VANCOUVER, B.C., July 24, 2007 (PRIME NEWSWIRE) -- Grenville Gold Corporation ("Grenville" or "the Company") (TSX-V:GVG) (Other OTC:GVLGF) has confirmed a target of 10 - 25 million metric tons grading 4 oz/ton silver, 1% Copper and 2.5% Zinc based on recent results. Lead and gold have also been recorded in historical production numbers but no target estimates have been calculated for those metals.
The area had five mines in production at various times up until 1991, but has not received serious attention until recently. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine are available through "The Peru Report's Guide to Mines and Miners in Peru - Las Minas Del Peru", 1992, page 197-199, 223-225, researched and edited by Jonathon Cavanagh, (Published by Peru Reporting Servicios Editoriales S.R.L.)
Based upon the above published information, mine plans, production records and reserve calculations obtained from the operators of the two mines, the minimum historic production from two of the four mines indicates 510,291 kilograms (18 million ounces) of silver, 40 million kilograms (88 million lbs) of copper, and 44 million kilograms (96.8 million lbs) of zinc were produced. Management believes a potential target grade of 113.4 grams (4 ounces) per ton silver, 1% copper, and 2.5% zinc is attainable over a potential target tonnage of between 10 - 25 million metric tons of ore grade material.
The potential quantity and grades commented upon in the above paragraph are conceptual in nature as they are extrapolated from historic production and therefore, cannot be relied upon. At present, there has been insufficient NI 43-101 compliant exploration to define a mineral resource and it is uncertain if further exploration will result in the discovery of an economic mineral resource. Investors are cautioned not to rely solely on this information. Grenville will continue working with contractors to complete the required NI 43-101 report and other studies that will allow for an economic model to be developed for the Silveria Properties.
Recent reconnaissance samples reported June 4, 2007 at the Silveria Project included:
Highlights Sample # Vein Au g/t Ag g/t Cu % Pb % Zn % PA-17 Germania 0.325 274 3.90 3.65 4.92 PA-21 Reserva 0.322 103 0.13 2.32 19.70 PA-28 Ernesto Segundo 0.717 2200 0.12 6.79 8.85 PA-34 Millotingo 2.63 401 0.01 0.04 0.07
Grenville examined 44 principal portals at the Pacococha, Millotingo, and Germania mining districts to observe vein outcrop and survey the portal locations recently. In total, 34 mine dump grab samples were collected and analyzed at ALS Chemex Lima laboratory for gold plus 35 element ICP scan to characterize the geochemistry and zonation of the district. Results show anomalous to low grade gold values in most samples plus gold ore grades in the Millotingo, Belgica, Reserva and Ernesto Segundo veins.
Silver values show mineralization from all samples collected, with assays ranging from 3.5 to 2,220 grams per ton and base metal credits range up to 3.9% Copper, 7.2% lead, and 19.7% zinc. This confirms the high grade polymetallic nature of the veins from all the districts. Basic statistics of the 34 samples show the following results:
Au g/t Ag g/t Cu % Pb % Zn %
Average 0.409 212 0.693 1.83 5.43
Minimum 0.046 3.5 0.007 0.01 0.07
Maximum 2.63 2200 3.90 7.15 19.7
# samples 34 34 34 34 34
The geochemical results from the sampling program confirm Grenville's assumption that these veins are epithermal and the upper levels of the system are eroded over the Pacococha veins. Structural geologic interpretations combined with the geochemical studies suggest the Millotingo mine is stratigraphically higher in the epithermal system where precious metals are enriched and base metals depleted. The boiling level therefore must daylight between the Millotingo zone and the Pacococha mines. These epithermal deposit model interpretations will guide a regional exploration program to locate additional veins and disseminated mineralization.
All the information contained in this release was previously published May 8, 2007 and June 4, 2007 and reviewed by Grenville technical staff.
About Grenville Gold Corporation
Grenville Gold www.grenvillegoldcorp.com is a junior resource company seeking prospective properties in Peru and Ecuador. The company has three subsidiaries: 90% owned Inversiones Mineras Alexander S.A.C. in Peru which owns the Silveria Property, Espanola Property and the Chorobal Property, Minera MineGreville S.A. in Ecuador which owns 100% of the approximately 56,250 Ha Rio de Oro Project and has an option to acquire the La Tigrera Project, and Parkman Diamond Corp. in Ontario, Canada which owns the Parkman Diamond Prospect. Grenville Gold plans to leverage the experience of its Board and Management in exploration and mining to develop its growth strategy in North and South America.
The Grenville Gold Corp. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3048
On behalf of the Board of Directors,
"A. Paul Gill" President & CEO Ph. 604-669-8842 info@grenvillegold.com
We Seek Safe Harbour
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission.