Skygold reports initial resource estimate for Spanish Mountain

Skygold Ventures Ltd. and Wildrose Resources Ltd. announces the initial NI 43-101 compliant resource estimate for a portion of the Main Zone at the Spanish Mountain Project in central British Columbia.

Using a cut-off grade of 0.5 g/t gold, the Main Zone is estimated to contain 1.75 million ounces of gold in the Measured and Indicated categories (67.06 million tonnes averaging 0.81 g Au/t). Current drilling has expanded the Main Zone beyond the limits of this initial resource.

Brian Groves, President of Skygold Ventures, said, we are extremely encouraged by the results of this initial resource estimate and with three drills active on the property, we anticipate updating this resource estimate later in 2008. We have already released results from drilling well outside of this current resource area that intersected Main Zone type grades and widths (Hole 07-DDH-670 intersected 92.5 metres of 1.0 g/t gold including 49.0 metres of 1.27 g/t gold and 12.0 metres of 1.36 g/t gold) and are awaiting results from holes that intersected Main Zone stratigraphy up to 500 metres from the area of the current resource. This initial resource estimate complements other aspects of the Spanish Mountain project such as favourable project location and infrastructure and promising preliminary metallurgical recoveries.