MONTREAL, QUEBEC-(Feb. 20, 2008) - Golden Tag Resources Ltd. (TSX VENTURE:GOG) ("Golden Tag") and ECU Silver Mining Inc. (TSX:ECU) ("ECU") are pleased to report diamond drill results from the first two holes of a planned 15-hole, 7,500 metre drilling program initiated in October 2007 on their San Diego, Mexico property. Complete results have been received from holes SD-07-18 and SD-07-11, drilled respectively on the western and eastern side of the central Diorite Intrusive which cores the mineralized system on the property. Both holes have returned very encouraging results indicating:
- High gold values associated with silver-lead-zinc vein-type mineralization within the Montanez Zone. This style of gold mineralization is very similar to that encountered at the nearby Velardena Mine of ECU Silver and points to a possible common origin for these occurrences and depth variation or zonation in mineralogy, metal content and environment of mineralization;
- Confirmation of the bulk mining potential at depth in newly discovered sulphide stringer zones within Endoskarn and Diorite at depths of 700 to 800 m below surface; and,
- Confirmation of the presence of broader zones of mineralization associated with the La Cruz and Montanez zones, and the extension of these broad zones to depth. The La Cruz Zone has now been confirmed down to a depth of 600 metres below surface.
Results from drilling are summarized in Table 1 and are also available at www.goldentag.ca
David Rigg, CEO of Golden Tag stated that "The setting and nature of the recently uncovered gold mineralization represents a major development for the San Diego project. The new gold values occur in one of the main structure on the property where areas of bulk mining potential have been outlined. This discovery could lead in time to new criteria being used for assessing resources at San Diego, since gold values to date have been given no value in recently completed 43-101 Resource Estimates."
Hole SD-07-11 completed to a depth of 188 metres during Phase 2 program was extended to a final depth of 447 m to test for a deep intersection of the Montanez zone. The hole extension intersected multiple areas of mineralization at depth including: broad zones of mineralization in the Hangingwall, centre zone and Footwall of the Montanez zone (see Table 1), with significant gold values associated with silver-lead-zinc mineralization similar to mineralization at the Velardena Mine. Results include:
- Hangingwall Zone:
-- 4.89 g/t Au, 188 g/t Ag over 1.83 m with 4.35 % Pb and 2.58 % Zn
-- 132 g/t Ag over 7.39 m with 2.61% Pb and 3.39% Zn
- Centre Zone:
-- 89 g/t Ag over 7.10 m with 1.34% Pb and 2.59% Zn, including:
10.39 g/t Au, 129 Ag g/t over 0.30 m with 2.02 % Pb and 7.70 % Zn
-- 82 g/t Ag over 5.53 m with 1.39% Pb and 2.45 % Zn
Hole SD-07-18 was drilled beneath holes SD-06-02 and -07, the first holes in previous programs to identify broader zones of mineralization on the property (SD-06-02 previously returned 237 g/t Ag, 3.65 % Pb and 1.67 % Zn over 10.61 m). Hole SD-07-07 drilled 150 m below Hole -02 showed that the La Cruz Vein was actually part of a wide Fault Zone that splits at depth into two individual zones with bulk tonnage potential. Hole SD-07-18 tested the FZ structure at a greater depth of approximately 250 metres below and to the east of hole SD-07-07, and proved successful in confirming the existence of the major, broad Fault Zone to depths of at least 600 metres from surface. The Fault Zone hosts three individual mineralized zones as well as a high grade sulphide vein (the La Cruz Vein). Due to faulting, some core sections were not recovered. Zero assay grades are attributed to these intervals in calculating hole intercepts. This broad zone of mineralization remains open at depth and laterally across the property. Results include:
- La Cruz Fault Zone:
-- 42 g/t Ag over 22.7 m (11.0 m true width) with 1.09% Pb and 0.85% Zn; including:
--- 4.55 m grading 75 g/t Ag, 1.37 % Pb and 0.83 %Zn,
--- 4.57 m grading 51 g/t Ag, 1.48 % Pb and 1.42 % Zn
--- 5.63 m grading 52 g/t Ag, 1.60 % Pb and 0.94 % Zn
- La Cruz Vein:
-- 2.42 g/t Au, 231 g/t Ag over 0.60m with 5.6% Pb and 12.7% Zn
At depth and beyond the La Cruz Zone intersections, Hole SD-07-18 also encountered a wide endoskarn package with strong propylitic alteration. Several sulphide stringer zones (see Table 1) were intersected until the hole ended in a fault zone at 915 m. The most significant zone returned values of:
- 99 g/t Ag over 10.26 m with 2.21% Pb and 2.41% Zn from 848.6 to 858.8 m.
These results bring further evidence that the San Diego project area is part of a large mineralized system with potential at depth.
Golden Tag Resources and ECU are encouraged by these first results from the drilling program in that they will clearly add to the San Diego mineral resources currently estimated at 370,852 Tonnes grading 245 g/t Ag, 1.80% Pb, 1.33% Zn & 0.339 g/t Au for a total of 3,979,526 ounces silver equivalent in the Indicated category and 4,976,461 Tonnes grading 167 g/t Ag, 1.25% Pb, 1.26% Zn & 0.163 g/t Au for a total of 38,403,639 ounces silver equivalent in the Inferred category.
Golden Tag Resources and ECU initiated in October 2007, the Phase 3 drilling program entailing the completion of 7,500 m. The program is focused on the expansion of the current resource estimate and improvement of the quality of the resource. So far, a total of nearly 5,000 metres of drilling has been completed and over 2,000 core samples were sent out for assaying. Further assay results will be released in the weeks to come as they become available.
As of the end of November, 2007, Golden had incurred total expenses of US$ 1.679 million and has met the obligations under the joint venture agreement.
Readers are cautioned that until a pre-feasibility study is completed, there are no assurances that these mineralized zones will be economically viable.
Quality Control:
The San Diego drilling program is supervised by Ms. Kateri Marchand, P.Geo. and Qualified Person under National Instrument 43-101 guidelines and has confirmed all disclosures in this release. Assay samples are taken from NQ/BQ size drill core cut in half with one half sent to a commercial laboratory and other half retained for future reference. Unless where mentioned otherwise, all assay results represent the core length and may not be representative of the true width. A strict QA/QC program is followed which includes mineralized standards and blanks for each batch of samples. Analyses were performed by ALS Chemex accredited assay laboratories of Guadalajara (Mexico) and Vancouver (Canada).
ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The area includes five historical mines - Santa Juana, Terneras, San Mateo, San Juanes, and the San Diego mine. ECU is defining the "Mineralized Corridor" at Santa Juana and also further defining several higher grade narrow veins within the area. ECU's mission is to become a pre-eminent silver producer through the development of existing, and additional potential resources at Velardena.
Golden Tag Resources Ltd. is a junior exploration company actively exploring for high grade gold and silver deposits at the San Diego silver-lead-zinc project in Durango State, Mexico; the Aquilon gold project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario.
Golden Tag is a member of the Agoracom Investor Relations group at www.agoracom.com/IR/goldentag. To be added to the investor e-mail list, please send to gog@agoracom.com.
Statements in the release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
Silver Equivalent ounces conversion factors: 26.60 g/t Ag per 1% Pb, 31.21g/t Ag per 1% Zn and US$640 ounce with a recovery of 71% with gold valuesabove 1g/t. Recovery factors were 76% for silver, 71% for gold, 75% for leadand 44% for Zn. Commodity prices of US$11.60/oz for silver,US$0.60/lb forlead and US$1.20lb for zinc were used.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Golden Tag Resources Ltd.
Marc A. Carrier
President
(514) 426-8542
(514) 426-8543 (FAX)
Email: pres@goldentag.ca
Website: www.goldentag.ca
or
ECU Silver Mining Inc.
Stephen Altmann
President
(416) 644-8640
Email: ecu@ecu.ca
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