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Wednesday, October 31, 2007
Spanish Mountain Update
Wildrose Resources Ltd. (WRS-TSXV) updates
shareholders on current exploration at the Spanish Mountain Project:
The Spanish Mountain Project is a high profile gold property located in the
central Cariboo region of British Columbia. The project is a Joint Venture
between Skygold Ventures Ltd. (70% ownership) and Wildrose (30% ownership).
The Joint Venture has been aggressively exploring, and expanding bulk
tonnage, sedimentary hosted gold mineralization discovered in 2005. At
present, the main zone mineralization has been traced over an area of at
least 1200 metres by 800 metres and remains open in all directions. The
potential for adding more mineralization remains very high. The scope of the
2007 program is to expand on the known mineralization and to test a large
geochemical soil anomaly for additional gold mineralization.
The recent boom in global mineral exploration has caused significant labor
shortages and long assay turnaround times which directly affects timing on
news releases and more importantly slows the overall progress of mineral
exploration programs. Even with these delays and labor shortages, the Spanish
Mountain project has advanced significantly over the past six months with the
discovery of higher grade mineralization and an increased understanding of
the geological model. The geological model has placed Spanish Mountain among a class
of deposits in the world termed Sediment Hosted Vein or "SHV"
deposits which tend to be very profitable and have a low cost of discovery.
These deposits are only discovered by drilling and require aggressive
exploration plans with lots of drilling and sampling.
Diamond Drillng:
The timeline to finish a 60,000 metre diamond drill program has been extended
until the Spring of 2008 due to a lack of diamond drills and drill crews. To
allow for the continued aggressive exploration of the property the Spanish
Mountain Camp and drill areas have been outfitted to support winter drilling.
There are currently two diamond drills on the property drilling in the Main
Zone and on regional targets.
Since 2005, diamond drilling has consistently provided greater than 96% core
recovery with some of the lowest cost per meter rates in the industry.
Because of the nature of the gold mineralization at Spanish Mountain,
management is very demanding of drill contractors, specifically in the area
of recoveries.. As a result of unsatisfactory performance and an
unprecedented demand for drills in the industry Skygold has been unable to
maintain four drill rigs on the property. We are actively searching for
additional drills and still plan to have four drills on the property to complete
and expand the 60,000 metre program.
Assay Results:
Since the start of the 2007 drill program (June 1, 2007) the company has
collected and shipped approximately 12,000 samples of which approximately
4600 have been returned with assays completed. Of these samples,
approximately 4000 where the subject of the news release dated Sept 10, 2007,
the remaining are from partial holes yet to be released. Excessive delays at
the lab are partially responsible for the long turnaround times. In addition,
due to the coarse nature of the gold at Spanish Mountain, a 1 kg metallic
screen assay is required for each sample which typically requires more time
at the lab than a standard fire assay. Assays will continue to be released in
batches as they are received from the lab.
Metallurgy:
Metallurgical test work is progressing and a report is anticipated within the
next 4 to 8 weeks. Initial test work indicated over 90% of the gold could be
recovered in a float concentrate. Additional test work was hampered by delays
caused by the assay labs as well as back logs in the mettarurgical labs.
Skygold was successful in engaging a new metallurgist and analytical lab in
August of 2007. Since that time progress has been excellent. We are extremely
pleased with the results to date and eagerly anticipate final results.
Resource Calculation:
The Joint Venture is in the process of calculating a NI43-101 compliant
resource on the Main Zone. An additional 21 holes were within the Main Zone
in October and the results of this drilling has been given a priority at the
lab in order to complete the resource in the first quarter of 2008.
Assayer/ Qualified Person:
Eco Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory, is
conducting the sample preparation and analyses of samples. Skygold/Wildrose
are submitting standards, blanks and duplicates into the sample stream to
maintain quality control. All gold analyses will utilize standard screen
metallic assay techniques. J.W. (Bill) Morton, P. Geo. is the qualified person
(as defined in NI 43-101) who has reviewed this news release.
On Behalf of the Board,
Wildrose Resources Ltd.
Bill Morton
J. W. Morton, P. Geo.
President
Contact: Paul Way
(604) 681-7913
www.wildroseresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. This news release may contain
certain "Forward-Looking Statements" within the meaning of Section
21E of the United States Securities Exchange Act of 1934, as amended. All
statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties.
Actual results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX Venture Exchange,
the British Columbia Securities Commission and the US Securities and Exchange
Commission.
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