Monday, July 21, 2008
TSX Venture Symbol: DAU
Drilling Program at the Goldbanks Property, Nevada
More Drills to be Added to Expand the Exploration Program
Vancouver, B.C. -- Desert Gold Ventures Inc. ("Desert Gold" or the "Company") is pleased to announce that a second drill has been added to the first phase of the 2008 exploration program on the Goldbanks Property, located 35 miles south of Winnemucca, Pershing County, Nevada (the "Property"). The addition of the second drill will serve to expedite the major exploration program that is planned to be completed in 2008. This includes 30,000 feet of reverse circulation drilling and 25,000 feet of HQ core size diamond drilling. The budget for the 2008 program is $2.89 million. The program is designed to identify new areas of near surface gold mineralization, test for extensions laterally and at depth of high grade veins that form the feeder system to the deposit and expand on the known inferred gold resource of 556,700 ounces of gold with 90% as oxide mineralization (see 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.
Over the past two years, ongoing exploration has identified large high priority target areas to the north and west of the historic gold deposits, and most importantly, nearer to surface. These new target areas will be the focus of the planned systematic drilling program to be completed this year. If successful, this program will not only expand upon the currently defined resource at the northern end of the current Goldbanks deposits, but also to the north and west define a bulk tonnage gold deposit close to surface and more amenable to open pit development.
The second target of the current drilling program is the high grade “feeder veins” that are evident throughout the lower grade zones of gold mineralization. These veins have a typical association with lower grade epithermal gold deposits throughout Nevada; are the target of most current exploration; and have and will continue to be a significant source of gold production in the state. Previous drill campaigns that focused on the high grade veins were mostly within the lower grade deposit. Detailed studies by Company geologists have determined that the veins are much better developed and show continuity at the contact between the overlying Tertiary sediments and the pre-Tertiary basement. Because the lower grade deposit is predominantly in the Tertiary sediments, this contact zone has not been properly tested. This contact zone will be the focus of the current diamond drilling program. The drill holes will offset significant higher grade gold intercepts at or near the basement contact to test for lateral and vertical continuity. A third drill will be added to the project during the month of July, 2008.
Desert Gold is exploring the Goldbanks Property under an option and joint venture agreement with Kinross Gold Corporation (NYSE: KGC). Exploration work is being conducted under the supervision of the Company’s Qualified Person, Timothy J. Percival, PG.
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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