Golden Goliath fka GNG

[Ed Monton]

News release:

Second Quarter Results

Golden Goliath Resources Ltd. announces the second quarter results for the period ending February 28, 2003. Financial Statements For the quarter ended February 28, 2003 the Company incurred a net loss of $148,057, compared to a net loss of $121,318 for the previous quarter. The increase in net loss relates to an increase of $14,312 in wages and benefits as the Company conducted a drilling program during the last quarter which required additional staff and an increase of $9,416 in transfer agent and filing fees as the Company completed a private placement in the quarter and was required to pay its sustaining fees.
Financings

At February 28, 2003, deferred expenditures on mineral properties totalled $3,386,696 compared to $2,930,642 at August 31, 2002. The Companys primary focus was on its Corona property with the emphasis on drilling. Of the $456,054 spent on its properties during the fiscal year almost half was spent on drilling and assaying. The other main expenditures include road construction and site preparation amounting to $64,124 and geology and mapping amounting to $69,393

The Company's historical capital needs have been met by equity financing. During the quarter, the Company completed a private placement for $250,000. The proceeds of that financing was used for drilling on the Companys Corona property in January 2003.

Las Bolas Property

In April 2003, the Company approved the acquisition of a package of 10 contiguous mineral claims totaling 1,946.10 hectares located in the central part of the Uruachic mining camp.

The package contains the past producing Las BolasLos 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 Companys other Uruachic claims, has extensive underground development at the old Las Bolas and Los Hilos mines with high-grade, brecciahosted, 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 conducted on these properties in May 2000 by A. Boronowski P.Geo. 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 and the identification of 29 other pits and adits. A total of 222 rock chip samples were collected and 10.8 km of IP survey were conducted.

Boronowski's sampling and mapping returned excellent results and 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).


GOLDEN GOLIATH RESOURCES LTD. J. Paul Sorbara M.Sc., P.Geo President



To find out more about Golden Goliath Resources Ltd. (TSX-V: GNG), visit out website at www.goldengoliath.com

The TSX Venture Exchange has not reviewed and does not approve or disapprove the adequacy or accuracy of this release.



CONTACT: TEL: [phone] GOLDEN GOLIATH RESOURCES LTD.