TORONTO, ONTARIO (OTCBB: GOLHF) today announced that exploration
results have significantly enlarged the dimensions of the Timmins
gold deposit at the company's Bellechasse property in Quebec.
The results are from diamond drilling and trenching during the
summer and fall of 2007. Work was done on both Timmins 1 (the
original Timmins Zone), Timmins 2 (to the east and north of Timmins
1, referred to in previous documents as Timmins South) and the
Ascot Vein. (Refer to maps attached to this news release; also
posted at www.goldenhopemines.com).
"The expanded size of the Timmins deposit, through the ongoing
definition of Timmins 2, further demonstrates the large tonnage
potential of the entire system," said Louis Hoel, President of
Golden Hope. "Grades are consistently encouraging and the
geographic location of the property makes it ideal for mining
operations."
"These results constitute a turning point in the company's
history, from a pure exploration play to developing a potentially
rich asset."
During July and August, 18 holes were drilled on Timmins 1, two
of which extended into the narrower western end of Timmins 2. The
cores were split and forwarded to Eastern Analytical Ltd. for
standard fire assay, and results are summarized in Table 1
below.
Table 1 - Assay Results For Two Diamond Drill Holes at Timmins 2 Zone(i)
------------------------------------------------------------------------
Hole no. From (m) To (m) Length (m) Grade Au (g/t)
------------------------------------------------------------------------
BD2007-66 48.62 55.07 6.45 7.51
------------------------------------------------------------------------
Including 51.98 53.07 1.09 34.8
------------------------------------------------------------------------
------------------------------------------------------------------------
BD2007-67 37.86 56.64 18.78 1.85
------------------------------------------------------------------------
Including 48.75 53.77 5.02 4.07
------------------------------------------------------------------------
(i) Fire assays performed by Eastern Analytical Ltd. of Springdale,
Newfoundland
"These encouraging assays show good mineralization of the
structure," said Mr. Hoel. "Timmins 2 is a structural twin of
Timmins 1 and our data suggest it may be larger."
In October and November, trenching and excavation along Timmins
2 indicated a length of at least 200 metres (Timmins/Ascot map:
Trenches 1 and 2). This expanded zone features a surface width of
10 metres at the western end, widening to over 80 metres in Trench
2, while still being open to the northeast.
The bedrock exposed by trenching was sampled by blasting a
series of 140 contiguous advances. Each advance measured 1.0 metre
x 1.5 metres x 1.5 metres and broke approximately six tonnes, of
which 100 kg to 200 kg has been collected for processing. An
additional 45 similar blast samples were taken from Timmins 1,
which are being processed and forwarded for fire assay.
Quartz veining and stockwork with varying sulphide content is
prominent throughout the length of the Timmins 2 zone exposed to
date. The bedrock surface shows a combination of oxidized sulphides
and quartz veins similar in appearance to the mineralization in the
core of Timmins 1.
Ascot Vein
During the fall 2007 exploration program, a large number of
channel samples were completed on the Ascot Vein (see Timmins/Ascot
map). Each sample weighed between 30 kg and 40 kg and represented
0.5 metre of zone width. The samples were crushed and quartered at
the Golden Hope onsite sample preparation facility. Splits of one
kg were forwarded for fire assay on 1-assay ton aliquots, followed
by total pulp metallic assaying as may be warranted.
Background Information
The Timmins gold zone is hosted by an early diorite intrusive
emplaced in Lower Palaeozoic sediments of southeastern Quebec. Gold
was first confirmed in the Bellechasse area in 1950, and the Ascot
and Timmins 1 zones were discovered at that time.
A third mineralized body was indicated by shallow diamond
drilling in 1952 and referred to as the Timmins South Zone (now
called Timmins 2). Due to thick overburden, trenching did not reach
bedrock and the mineralized zone was not exposed. Little subsequent
work was done until the current program began in the fall of
2006.
The Timmins 1, Timmins 2 and Ascot zones appear to be parts of
one structural system. These three mineralized zones lie within an
area measuring approximately 150 metres by 450 metres.
Management believes that, because of the geological setting,
these mineralized zones show potential for significant continuity
to depth (at least 1,000 metres). The deepest diamond drill hole at
Timmins 1 reached 308 metres below surface and confirmed vertical
continuity of the mineralized system.
Historical Exploration Results
In 1960, Black Hawk Mining Ltd. sent six bulk samples from
Timmins 1 totaling 43.26 short tons to the Saint-Malo pilot plant
of the Quebec Department of Mines for treatment. The average grade
was 0.5297 troy ounces of gold per short ton (18.12 g/t).
Privex Mines Ltd. blasted a trench across the mineralized zone
in 1976. A total of 21.7 tonnes in two samples taken from the south
end of the pit returned 3.53 g/t of gold. The north three samples
totaled 32.7 tonnes and returned an average grade of 0.96 g/t of
gold. A large-diameter drill program at Timmins 1 was completed
during the fall of 2006. Assay results were encouraging and are
summarized in Table 2 below.
Table 2 -- Assay Results for Six Holes at Timmins 1 (Fall 2006)
--------------------------------------
Grade Au (g/t) Length of sample (m)
--------------------------------------
12.05 2
--------------------------------------
1.75 7
--------------------------------------
6.16 4
--------------------------------------
1.88 4
--------------------------------------
4.57 5
--------------------------------------
1.91 3
--------------------------------------
As a result of the extensive 2007 exploration program, a large
number of samples from the three mineralized areas of the Timmins
gold zone (Timmins 1, Timmins 2 and Ascot) are either at the
laboratory for fire assay or being prepared for shipping. Results
will be released as they become available to the company.
James E. Tilsley, P.Eng is acting as the qualified person (QP)
for Golden Hope Mines Ltd. in compliance with National Instrument
43-101 and has reviewed the technical contents of this release.
About Golden Hope
Golden Hope Mines Limited is a mineral exploration company that
seeks to grow shareholder value through the acquisition,
exploration and development of potentially large-scale gold, silver
and base metal projects suitable for underground and/or open-pit
mining. The company's two areas of interest are located in Quebec,
Canada and Maine, U.S. The Bellechasse gold project in Quebec
includes the Timmins and Ascot gold zones, the Coucou volcanic
target and a number of newly claimed serpentinite geological
formations. For further information on Golden Hope, visit
www.goldenhopemines.com.
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 future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the company expects are
forward-looking statements. Although the company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions. 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.
For more information on the company, investors should review
registered filings at www.sedar.com.
Contacts: Golden Hope Mines Limited Louis Hoel President (416)
365-3509 (416) 864-0175 (FAX) Email: info@goldenhopemines.com
Website: www.goldenhopemines.com Barnes McInerney Inc. John Vincic
Executive Vice President, Investor Relations (416) 367-5000 ext.
249 (416) 367-5390 (FAX) Email: jvincic@barnesmcinerney.com
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