VANCOUVER, June 13 /CNW/ - Mr. Paul Sorbara, President, announces that
exploration work is ongoing at the Uruachic mining camp in northwestern
Mexico. The Company has greatly increased its originally planned 4,000 metre
program as a result of the recently closed financing, which added another
$6.6 million to the treasury. The majority of the additional funds are for
drilling. Efforts to add more drill rigs to the project continue and the
Company expects to have a second and potentially third drill on site soon. The
current single rig is now on hole 4 in the San Timoteo area. Assay results
have been received for the first two holes. The first hole, drilled on the Las
Animas structure which is several metres wide, encountered a previously
unknown mine working about 150 metres above its originally planned depth which
caused the bit to break, and the hole had to be stopped. This hole, which
returned anomalous values despite not reaching its target depth, was
encouraging and will be re-drilled to avoid the old workings. The second hole,
drilled on the Sucursal structure also returned anonamlous values and also did
not reach its target depth. The rig has now working on shorter holes near the
old Las Animas mine to avoid difficulties and to speed up progress.
Drill access roads and drill pads are now under construction in this
highly prospective area which hosts many old high grade silver and gold
workings associated with several large structures, each of which is several
metres thick with strike lengths in the order of 1,000 metres. Production
grades from the old Las Animas mine are reported to have been between 5.67 and
7.08 kilograms of silver per tonne (164.43 to 205.32 oz silver/ton). The
nearby San Martin mine is reported to have produced grades of 1,038 gms
silver/tonne (30.10 oz silver/ton) and 7.80 gms gold/tonne (0.23 oz gold/ton).
Despite the slower than anticipated start, the Company is very pleased with
this area, which will be thoroughly drill tested.
The overall drilling program at the Uruachic camp will now include more
than 15,000 metres of drilling in the San Timoteo, La Reforma and Las Bolas
areas. More drill rigs and personnel will be added as they become available
and management is very optimistic regarding upcoming results.
ON BEHALF OF GOLDEN GOLIATH RE
J. Paul Sorbara, M.Sc., P.Geo.
The TSX Venture Exchange has not reviewed and does not approve or
disapprove the adequacy or accuracy of this release.
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