TORONTO, Aug. 7 /CNW/ - (GDW-TSX Venture) ("Gold World" or the "Company")
wishes to announce that it has signed on July 9, 2007 a Letter of Intent to
jointly explore the Ming (Yangjiagou) Gold/Silver Property in Hebei Province,
China with the Shijiazhuang Comprehensive Geological Brigade ("the Brigade")
of the Hebei Provincial Bureau of Geology & Mineral Resources Development.
The Brigade is the Exploration Permit Holder of the Ming Gold/Silver
Property which covers an area of 17.46 km(2). Gold World is working directly
with local contacts and is using Chinese and Canadian legal counsel to review
and authenticate all ownership issues.
Gold World has established a special relationship with the Brigade which
will also provide it access to other projects which are owned and explored by
The Ming Gold/Silver property was selected for exploration by Gold World
after a thorough review of several offers and a technical due diligence report
prepared by SRK Consulting, Beijing, under the guidance of their Principal
Geologist Dr. Bielin Shi acting as "Qualified Person" for the Company's gold
exploration project in China. (See SRK's "External Memo of the site visit and
preliminary review of the exploration property data at Yangjiagou from May 21
to 23, 2007" available on SEDAR and Website www.goldworldresources.com ).
Dr. Bielin concluded in his report that this prospective property is
located in a recognized Chinese gold camp dating back to the Ming Dynasty. The
site is characterized by widespread Ming period tunnels and pits. Within the
boundaries of the exploration permit is a small exclusion area that hosts the
operating Beiying Xigou Silver Mine. There are two more mines nearby the
property: the Shihu Gold Mine, operating at a current rate of 300 tpd, and the
Jiuling Gold/Silver Mine.
The Company intends to follow SRK's recommendations that a more extensive
geological and data verification review should be conducted, focusing on
preparing a drill campaign and supporting surface exploration work.
The parties have agreed to establish a Sino-Foreign Contractual Joint
Venture Company ("Hebei Ming Duo Mining Corporation) in Shijiazhuang, Hebei
Province, to carry out the exploration on the Project area.
Management has been working closely with the TSX Venture Exchange to
resolve their issues and have the Company resume trading. At this time, Gold
World is unable to determine an exact timeline as to when the review may be
completed or when trading in the shares of the Company may resume (see press
release "Gold World Resources Update on Forensic Investigation" August 7,
Management continues to be committed to China as a result of the great
range of mining opportunities that are available, the exceptional
infrastructure, including paved roads and grid power in most exploration and
mining areas and the low cost profile of exploration in China.
ON BEHALF OF THE BOARD
"Hermann Derbuch", Chairman & CEO
Gold World Resources Inc.
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Securities Act
(Alberta), including statements concerning Gold World's plans for the
Property, which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
Gold World, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information. Such
information contained herein represents management's best judgment as of the
date hereof based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Hermann Derbuch, P.Eng., Tel: (416) 594-9888,
Fax: (416) 594-1967 E-mail: firstname.lastname@example.org