
    -------------------------------------------------------------------------
      c2               18.10           26.25            8.15            0.74
    incl               24.00           26.25            2.25            1.64
                       37.10           41.10            4.00            1.50
                       53.10           54.10            1.00           14.88
    -------------------------------------------------------------------------
      c3               11.60           22.00           10.40            0.71
    incl               16.30           19.40            3.10            1.10
    -------------------------------------------------------------------------
      c4               42.20           74.30           32.10            0.90
    incl               44.90           47.20            2.30            1.84
                       67.30           67.70            0.40           19.53
    -------------------------------------------------------------------------
      c5               43.00           65.20           22.20            0.94
    incl               49.10           51.30            2.20            2.96
      c6               28.00           35.00            7.00            1.22
    incl               30.00           32.80            2.80            2.11
    -------------------------------------------------------------------------
      c8               32.30           42.00            9.70            2.73
    incl               39.50           40.90            1.40           16.28
                       39.50           40.10            0.60           36.49
    -------------------------------------------------------------------------
     c11               20.10           23.10            3.00           12.89
    incl               20.10           21.10            1.00           37.48
                       65.00           71.25            6.25            1.14
    -------------------------------------------------------------------------
     c29                2.00           12.00           10.00            2.12
    incl                3.40            4.20            0.80           19.59
    -------------------------------------------------------------------------
    

    The second exploration phase will include drilling (some 2,400 metres) of
larger-diameter (108 mm) holes on selected intersections encountered during
the first phase drilling. This will provide larger volumes of mineralized
material for more representative assaying as well as guiding the third and
final phase of underground bulk sample testing. This third phase, planned for
spring 2009, will include establishing an adit with some 600 metres of
underground drifting and raising to provide mineralized material for bulk
sampling. Planning and permitting for this adit is currently underway.

    Project Geology

    The Ozherelie Project (and corresponding gold deposit) is situated in the
Bodaibo mineralized district incorporating a series of hard rock and placer
gold deposits. In particular, the district incorporates one of the world's
largest gold deposits, Sukhoi Log ((greater than)70 Moz gold), with several
accompanying large and medium-size gold deposits controlled by regional-scale
east-west-trending lineaments. These gold deposits vary in style of gold
mineralization, and are characterized by a predominance of either quartz veins
with irregular coarse gold concentrations or stockworks of gold-bearing quartz
stringers and disseminated mineralization. The Ozherelie deposit is localized
on the western extension of the lineament zone, some 40 km west of Sukhoi Log.
The placer gold deposits of the district, in production since the 1850's, have
produced greater than 1,500 tonnes of gold. A large (some 50 tonnes of gold)
placer containing angular gold-bearing quartz fragments and large gold nuggets
immediately adjoins the Ozherelie deposit and is currently owned and operated
by Polyus(1).
    The Ozherelie deposit is a large tabular mineralized zone outcropping on
surface and plunging 10-20(degrees) in a northerly direction; this zone is
believed to correspond to district-scale thrust-faulting occurring almost
parallel to sedimentary bedding and hosted by a metasedimentary sequence of
calciferous to carbonaceous slates and sandstones. This mineralized zone
contains 10-50% quartz by volume, +/-Fe-carbonate, muscovite-sericite and
sulphide veins and veinlets that are also gently dipping or crosscutting the
bedding at a shallow angle. The broader mineralized zone is associated with
the most enriched quartz horizons. The highest grade mineralization is seen in
a fold of this mineralized zone and this gently sloping fold is established in
the bore hole profiles for a distance of more than 500m. This geological
setting and mineral composition appear to be similar to those on many distal
thrust-fault-hosted, intrusive-related gold deposits worldwide.
    Work to date has been directed and managed by Dr. Anatoly Ivanov,
Director General of Siberian Geological Company. Dr. Ivanov holds a Ph.D. in
geology. He has been involved with the exploration and development of mining
projects for over 34 years, primarily in the Irkutsk Region of Russia.
Dr. Ivanov and his team discovered both the Ozherelie and Ykanskoye deposits.
As such, all sampling and evaluation procedures are designed to satisfy
Russian regulatory standards of practice of the GKZ (Russia's State Commission
for Reserve Evaluation). Assay procedures on core samples have involved total
gold extraction from processing of total core. North American 43-101 standards
of practice are being introduced into current work programs.
    Historically, five mineralized zones have been identified at Ozherelie.
At Zone 1, the outcropping part of the Ozherelie deposit was bulk sampled by a
small open pit. In total, 5,000 tonnes of mineralized material were mined and
processed on site, from which 15 kilograms of gold were recovered. The mining
was reported to have demonstrated the coarse nature of native gold: about 70%
of the gold was represented by gold nuggets exceeding 1 mm across including
13-18% of the gold represented by nuggets exceeding 7 mm across - (Much larger
(up to 20-40 mm across) gold nuggets were also recovered(1).
    Dr. Ivanov adds "This phenomenon is known at many gold deposits as
'nugget effect', and it generally leads to the incorrect estimation of actual
gold grades - particularly with relatively small diameter drilling (61-63 mm).
Consequently, now that the mineralization has been traced successfully, future
exploration in Zone 1 will move to larger diameter drilling (108mm) and then
underground drifting and raising. The greater volumes of material processed
will then allow for a more accurate assessment of gold grade in light of this
'nugget effect' at Ozherelie"
    The results contained in this press release conform to Russian, but not
CIM, exploration standards. The technical data in this press release has been
read and reviewed by T. Greg Hawkins, P. Geo., and Director of CME & Company
(CME). Mr. Hawkins is the Qualified Person for the Ozherelie project.

    
    (1) See NI 43-101 Technical Report
        (http://zolotoresources.com/userfiles/file/43-101-techreport.pdf)
    

    About Zoloto Resources

    Zoloto is a gold exploration company whose primary focus is to become a
mid-tier gold producer through the advancement of its gold exploration
properties in the Russian Federation. In addition, Zoloto's management will
continue to evaluate acquisition opportunities within the Russian Federation.
Zoloto's philosophy is to unlock shareholder value in a socially and
environmentally responsible manner.

    
    Tim Petterson
    President
    

    This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the
Company's objectives, goals or future plans. Factors that could cause actual
results to differ materially from such forward-looking information include,
but are not limited to, those risks set out in the Company's public documents
filed on SEDAR. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which
only applies as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00005077E




For further information:

For further information: Alan Tenenbaum, Yana Bobrovskaya, Investor
Relations, Zoloto Resource Ltd., Phone: (604) 608-0223, Fax: (604) 608-0344

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ZOLOTO RESOURCES CORP.

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