Goldcrest Resources Ltd.

Transcription

1 Goldcrest Resources Ltd. PRESS RELEASE Goldcrest Announces Results from its 1,385 Metre RC Drilling Program at the Kampti Gold Project in Burkina Faso Toronto, ON - January 25, Goldcrest Resources Ltd. ( Goldcrest or the Company ), (GCL-TSX.V) is pleased to announce results from its recently completed reverse circulation ( RC ) drilling program on its 100% owned Kampti permit located in southernmost Burkina Faso, West Africa. A total of 16 holes were drilled to depths of up to 171 metres all at a 50 to 60 degree inclination to the west. Highlights from the drill program include a 3 metre intercept grading g/t gold, including 1 metre of g/t gold. The drill program was designed to test a series of ground geophysical induced polarization ( IP ) anomalies identified during the orientation survey carried out June-July 2006 (see news release dated November 3 rd, 2006). The IP survey identified a series of, roughly parallel N-S trending, resistive and/or chargeable structures which correlate well with the artisanal gold workings and with the gold mineralization intersected during the Company s RC drilling campaign in February (See Figure #1) The holes confirm the widespread presence of gold mineralization, all encountering anomalous gold values and intersecting one or more 1 metre, or larger, intervals with greater than 1 g/t gold as listed below. Highlights of the results include: RC HOLE ID FROM TO INTERVAL Au grade (g/t) RC ,47 Incl , , , ,90 RC , ,17 RC ,40 Incl ,99 REMARK ,66 OPEN AT DEPTH Incl ,81 RC ,18 Incl , ,64 RC ,51 Incl ,19

2 RC ,11 Incl , , , ,06 Incl , ,77 Incl , , ,78 Incl ,75 RC ,57 Incl , , ,00 RC ,23 Incl , , ,53 Incl ,17 RC ,80 INCL ,35 RC ,52 Incl ,92 RC ,86 Incl , , , ,25 Incl , ,07 RC ,82 Incl ,37 Incl , , , ,67 Incl ,15 Incl ,08 Incl ,69 Incl , ,72 Incl , ,70 Incl ,20 RC ,55

3 The above intersections are based on a 0.2 g/t gold cut-off with no top cut applied. Internal dilution (less than 0.2 g/t gold) has been carried to a maximum of 2m. The 0.2 g/t gold cut-off best expresses the lower-grade envelope in which the high-grade mineralized systems occur. The intersections listed in the table represent sections of at least 3m at grades in excess of 0.2g/t Au or 1m in excess of 1g/t Au. Dry 1m-interval samples were riffle-split to provide 2 kg samples sent to the laboratory. Wet samples were dried in the field, then riffle-split in the same way. Field duplicates were inserted every 15 samples, blanks and standards every 40 to 50 samples. Samples were sent to ABILAB Ouagadougou/Bamako for standard preparation then Fire Assay on 50g charge. Laboratory repeat assays were undertaken on an approximate basis of 1 in 12 samples. From a QA/QC perspective, the initial review of results suggests this is a satisfactory and reliable data set. Minor inconsistencies were noticed as variations with the assay results of field duplicates, submitted to the lab, as well as variations in internal laboratory repeated assays and are interpreted as due to coarse-grained and irregularly distributed gold in this system. This confirms the observations made previously from the sampling of artisanal diggings, trenches and RC drilling in February Drilling intersected a series of meta-basalts and rhyolites with common quartz porphyry units. Alteration and mineralization are expressed by abundant narrow quartz veins, sulphides, silicification and local kaolinisation. Gold mineralization seems to coincide with the abundant quartz veining inferred from the drill hole descriptions, which are described as locally very narrow. The results tend to confirm the presence of an abundant number of parallel, steeply dipping high grade mineralized veins and systems embedded in a lower grade envelope. The 16 holes were drilled to test four major N-S trending IP chargeability and/or resistivity anomalies in the western part of the Maména-Fofora target area. The gold mineralization coincides well with resistivity highs, the chargeable anomalies are caused by relatively abundant sulphide mineralization, not necessarily associated with gold. The Company will now evaluate the results of this drilling campaign in order to plan the future program. In the meantime the gradient array IP surveying has been extended over a 5.6 square kilometre remaining part of the Maména-Fofora gold target. The gradient array IP survey has defined the extension of the formerly reported anomalies and has identified a new series of parallel NS to NNW trending chargeable horizons which are also very to moderately resistive. The anomalies are generally 50 metres or more wide and extend over several hundreds of meters in length, to both north and south beyond the reported artisanal gold workings. Under the guidelines of National Instrument , the qualified person for the Kampti project is Mr. Guy Franceschi, Exploration Manager for West Africa. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release. Goldcrest Resources Ltd. is a mineral exploration company focused on growing shareholder value through the advancement of its Youanmi project in Western Australia and its Gaoua

4 copper-gold and Kampti and Titao Sud gold projects in Burkina Faso. The Youanmi project has complete infrastructure including a carbon in pulp ( CIP ) processing plant, a biological leach plant and a mine village on site. The Youanmi property has previously produced over 667,000 ounces of gold. New NI estimates identify measured and indicated resources of 432,249 ounces of gold (5,449, g/t Au) and inferred resources of 519,190 ounces of gold (2,785, g/t Au). The mineral resource estimates have been prepared in accordance with National Instrument and were reported on by Ravensgate Pty Ltd. and RSG Global Pty Ltd.of Perth, Western Australia. (See Qualified Persons Report dated July 16, 2003 by RSG Global Pty Ltd., Independent Resource Model Report On the Youanmi Deeps Underground Gold Project dated July 25, 2006 by Ravensgate Pty Ltd., and Amended Independent Resource Model Report On the Youanmi 4 pits and Youanmi South Gold projects by Ravensgate Pty Ltd. dated August 15, 2006, all filed on Sedar). ( Goldcrest Resources Ltd. has 71,111,888 common shares outstanding and 89,736,630 common shares on a fully diluted basis. For further information please contact: Kevin Bullock, P.Eng., President & CEO Goldcrest Resources Ltd. kbullock@goldcrestresources.com Ann Gibbs Investor Relations Goldcrest Resources Ltd. agibbs@goldcrestresources.com Ph: Fax: Ph: Corporate Website: The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Except for the historical statements contained herein, this news release presents forward-looking statements within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or state that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcrest to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Goldcrest Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcrest does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Trading in the securities of Goldcrest Resources Ltd. should be considered highly speculative.

5 Figure #1