October 16, 2006
Goldbanks Project 2006 Exploration Program Update
Vancouver, B.C. -- Desert Gold Ventures Inc. ("Desert Gold" or the "Company") is pleased to announce that the first phase of the 2006 exploration program has been completed on the Goldbanks Property, located 35 miles south of Winnemucca, Pershing County, Nevada (the "Property"). The 2006 exploration is planned in two phases to identify new areas of near surface gold mineralization and expand on the known gold resource of an inferred oxide and sulphide resource of 556,700 ounces of gold with 90% as oxide mineralization (refer to the Company's news release dated March 28, 2006). An experienced team of geologists and field crews have been assembled to complete the proposed exploration programs.
Phase One consisted of the collection of geological and geochemical data, compilation, and evaluation. The goal was to define solid, geologically-based, drill targets having the potential to host bulk extractable lower grade and high-grade "feeder-type" gold mineralization. Some of these targets may be extensions of known zones while others are new targets based on developing an improved understanding of the structural control of mineralization. (Note for Jim Miller-Tait: Add some numbers of soil samples please).
Drilling on the targets, which have been selected for their geologic merit is expected to commence as soon as the final permit from the BLM is received, and subject to availability of drilling equipment. Drill footage of 10,000 feet is recommended for the Phase Two program. Exploration work is being conducted under the supervision of the Company's Qualified Person, Jim Miller Tait, P.Geo. Under the terms of the Option Agreement with Kinross Gold Corporation, the Company is required to spend $5 million US before December 31, 2008 to earn a 50% interest. The Company has satisfied the initial expenditure requirement.
The Company also announces that Mr. Stan Bharti has resigned as director of the Company, and would like to thank Mr. Bharti for his contributions.
On Behalf of the Board of Directors,
"Eugene Beukman"
Eugene Beukman, President
For further information on Desert Gold Ventures Inc. please visit our website at: www.desertgold.ca
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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