Home  |  Corporate  |  Projects  |  News  |  Investors  |  Contact

Thursday, January 15, 2009
Step Out Drilling Significantly Expands Spanish Mountain Gold Zone

Wildrose Resources Ltd. ("Wildrose") (TSX-V: WRS) and Skygold Ventures Ltd. ("Skygold") (TSX-V: SKV) are pleased to announce that step out diamond drilling on the Spanish Mountain Project has discovered Main Zone style mineralization in a series of 5 holes some 200-500m to the northwest.

The recognition of the Main Zone stratigraphic sequence led field crews to target holes 07-DDH-685, 687, 688, 689 and 695 which all intersected a well mineralized Main Zone stratigraphic sequence with multiple occurrences of visible gold.

Assay results from hole 07-DDH-685 were fast-tracked at the lab to determine the economic significance of this new zone which returned 37.5 metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t gold. Hole 07-DDH-685 is approximately 200 metres away from the nearest Main Zone drill intercept. The next four holes all had comparable if not better intensity of veining and occurrences of visible gold and assays are pending. These five holes have extended the Main Zone stratigraphy by approximately 500 metres to the northwest.

Brian Groves, President of Skygold stated: " We are very pleased with this recent major expansion of the Main Zone of the Spanish Mountain deposit. The fact that our technical team targeted this drilling based on our geological model and hit gold demonstrates how far the results from the 2007 drill program have advanced our understanding of this property. We believe that further drilling will continue to expand the deposit and our knowledge of this remarkable gold system."

Highlights:

Main Zone Extension:

• 07-DDH-685 intersects 37.5 metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t gold. Four holes in this area have results pending.

Main Zone:

• 07-DDH-649 intersects 22.5 metres of 1.01 g/t gold within a wider zone of 40.5 metres of 0.82 g/t gold or 142.5 metres of 0.47 g/t gold.

Discussion of Results:

Late in 2007, the geological model was completed on the Main Zone drill area. This model identified the key stratigraphic sequence related to the formation of the Main Zone deposit. At present, it is believed that there are at least four sub-parallel gold bearing horizons which include the North Zone, Upper and Lower Main Zones and South Main Zone. In some areas, these horizons converge into a single zone suggesting a structural link between them. Collectively these horizons cover an area approximately 1.2 kilometres by 1.2 kilometres. Outlying areas such as the Placer area, Oscar Area and eastern margins of the Main Zone have yet to be included into this interpretation as over 50% of the drilling results are still pending.

2008 Exploration Plans:

Three drills will be arriving on the property in January to continue testing mineralization surrounding the Main Zone and Main Zone extension and filling in areas between these two zones. A fourth drill is planned for early spring when weather conditions permit to test for mineralization in the South Main Zone (higher elevation) and in the Cedar Creek area. A 43-101 resource is still on track to be completed within the first quarter of 2008.

Complete table of results:

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. Robert Darney, P.Geo. and J.W. (Bill) Morton, P. Geo. are the qualified persons (as defined in NI 43-101) who have reviewed this news release.

About The Spanish Mountain Joint Venture

The Spanish Mountain Joint Venture was created when Skygold exercised its option to obtain a 70% ownership in the Spanish Mountain property from Wildrose. Wildrose retained a 30% interest in the Spanish Mountain property. Each party is responsible for all expenses and liabilities of the operation in proportion to their respective interests. Wildrose and Skygold have recently proposed a merger where Wildrose shareholders will get 0.82 Skygold shares for every Wildrose share they have, pending regulatory and shareholder approval.

J.W.Morton
J.W. Morton, President
Wildrose Resources Ltd.

FOR FURTHER INFORMATION REGARDING WILDROSE PLEASE CONTACT:

Paul Way
(604) 681-7913 or
Toll Free: (888) 656-6611

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Skygold Ventures Ltd. and/or Wildrose Resources Ltd. (the "Companies") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. In this news release, predictions about the Plan of Arrangement being approved and finalized are forward-looking statements. Although the Companies believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the conditions of the letter agreement not being satisfied. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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