Golden Goose gives the green light to an additional 6,000 metres of drilling at its Lac Levac property in James Bay Friday September 14, 9:08 am ET MONTREAL, Sept. 14 /CNW Telbec/ -
Golden Goose Resources Inc. (TSX-V: GGR - News; the "Company") is pleased to announce it will proceed with a second program of drilling at its wholly-owned Lac Levac nickel property in the James Bay area of northern Quebec. Work is scheduled to commence on October 15, 2007.
The decision to pursue drilling is based on the conclusions of a NI 43-101-compliant evaluation report and resource estimate dated July 2007 by RSW Inc. (Montreal, QC), who also provided technical oversight for the project (see press release dated July 12, 2007).
The report showed that the Lac Levac property hosts a mineralized zone containing an indicated resource of 516,000 tonnes at 0.89% nickel, 0.39% copper, 0.06% cobalt, 0.79 g/t palladium and 0.14 g/t platinum and an inferred resource of 734,000 tonnes at 0.89% nickel, 0.34% copper, 0.06% cobalt, 0.77 g/t palladium and 0.14 g/t platinum.
"We have already followed through on two other recommendations in the report, namely building a 1.6-km access road to facilitate future work on the Lac Levac property, and performing microprobe analyses to assess the metal content of the ore minerals," said Jean-Marc Lacoste, President of Golden Goose. "Now that we have closed on a major financing, we are ready to start work on increasing and upgrading our resource base."
The new program consists of drilling on the mineralized zone extensions at depth and along strike to increase the current resource, and in-fill drilling to upgrading the resource. A few holes will also be drilled to test other targets on the property. The program consists of a total of 6,000 metres of drilling in 20 holes, for a budget of $1,474,000.
Assuming the program results are positive, the Company then intends to carry out a pre-feasibility study on the deposit.
Cash Investments
Golden Goose presently has cash resources of $4,400,000 with which to pursue its exploration objectives, including $2,200,000 in funds reserved for exploration.
The Company confirms that it has no exposure to asset-backed commercial paper in its investment portfolio. The Company's cash and cash equivalents are primarily held in Canadian chartered bank accounts.
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 and nickel-platinum group metals 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
Golden Goose Resources Inc.: Jean-Marc Lacoste, 1-888-928-4667, Fax: 1-888-494-5371, lacoste1234@yahoo.com
Qualified Person under NI 43-101: Marc Antoine Beaupré, Eng., (514) 878-2621, Fax: (514) 397-0085, http://www.rswinc.com
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