WINNIPEG, Manitoba, July 29, 2008 (PRIME NEWSWIRE) -- King's Bay Gold Corporation (TSX.V:KBG) is pleased to report on the progress of their ongoing Phase 1 diamond drilling program at their 100% owned Sakoose Gold Mine Project located in Melgund Township near Dryden, Ontario, Canada.
Gold Zone Discovered below Old Mine Workings in Hole #1 More Gold Identified 50 Metres East of First Hole Nine Other Holes Now Completed
King's Bay Gold is pleased to report that its Phase 1 drilling has so far discovered a new gold zone approximately forty metres below the old mine workings between 97.75 to 105.75 metres and that additional zones have also been discovered fifty metres away to the east in Hole #3. The Company also reports that another nine holes have now been completed and are now being sent to the lab for assay.
Included in the table below are the results from the first three
holes:
True widths are not known. NSV = No Significant Value.
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Hole Dip Interval Interval Interval Au
From To Metres (g/T)
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SK-01 -50 97.75 99.25 1.50 5.24
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incl 97.75 98.00 0.25 12.98
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and 98.00 98.50 0.50 4.24
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and 98.50 98.75 0.25 5.44
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and 98.75 99.25 0.50 2.29
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102.50 102.75 0.25 3.00
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104.00 105.50 1.50 9.53
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incl 104.00 104.50 0.50 11.88
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and 104.50 105.00 0.50 6.10
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and 105.00 105.50 0.50 10.63
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105.50 105.75 0.25 4.00
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SK-02 -75 NSV
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SK-03 -55 36.75 37.00 0.25 23.29
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37.00 37.25 0.25 1.93
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38.25 38.50 0.25 1.43
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87.50 88.50 1.00 10.01
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King's Bay is pleased with the results of the first three holes and with the fact that the new gold zone discovered in Hole #1 was intersected directly below the mine workings which has now confirmed depth extension and continuation of this mine. The Company is very pleased with the significant alteration being encountered in the holes.
This Sakoose Gold Mine produced gold from 1897 to 1902 until operations were suspended when the mill burned down in 1902. It is comprised of 6 claims totaling 19 claim units (approximately 760 acres). Access to this property is excellent via a 6 km gravel road leading south from Borups Corners on the Trans Canada Highway. The Canadian Pacific Railway, a natural gas pipeline and a hydro-electric power grid all pass within approximately 6 km of the property.
John Archibald, A.P.G.O. - Geologist is the Qualified Person under National Instrument 43-101. All of the samples herein were analyzed by Accurassay's laboratory in Thunder Bay, ON. The results of Hole #1 were reported in a news release dated July 9th, 2008. Additional assay results will be announced when received and verified.
About Kings 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.