MONTREAL, Nov. 4 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to announce that it has retained the services of Bradley Brothers Ltd. of Rouyn-Noranda to carry out drilling at its Magino gold property near Wawa, Ontario. The program is scheduled to begin in mid-November. The first phase of the program consists of approximately 3,000 metres of diamond drilling on high-potential targets. The holes will average 300 metres long, and will be drilled to an average depth of approximately 200 metres in the vicinity of the current Magino resource envelope.
"We are very enthusiastic about starting a new phase of exploration at Magino, which already has over one million ounces of resources," stated Francois Perron, President and Chief Executive Officer of Golden Goose. "There are very promising targets within 3 kilometres of the property infrastructure that were identified by historical exploration work. This drilling program will test some of these targets, with the goal of locating and outlining additional resources that will improve the project economics."
The Magino project currently has an estimated measured and indicated resource of in excess of 453,000 ounces of gold at a grade of 6.74 g/t and an inferred resource of 1,100,000 ounces of gold at a grade of 6.29 g/t. This resource was calculated using a cutoff grade of 3.0 g/t; using a higher cutoff of 5.0 g/t results in a measured and indicated resource of approximately 345,000 ounces grading 8.90 g/t and an inferred resource of approximately 800,000 ounces grading 9.08 g/t. The NI 43-101 compliant resource estimate was prepared by InnovExplo Inc. and announced on May 29, 2009.
InnovExplo is also in the process of preparing an NI 43-101-compliant scoping study that began last September, to orient the Company in its exploration work leading up to the development and mining of the Magino gold project. The study is solely based on the current resources estimated for Magino, and will not include the results of this next phase of exploration. The Company expects to receive the final study report by the end of March 2010.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metal and nickel properties in Ontario and Quebec.
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: Golden Goose Resources Inc.: Francois Perron, 1-888-928-4667, Fax: 1-888-494-5371, firstname.lastname@example.org; www.goldengooseres.com; Renmark Financial Communications Inc.: Dan Symons: email@example.com; Jason Roy: firstname.lastname@example.org; Media - Valérie Lacasse: email@example.com, (514) 939-3989, (416) 644-2020; www.renmarkfinancial.com