Goldnev announces contingent resource evaluation report estimates for Pasquia Hills oil shale property

    CALGARY, Aug. 12 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the
"Corporation") (TSX Venture Exchange - "GNZ"), is pleased to announce that
Chapman Petroleum Engineering Ltd ("Chapman Engineering") has confirmed and
updated prior estimates of oil volumes and completed an evaluation of
contingent resources on Goldnev's Pasquia Hills oil shale property in
east-central Saskatchewan.
    The resources estimates provided herein were evaluated by Chapman
Engineering, a qualified reserves evaluator and auditor. Chapman Engineering
is not independent of the Corporation. The Contingent Resources Evaluation
Report (the "Report"), was prepared effective August 1, 2009 using assumptions
and methodology guidelines outlined in the Canadian Oil and Gas Handbook
("COGE Handbook") and in accordance with National Instrument 51-101 "Standards
of Disclosure for Oil and Gas Activities" ("51-101").
    The Report is based on data obtained from the drilling, logging, coring
and laboratory analysis results from Goldnev's previously reported 2008 ten
core hole drilling program, plus the results of thirteen Sun Oil (now "Suncor
Energy") core holes located within the mapped area, and information published
by the government of the Province of Saskatchewan in order to determine the
oil distillate resource volumes on the Corporations permitted lands.
    Based on all available data, Chapman Engineering has reported the
following estimates of gross contingent resources for the Corporation's
Pasquia Hills oil shale permits:

    Low Estimate:      1,725.9 billion barrels oil (distillate product);
    Best Estimate:     1,878.4 billion barrels oil (distillate product);
    High Estimate:     2,208.2 billion barrels oil (distillate product);

    The geological mapping in the Report shows the oil shale deposit is
present underlying 60 sections (38,223 acres or 15,289 hectares) of the
Corporation's oil shale permits, and has an average oil shale thickness of
22.96 meters (75 feet).
    Goldnev has an agreement to earn up to a 50% working interest in 234
contiguous sections (155,443 acres or 62,177 hectares) of oil shale leases and
permits in the Pasquia Hills area and has, to date, earned a total of 33.33%
working interest in these oil shale permits and leases. The Corporation's net
working interest share of the contingent oil shale resources are Low Estimate
575.2 million barrels, Best Estimate at 626.1 million barrels and High
Estimate 736 million barrels.
    Contingent Resources are defined, under the COGE Handbook, as those
quantities of petroleum estimated, at a given date, to be potentially
recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be
commercially recoverable due to one or more contingencies. Contingencies may
include factors such as economic, legal, environmental, political, regulatory
matters and lack of markets. There is no certainty that it will be
commercially viable to produce any portion of the resources. It is also
appropriate to classify as contingent resources the estimated discovered
recoverable quantities associated with a project in the early evaluation
stage. Contingent resources are further classified in accordance with the
level of certainty associated with the estimates and may be sub-classified
based on project maturity and/or characterized by their economic status.
    Marc Dame, President of Goldnev commented; "We are very pleased with the
results of the drilling program and laboratory results which confirms the
success of the Corporation in acquiring and delineating a significant oil
shale deposit. The oil shale quality and oil distillate yields and product
composition have been measured and geologically mapped and shown to be
reasonably consistent over 60 sections of oil shale permits. Additional core
hole drilling to further delineate the deposit is not required at this time.
    Goldnev's plans for its 2009/2010 oil shale program is to prepare and
complete a pre-feasibility study to confirm the commerciality of this project
and/or the conditions required for commerciality. A second component,
complementary to the pre-feasibility study will be to strip mine and extract a
bulk sample of oil shale for processing using actual retort facilities to
confirm distillate yields on a larger scale than laboratory testing performed
thus far. This program will also provide important insight on procedures,
planning and costs for a full scale oil shale processing operation and data
for some of the economic parameters required for the pre-feasibility study.
Planning for the pre-feasibility study, strip mining and bulk sampling program
has already been initiated."
    Goldnev's oil shale project is strategically located at or near surface
on the Manitoba Escarpment outcrop edge providing for one of the more
advantageous strip mining opportunities on this entire Pasquia Hills oil shale
deposit. Strip mining technology for this type of operation is well
established. Extraction of the oil shale from the rock is accomplished through
a retorting process called pyrolysis of which there are numerous retorting
technologies which are proven and in use for oil shale processing around the
world. Goldnev's Pasquia Hills oil shale project will involve above ground
retorting, where the oil shale is excavated (strip mined) and then processed
though small, localized retorting plant facilities situated at the mine
site(s). A significant potential by product of oil shale processing, of most
oil shale deposits, is the ash product residue which occurs after the shale is
retorted. This residue can be used as a high quality cement product, providing
an additional market from the waste product, rather than creating a remedial
cost center.
    The contingencies for this project include the commerciality of
developing the resources considering the surface access, a strip mining
operation, the installation of a retort technology, establishing a market for
the product and a strategy for the waste product plus the environmental
    The contingent resource report is expected to be available on SEDAR and
the Corporation's website within 24 hours of this news release.

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

    About Goldnev

    Goldnev Resources Inc. is a public energy company focused on conventional
and unconventional oil & gas production with assets in northeastern British
Columbia, north central Alberta and an oil shale development project in east
central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under
the symbol "GNZ".
    Anyone wishing to be added to the Corporation's news release recipients'
list may forward an email request to

For further information:

For further information: Goldnev Resources Inc., Mr. Marc Dame,
President and Chief Executive Officer, Telephone: (403) 237-5711, Facsimile:
(403) 718-0163

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