November 3, 2008
GoldenFrank Granted Three Exploration Permits on the Balandougou Project in Guinea, West Africa
GoldenFrank Resources Inc. ("Goldenfrank" or the "Company") today announced that it was granted on October 28th, through its 80% owned subsidiary MGWA-GoldenFrank SARL, three Exploration Permits for gold and associate minerals in Guinea, West Africa. The three permits cover the entire 250 km2 of the preceding "Autorisation de Prospection" held by the Company and described in the Company's Prospectus. The permits are valid for two years and are renewable.
The area covered by the permits will be further referred as to the SOCOSGUI Area and contains 10 gold occurrences among which are the Fadaninda, Mawren and Solotomo artisan digging sites, where extensive primary high grade gold structures or gold in quartz veins were measured, sampled and described in Dr. Pierre Trudel's NI 43-101 compliant Technical Report of June 2008, which is available at www.sedar.com.
President and CEO, Maurice Giroux, commented on the granting of the new permits: "We are very pleased that our Guinean subsidiary has received these permits as they represent the heart of the "BALANDOUGOU PROJECT". The potential for discoveries of world class gold deposit in this particular area is clearly defined by the presence of extensive artisan digging sites and the exposures by artisan works of numerous quartz veins all showing visible gold and returning high grade value. Within the limit of that area only, three high priority targets are ready to be drill tested. The Company intend to start an extensive drilling program on the Balandougou Project early in 2009".
The Company's IPO Prospectus of August 12, 2008 is available at www.sedar.com
About GoldenFrank Resources Inc.
GOLDENFRANK RESOURCES INC. is a private mining exploration company incorporated under the Canada Business Corporations Act. With the granting of those three permits, the Company has an 80% major interest in six exploration permits for gold and associate minerals in Republic of Guinea, West Africa. Five of those permits are contiguous and cover an extensive area of 419 km2 forming the Balandougou Project, the Company's flagship project. The fourth licence covers an area of 95 km2 and is called the Sarayah Project. Both are located in the district of Siguri, well known for the famous Ashanti/Goldfields Koron Gold Mine operated by Societe Aurifere de Guinee.
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Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's Prospectus and periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Contacts: GoldenFrank Resources Inc. Maurice Giroux President & CEO 514-288-1887 [email protected] CHF Investor Relations Jacqueline Wagenaar Account Manager 416-868-1079 x 289 [email protected] CHF Investor Relations Cathy Hume CEO 416-868-1079 x 231 [email protected]
SOURCE: GoldenFrank Resources Inc.