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Geneva Gold Corp. Receives EM-16 Survey Results and Sets Drill Targets on George's Lake Properties, Saskatchewan, Canada

Posted on: Friday, 2 February 2007, 09:00 CST

RENO, Nev., Feb. 2 /PRNewswire-FirstCall/ -- Geneva Gold Corp. ("the Company") (BULLETIN BOARD: GVGC) has received the interpretation of the EM-16 survey carried out in October 2006 on the Company's joint-venture George's Lake Mineral Properties ("the Property") in central Saskatchewan, Canada, and will now set drill targets for its planned exploration program.

The George's Lake Properties are made up of seven mineral dispositions located within the Province of Saskatchewan, approximately 135 kilometers northeast of La Ronge and comprising a total of 979 hectares. The properties were selected for gold exploration due to favorable geology, the presence of gold showings on the properties and their close proximity to the producing Seabee Gold Mine.

Located approximately 15km to the North northwest, the producing Seabee Gold Mine is currently upgrading its mill capacity from 550 to 1100 tons per day in order to handle the mineral throughput. In addition, a new ore body has recently been discovered about 6.5km east of Seabee Mine. Claude Resources, owners of Seabee Gold Mine, have announced indicated and inferred tonnage of 1.5 million tons with an average grade of 6 and 8 grams per ton.

Surface samples on the Geneva Gold Corp. joint venture properties have returned gold values as high as 254,000 parts per billion (7.41 ounces per ton) over 65 centimeters. This is the highest reading recorded; other values have ranged from 28 to 11,400 parts per billion.

In October 2006, an EM-16 survey (Electromagnetic Arial Survey) indicated strong anomalies on the brecciated shear zones. These targets will be tested with a 1000-meter drilling program, slated to begin in late spring.

The limited drilling that has been done on this property in the past indicates that significant gold values occur at depth below the gold showings that have been tested. Most notably, all known showings on the property have carried significant gold values, in most cases, over considerable widths.

Management has also planned a comprehensive exploration program on the property to locate additional showings.

Under the terms of its agreement with War Eagle Mining Company Inc., Geneva Gold Corp. can earn up to a 70% interest in the Property in consideration of carrying out $1 million of exploration on the Property. Geneva Gold Corp. agrees to carry the Property to production.

Geneva Gold Corp. is a mineral exploration company participating in known mineral producing regions. The Company is focused on the exploration and advancement of well-defined gold, copper and group metal prospects. Geneva Gold Corp.'s current exploration initiatives include the Vilcoro Gold Property, central Peru; the George's Lake Gold Properties, Saskatchewan, Canada and the Minera Petaquilla area, Republic of Panama.

For further information see: http://www.genevagoldcorp.com/

The technical information contained in this news release has been supplied by L. Young, P. Geo., a Canadian geologist, who is a qualified person as defined in "National Instrument 43-101, Standards of Discloser for Mineral Projects."

Symbol: OTCBB - GVGC; Frankfurt/Berlin Symbol - R3M, WKN No.: A0LFVC; ISIN: US3720601034

Contact North America: Investor Relations Tel.: 866-418-6011 Contact Europe: International Market Trend AG Tel.: 41-43-888-67-00 SAFE HARBOR STATEMENT

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE,""ANTICIPATE,""BELIEVE,""PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Geneva Gold Corp.

CONTACT: North America, Investor Relations, +1-866-418-6011, or Europe,International Market Trend AG, 41-43-888-67-00, both for Geneva Gold Corp.

Web site: http://www.genevagoldcorp.com/

Source: PRNewswire-FirstCall

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