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Golden Goose reports substantial increase in gold resources at its Magino Mine

Posted on: Thursday, 30 April 2009, 07:25 CDT

453,000 ounces measured and indicated, 1.178 million ounces inferred, to

depth of 500 metres

MONTREAL, April 30 /PRNewswire-FirstCall/ - Golden Goose Resources Inc. (TSX-V: GGR) is pleased to report a substantial increase in estimated gold resources at its wholly-owned Magino property near Wawa, Ontario. A new estimate prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects shows the following results:

Magino Mineral Resources Estimate at a cut-off grade of 3.0 g/t Au ------------------------------------------------------------------------- Grade Category Tonnes (g/t Au) Ounces ------------------------------------------------------------------------- Measured resource 222,900 5.97 42,749 ------------------------------------------------------------------------- Indicated resource 1,869,000 6.83 410,440 ------------------------------------------------------------------------- Total Measured and Indicated resources 2,091,900 6.74 453,189 ------------------------------------------------------------------------- Inferred resources 5,828,800 6.29 1,178,124 -------------------------------------------------------------------------

A report prepared by Innovexplo, an independent mining and exploration consulting firm based in Val-d'Or, Quebec, estimates a measured and indicated resource of 2,091,900 tonnes grading 6.74 grams gold per tonne containing 453,189 ounces of gold, at a cut-off grade of 3.0 grams gold per tonne. The report also estimates an additional inferred resource of 5,828,800 tonnes grading 6.29 grams gold per tonne and containing 1,178,124 ounces, at the same cut-off grade. At an increased cut-off grade of 5.0 grams gold per tonne, the report says, the measured and indicated resource are 1,200,300 tonnes grading 8.90 grams gold per tonne and containing 343,333 ounces. The additional inferred resource at the 5.0 grams per tonne cut-off grade is 2,736,800 tonnes grading 9.08 grams gold per tonne and containing 799,723 ounces.

These resources lie between surface and a depth of 500 metres along a strike length of 1.2 kilometres, in proximity to the old Magino mine workings. In addition to the data used in the last resource estimate dated May 2008, this comprehensive estimate includes the recompilation of all the historic drill data available for the property and incorporates new data from drilling carried out over the past three years. A total 1,286 drill holes comprising 124,118 metres of current and historical drilling, and channel sampling, and geological mapping from old drifts were used in the estimates. The resources were calculated over a minimum 1.5-metre mining width, and high assays were capped at 40 grams gold per tonne. The estimation method used is polygonal on longitudinal section.

The Goudreau Lake Deformation Zone (GLDZ) has been traced along a strike length of 2.1 kilometres on the Magino property, and half of it has been very little explored. The Magino deposit, hosted by the GLDZ, remains open to the northeast and southwest, and at depth. The Magino Mine was in production from 1988-1992, during which time it produced 105,543 ounces of gold. The full Innovexplo report on the Magino property is expected to be filed on SEDAR within 30 days.

"Golden Goose is determined to move this project forward into the feasibility stage, and getting an overall picture of our resource was a key first step," says Jean-Marc Lacoste, President and Chief Executive Officer of Golden Goose. "This estimate is based on an actual underground mining model and provides a very solid basis on which to proceed."

As previously announced, Mr. Lacoste will be replaced by Francois Perron as President and CEO as of May 1, 2009. Mr. Perron noted that the project is now ready to enter the prefeasibility stage, and added: "It is very exciting for me to come on board at this juncture. Now that the resource has reached a sufficient scale, I am looking forward to moving the project forward through the next phases of development."

The new estimate shows the following resources at various cut-off grades:

------------------------------------------------------------------------- Measured Resource Indicated Resource Cut- --------------------------------------------------------------- Off Tonnes (t) Grade Ounces Tonnes (t) Grade Ounces (g/t) (g/t) (g/t) ------------------------------------------------------------------------- 3.0 222,900 5.97 42,749 1,869,000 6.83 410,440 4.0 163,400 6.88 36,159 1,403,700 7.96 359,277 5.0 115,200 7.90 29,254 1,085,100 9.00 314,077 6.0 81,400 8.92 23,325 876,000 9.85 277,426 7.0 55,000 10.08 17,826 681,500 10.84 237,467 ------------------------------------------------------------------------- ----------------------------------------- Measured+Indicated Resource Cut- ------------------------------- Off Tonnes (t) Grade Ounces (g/t) (g/t) ----------------------------------------- 3.0 2,091,900 6.74 453,189 4.0 1,567,100 7.85 395,459 5.0 1,200,300 8.90 343,333 6.0 957,400 9.77 300,766 7.0 736,500 10.78 255,293 ----------------------------------------- ------------------------------------------------------------------------- Inferred Resource ------------------------------------------------------------------------- Cut-Off (g/t) Tonnes (t) Grade (g/t) Ounces ------------------------------------------------------------------------- 3.0 5,828,800 6.29 1,178,124 4.0 4,012,800 7.56 975,242 5.0 2,736,800 9.08 799,223 6.0 2,189,200 10.02 705,250 7.0 1,731,800 11.04 614,631 ------------------------------------------------------------------------- The Independent Qualified Persons for the mineral resource estimate, as defined by Regulation 43-101, are Carl Pelletier, B.Sc., P.Geo., and Bruno Turcotte, M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the estimate is April 24, 2009. Notes: - Mineral Resources are not Mineral Reserves having demonstrated economic viability. - Results are presented undiluted and in situ. The estimate includes 133 gold-bearing zones and covers the Magino project area over 1,200 metres E-W, 500 metres N-S, and from an elevation of 0 to -500 m. - The resources were compiled using a minimum cut-off grade of 3.0 g/t Au. This cut-off must be re-evaluated in light of current market conditions (gold price, exchange rate and mining cost). - A fixed density of 2.87 g/cm3 was used. - Ounce (troy) = Tonnes X Grade /31.10348 - A minimum of 1.5 m true thickness was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed. - High grade capping was done on the raw data and established at 40.0 g/t Au. - No drill hole compositing was done. Resources were evaluated from drill hole and channel results using a polygonal on longitudinal approach. - Calculations used metric units (metres, tonnes and g/t Au). - The Company is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource estimate. - Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in Regulation 43-101. - Number of tonnes was rounded up to the nearest hundred.

ABOUT GOLDEN GOOSE RESOURCES

Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metals, and nickel properties in Ontario and Quebec.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE GOLDEN GOOSE RESOURCES INC.

Source: PR Newswire

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