Golden Goliath fka GNG

[Ed Monton]

Eureka!! There is news. Not the drill results though.

April 23rd, 2003
Goliath Acquires 100% Interest in Las Bolas Silver-Gold Property

The Company is very pleased to announce that it has just acquired a fully paid, 100% interest in a package of ten claims, totaling 1,946 hectares. The package contains the past producing Las Bolas-Los Hilos silver-gold property, the Nopalera property and other old workings as well as excellent surface gold showings. The property, which is contiguous to the Company's other Uruachic claims, has extensive underground development at the old Las Bolas and Los Hilos mines with high-grade, breccia-hosted, silver and gold mineralization and has never been drilled. The property was acquired as a result of a default on amounts owed to the Company according to a promissory note. Pursuant to the terms of the security agreements, the Company is entitled to the property and has exercised this right as a consideration for amounts owed.

An exploration program on the Las Bolas property, which is located in the central part of the Uruachic mining camp in the State of Chihuahua, Mexico, was conducted in May 2000 under the direct supervision of Mr. Alex Boronowski, P.Geo. The program consisted of opening the entrances to old mine tunnels which had collapsed and had been inaccessible for over 100 years, underground rehabilitation, underground mapping and sampling of 1,600 metres of accessible underground workings. In addition, Boronowski identified 29 other pits and adits on the Las Bolas property. The exploration program also included cutting 11.9 km of line and conducting an I.P. survey and mapping over the established grid. A total of 222 rock chip samples were collected and 10.8 km of IP survey were conducted. The purpose of the program was to evaluate the mineralization within the known underground workings and to test the 1,200 metre long, east-west structural trend between the Las Bolas and Los Hilos workings and to determine the potential of this zone for hosting an epithermal silver-gold deposit. Samples taken during this project were assayed in Vancouver by ALS Chemex.

Boronowski's sampling and mapping indicates that gold mineralization is normally associated with epithermal silica textures, intense silicification, quartz veinlets and stockwork. Silver mineralization is normally associated with the brecciated, argillic and propylitic altered andesites. A total of 222 rock chip samples were collected during the program, averaging 0.40 gpt (grams per tonne) gold and 165 gpt silver (2.68 gm/tonne or 0.08 oz/ton total gold equivalent). Of these, 66 samples collected along 266 metres of accessible underground workings averaged 0.49 gpt gold and 439.23 gpt silver (6.57 gm/tonne or 0.19 oz/ton total gold equivalent). The seven underground workings mapped and sampled by Boronowski included the old Gambusino mine, which is believed to be in part the upper extension of the Las Bolas mine. The 107 samples collected along the 420 metres of accessible workings assayed 0.38 gpt gold and 320.69 gpt silver (4.82 gm/tonne or 0.14 oz/ton total gold equivalent).

The Los Hilos mine, located about 1000 metres east of the Las Bolas tunnel, was also examined and researched by Boronowski. The report summarizes results from previous rock chip sampling programs along the 158 metres of accessible workings. The most favourable results indicated 158 metres averaging 0.45 gpt gold and 20.85 gpt silver. This includes a 30 metre section that averaged 0.79 gpt gold and 43.08 gpt silver (1.39 gm/tonne or 0.04 oz/ton total gold equivalent). Surface sampling of outcrops and grabs from other small adits/pits have yielded anomalous gold and silver values over the entire grid area.

The Los Hilos workings are situated about 300 vertical metres above the Las Bolas and Gambusino workings. In addition, there are other nearby old workings at El Manto. Boronowski's report states; "The El Manto mine adit is collared about 250 - 270 metres below the Las Bolas mine in the vicinity of the Uruachic River. The El Manto and Las Bolas mines may be connected by raise(s) or there could be intermediate levels between the two mines that have not been discovered during the rehabilitation program." The Company recognizes this very important point as it indicates there is a significant target area between the two workings that needs drill testing. A total of 35 samples were collected by Boronowski from two sections of El Manto and assayed an average of 0.30 gpt gold and 57.44 gpt silver (1.1 gm/tonne or 0.03 oz/ton total gold equivalent).

Within the Las Bolas property there appears to be a horizontal and/or vertical zonation with dominant gold mineralization occurring above and outward from zones of dominant silver mineralization. The El Corazon and Los Hilos mines occur within the gold portion of the zonation. The Gambusino workings, which are believed to be connected to the Las Bolas workings, contain the most favourable silver mineralization encountered to date. This working, which may occupy a breccia pipe, represents the center of the silver zonation.

With respect to the outward gold zonation referred to above by Boronowski, the property package now 100% owned by Golden Goliath includes the Don Lazaro claim which is contiguous to the south of the Las Bolas property. This claim was not included in the work program conducted by Boronowski. Surface sampling on the Don Lazaro claim by Golden Goliath geologists, including Company president Paul Sorbara M.Sc., P.Geo., has returned assays from five samples averaging 3.28 gpt gold and 30.38 gpt silver (3.70 gm/tonne or 0.11 oz/ton total gold equivalent) from outcrop on an east-west ridge situated about 200 metres south of the Las Bolas property. The Company believes this may represent a further extension of the outward zonation of the Las Bolas mineralization.

The Induced Polarization survey conducted during Boronowski's exploration program outlined 13 different drill target areas located along a 275 metre wide, steep-walled east-west trending geophysical structure.

In his report, Mr. Boronowski concludes that "The Las Bolas-Los Hilos property has excellent potential for hosting a high sulphidation silver-gold epithermal deposit and warrants a major drill program to determine the grade and extent of known mineralized workings throughout the property".

The property package acquired by Golden Goliath Resources also includes the La Nopalera claim, which is contiguous to the east of Los Hilos. This claim was not included in the exploration program conducted by Boronowski. Nopalera covers an area of 1,252 hectares and satellite images show that it hosts the most intense concentration of iron alteration in the Uruachic camp. Preliminary surface sampling in the southeast portion of La Nopalera, in the vicinity of another small old working, has produced a multi-element geochemical anomaly in silver-antimony-arsenic and lead covering an area of about 1.5 square kilometers corresponding to the strong alteration center outlined by the satellite imagery.

The Company still has other excellent drill targets to test within its extensive Uruachic camp land position of approximately (hectares) 27,000 acres and intends to test all of them. The Las Bolas property was one of, if not the largest and richest mines, that has operated in the Uruachic area over the past 200 years. Its exceptional potential and advanced stage make it a prime target. The Company is extremely pleased with the acquisition of this outstanding property and is currently making plans for a major exploration program on the package including extensive drilling of the Las Bolas-Los Hilos areas.


GOLDEN GOLIATH RESOURCES LTD.
J. Paul Sorbara, President

FOR FURTHER INFORMATION PLEASE CONTACT:
Golden Goliath Resources Ltd.
[phone] TEL
[phone] FAX
J. Paul Sorbara, President
email [e-mail]
website www.goldengoliath.com


No securities regulatory authority or stock exchange has reviewed or accepts responsibility for the adequacy or accuracy of the information contained in this press release.