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Grandview Gold Intersects Second High Grade Gold Shoot on the 88-04 Zone at Dixie Grading Up to 5.85 Gpt Over 4.5 M

Posted on: Wednesday, 22 February 2006, 09:00 CST

Grandview Gold Inc. (CNQ:GVGI)(OTCBB:GVGDF) :

- 88-04 Zone still open to depth

- MMI Target returns up to 6.73 gpt over 0.50 m

Grandview Gold Inc. (CNQ:GVGI)(OTCBB:GVGDF) ("Grandview Gold" or the "Company") and Fronteer Development Group Inc. (FRG:TSX/AMEX) are pleased to announce its assay results for its 2005, 16-hole core drilling program on its Dixie Lake Gold Property in Red Lake, Ontario. The Dixie Lake property is located 25 kilometers south of Goldcorp Inc's Red Lake and Campbell gold mines. Core hole DL0509 intersected 4.0 gpt Au over 7.0m, including an interval of 9.53 gpt Au over 0.90m, and 3.32gpt Au over 1.90m.

Significant gold intercepts are summarized in the following table. All gold values are uncut. While all holes were designed to intersect the zone as close to perpendicular as possible, the intersection widths are not necessarily true thickness.

--------------------------------------------------------------------- --------------------------------------------------------------------- Hole No. From To Au length Au length Zone (m) (m) (gpt) (m) (opt) (feet) --------------------------------------------------------------------- DL0501 90.50 91.90 1.22 1.40 0.04 4.59 88-04 West --------------------------------------------------------------------- DL0502 27.00 27.50 1.00 0.50 0.03 1.64 88-04 West --------------------------------------------------------------------- DL0502 265.50 266.50 0.53 1.00 0.02 3.28 88-04 West --------------------------------------------------------------------- DL0503 82.70 84.60 3.32 1.90 0.10 6.23 MMI East --------------------------------------------------------------------- including 82.70 83.20 6.73 0.50 0.20 1.64 MMI East --------------------------------------------------------------------- DL0504 74.00 74.50 0.98 0.50 0.03 1.64 MMI East --------------------------------------------------------------------- DL0505 104.35 110.30 1.47 5.95 0.04 19.52 88-04 Shoot --------------------------------------------------------------------- DL0506 165.60 167.10 0.73 1.50 0.02 4.92 GVX Shoot --------------------------------------------------------------------- DL0507 62.85 65.15 1.38 2.30 0.04 7.55 88-04 West --------------------------------------------------------------------- DL0508 111.30 116.50 2.12 5.20 0.06 17.06 GVX Shoot --------------------------------------------------------------------- DL0508 125.20 126.70 2.78 1.50 0.08 4.92 GVX Shoot --------------------------------------------------------------------- DL0509 179.20 186.20 4.04 7.00 0.12 22.97 GVX Shoot --------------------------------------------------------------------- including 181.70 186.20 5.85 4.50 0.17 14.76 GVX Shoot --------------------------------------------------------------------- and 185.30 186.20 9.53 0.90 0.28 2.95 GVX Shoot --------------------------------------------------------------------- DL0510 18.40 26.90 1.66 8.50 0.05 27.89 88-04 Shoot --------------------------------------------------------------------- DL0511 132.90 134.30 2.16 11.00 0.06 36.09 GVX Shoot --------------------------------------------------------------------- DL0512 118.60 120.10 1.69 1.50 0.05 4.92 88-04 --------------------------------------------------------------------- DL0513 188.70 190.00 1.56 1.30 0.05 4.27 88-04 --------------------------------------------------------------------- DL0514 140.95 142.70 0.56 1.75 0.02 5.74 88-04 West --------------------------------------------------------------------- DL0515 No significant assays No significant assays 88-04 West --------------------------------------------------------------------- DL0516 69.00 71.00 1.27 2.00 0.04 6.56 88-04 West --------------------------------------------------------------------- ---------------------------------------------------------------------

Twelve of the sixteen drill holes were designed to test the lateral and vertical extensions to the 88-04 Zone, mostly to the west of the principal "mineralization shoot" of previous drill programs. Two holes (DL0502 and DL0516) tested a parallel magnetic anomaly, coincident with an elevated Mobile Metal Ion (MMI) Au response ratio. An entirely new area defined by a high MMI Au response ratio in the East of the property was also tested by two holes (DL0503 and DL0504).

Holes DL0505 and DL0510 were drilled in the original 88-04 Zone shoot. They returned values of 1.47 gpt Au over 5.95m and 1.66 gpt Au over 8.50m. These holes are drilled on the 88-04 Zone shoot and are shallow intersections into the zone. This zone remains open at depth and downplunge to the west. Certain areas within the shoot also require additional infill drilling.

A new shoot of mineralization, the "GVX shoot" was intersected in four holes from the 2005 campaign brings together continuity with five historical holes. The "GVX shoot" now has 9 holes intersecting the horizon, which grade from 0.70 gpt Au over 1.5 m to 5.85 gpt Au over 4.5 m and 10.1 gpt over 1.1m. Grandview holes DL0506, 08, 09 and 11 intersected this shoot, and encouraging mineralization, as seen in the table above. Historical holes in this zone include DL8920, 22, 29, 39 and DL0309.

Hole DL0512 and DL0513 tested the 88-04 Zone horizon between the 88-04 Zone shoot and the GVX shoot. Both holes intersected gold mineralization in the 88-04 Zone horizon and returned results of1.69 gpt Au over 1.50m in hole DL0512 and 1.56 gpt Au over 1.30m in hole DL0513.

The remaining holes, DL0501, 02, 07, 14, 15 and 16 tested the 88-04 zone west of the "GVX shoot". Hole DL0501 was the western most hole, more then 200m west of the "GVX shoot'. An intersection of 1.22 gpt Au over 1.40 m was returned in the 88-04 zone. Hole DL0515 returned no significant assays, and was drilled approximately 150m west of the "GVX shoot". Holes DL0507 and DL0514 return results of 1.38 gpt Au over 2.30m and 0.56 gpt Au over 1.75m, respectively. These holes tested 100m gap in drilling and show the continuity of the 88-04 zone. Holes DL0501, 02 and 16 tested the far west extension of the 88-04 zone where it swings to the north. Holes DL0502 and DL0516 are more then 400m away from the 88-04 shoot and returned encouraging results of 1.00 gpt Au over 0.50m and 1.27 gpt Au over 2.00m respectively. Hole DL0502 returned a second zone of mineralization more then 200m downhole from the first zone, which returned 0.53 gpt Au over 1.0m. Hole RL0501 was drilled approximately 50m west of hole DL0515, and 200m west of the "GVX shoot", where it returned 1.22gpt Au over 1.40m

Holes DL0503 and DL0504 tested a high MMI Au response ratio, more then 800m east of the 88-04 Zone. These are the first two holes in the vicinity and returned extremely encouraging results for a first phase program on a grass roots target of 3.32 gpt Au over 1.90m in hole DL0503 including a higher grade section running 6.73 gpt Au over 0.50m. In hole DL0504, encouraging values of 0.98 gpt Au over 0.50m were returned. It should be understood that these holes were not ideally situated, and topography and a creek crossing made drill set up less then ideal. Even with these technical challenges, these two holes are considered a great success and we are eager to follow up these holes with additional drilling in our next program, currently planned to start in the next 30 days.

Results from the 2005 drill program point to two high priority targets. The newly identified "GVX shoot" is open to depth and should be followed up down-plunge. The identification of this second shoot to the 88-04 zone also leads to the potential of discovering further high grade shoots in the 88-04 system. A second high priority target that was developed from the results of the 2005 drilling is the strike extension of the anomalous Au mineralization encountered in hole DL0503 and DL0504. It is anticipated that drilling will recommence in under four weeks to test these targets. As well, the far west holes DL0501, DL0502 and DL0516 all point to the mineralization of the 88-04 zone continuing to the west, and leave open the potential for additional higher grade shoots west of the "GVX shoot".

While the grades encountered in these zones are moderate, relative to typical operating underground mines in comparable environments, the widths can be quite large, and local high grade occurrences and proximity to Goldcorp's Campbell Mine and Red Lake Mine existing infrastructure make this project economically interesting.

The "88-04" zone is a silicified and sulphidized sedimentary rock occurring within a sequence of mafic volcanic rocks. Silica-carbonate alteration occurs as replacement style alteration and in quartz-calcite veins. Pyrrhotite is the most dominant sulphide followed by pyrite, arsenopyrite, chalcopyrite and spahlerite. Visible gold is not uncommon, and is commonly associated with strong pyrrhotite and weak pyrite-arsenopyrite mineralization, as well as in quartz only veins. Previous work has identified the presence of gold-silver and lead-tellurides, locally encapsulated in arsenipyrite. Native gold occurs as free gold crystals up to 50 microns in size.

The Dixie Lake property is a gold exploration property in the Red Lake Mining District of Ontario. Grandview Gold Inc. has an option agreement with Fronteer Development Group that gives Grandview the right to earn a 51% ownership interest in the property by spending $300,000 in exploration and meeting certain option payments to Perry English. Grandview to date has spent in excess of $400,000 on the property.

Since 1988 when the initial discovery of the "88-04" zone was made, more then 20,500m of drilling has been completed on the property. The bulk of the historical drilling has focused on the "88-04". The Dixie Lake property comprises approximately 1,790 hectares in 50 claims.

A copy of the "Independent Technical Report on the Dixie lake Project, Red Lake, Ontario", prepared by Christopher Lee, M. Sc., P. Geo of SRK Consulting (Canada) Inc. will be available shortly at www.sedar.com and at www.grandviewgold.com.

Mr. Toby N. J. Hughes, P. Geo Canadian Projects Manager, is the qualified person responsible for all technical data reported in this news release. Field work for this was conducted by Mr. Hughes, and A.P. "Tony" Pryslak, P. Geo, whose combined experience in the Red Lake camp exceeds 25 years. Analytical work was performed by ALS Chemex of Vancouver, employing conventional fire assay analysis techniques.

Grandview Gold Inc. is a gold exploration company, listed on the CNQ Exchange under the symbol "GVGI" and the OTC BB under the symbol "GVGDF". Grandview Gold focuses on creating value for shareholders by exploring and developing high-grade gold properties in the major gold camps of North America. Details of Grandview Gold's projects are available on the Company's website at www.grandviewgold.com.

This document may contain forward-looking statements, relating to the Company's operations or to the environment in which it operates, which are based on Grandview Gold Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Grandview Gold Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Grandview Gold Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This is not an offer for sale, or a solicitation of an offer to buy, in the United States or to any US Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") of any equity shares or any other securities of Grandview Gold Inc. Securities ("securities") of Grandview Gold Inc. are traded on the Canadian Trading & Quotation System (CNQ) and on the OTC BB. This does not constitute, and should not be construed as, "general solicitation or general advertising" as defined under Regulation D of the Securities Act, or "directed selling efforts" under Regulation S of the Securities Act.

Grandview Gold Inc. (CNQ:GVGI) (OTC Bulletin Board:GVGDF)

Source: Business Wire

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