WINNIPEG, Manitoba, July 18, 2008 (PRIME NEWSWIRE) -- King's Bay Gold Corp. (TSX-V:KBG) and Mainstream Minerals Corp. (TSX-V:MJO) are pleased to announce that they have received additional assay results from their ongoing diamond drilling program at their Bobjo Mine Project, located in Earngey and Agnew Townships, Red Lake, Ontario.
Highlights included 27.43 g/t Au over 1.0 metre.
Included below are the results of Holes #26 through #30:
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Hole Dip Interval Interval Interval Au
From To Metres (g/T)
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BJ07-26 -45 8.40 8.70 0.30 16.041
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8.70 9.00 0.30 0.983
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18.00 18.30 0.30 3.761
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18.30 18.60 0.30 0.700
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25.80 26.30 0.50 1.200
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28.00 28.50 0.50 0.554
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30.60 31.10 0.50 4.180
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31.10 31.60 0.50 1.722
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35.30 35.90 0.60 1.081
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43.10 43.40 0.30 1.182
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64.10 64.60 0.50 0.696
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96.75 97.00 0.25 0.944
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161.00 161.50 0.50 3.424
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BJ07-27 -65 NSV
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BJ08-28 -75 77.40 77.70 0.30 1.415
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80.00 80.40 0.40 1.454
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80.40 81.00 0.60 2.371
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87.40 87.90 0.50 3.081
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117.00 117.25 0.25 1.430
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125.25 126.25 1.00 27.433
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142.25 142.50 0.25 1.455
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313.25 313.75 0.50 8.229
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BJ08-29 -45 13.50 14.00 0.50 0.699
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58.50 58.75 0.25 0.904
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BJ08-30 -45 50.75 51.25 0.50 1.318
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79.75 80.00 0.25 5.943
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84.75 85.00 0.25 2.853
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This Phase 2 diamond drilling program is ongoing and additional results will be released when received and verified. Full gold assay results of all thirty holes reported to date can be seen at http://www.kingsbaygold.com/site/exploration/bobjo/resultstable1.htm
The partners are pleased with the progress to date at this project and with the fact that drilling has so far intersected gold in twenty-five out of thirty holes, which included high-grade gold in many intersections. Rare earth elements, rare metals, and other minerals and metals were also intersected and can be seen at www.kingsbaygold.com.
This Bobjo Mine project is located between the former South Bay Zinc/Copper Mine and Uchi Lake Gold Mine. It is noted that an existing power line passes through the southern part of the property and that it is within trucking distance to the Placer Dome/Goldcorp Mill in Red Lake, Ontario. The property is comprised of 259 claim units totaling 10,360 acres.
The joint venture is 50% King's Bay Gold (TSX.V:KBG) and 50% Mainstream Minerals (TSX.V:MJO) with Mainstream Minerals being the Operator of the project. John Archibald, A.P.G.O. - Geologist is the Qualified Person under National Instrument 43-101. All of the samples herein were analyzed by Acurassay Labs. True widths are not known.
About King's Bay Gold
King's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with mineral projects strategically located in Canada's gold camps. Strategic properties include -- (i) a property located directly adjacent to Canada's richest gold mine, (ii) two past producing gold mines, and (iii) other locations that are in very close proximity to either past producers and/or recent discoveries.
KBG Shares Outstanding: 41,242,900
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe KBG's future plans, objectives or goals, including words to the effect that KBG or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.