Golden Hope Mines Limited ("Golden Hope" or the "Company")(TSX
VENTURE: GNH)(PINK SHEETS: GOLHF) Throughout the spring and summer
of 2008, an extensive exploration program was continued on the
Bellechasse - Chaudiere group of claims in Quebec.
The goals of the program were as follows:
- Define the extent of the mineralization on the Timmins 2
deposit below surface
- Map and explore at surface the multiple serpentinite targets
staked in 2007 - 2008
- Select potential serpentinite and other regional targets for
follow-up drill testing
In the spring of 2008, a regional structural and geophysical
study was completed. The results are an important guide for the
current exploration program.
Timmins Gold Deposit:
In 2007, Golden Hope carried out a large surface bulk sampling
program on both the Timmins 1 and Timmins 2 mineralized zones.
The results for the Timmins 1 zone showed high grades of up to
27g/t Au with a 3.8g/t average over 40 metres of width exposed by
rock trenching. In the 2004 drill program, one diamond drill hole
reached a vertical depth of 308 metres. It showed that structural
features and mineralization exposed at surface continued to that
depth (geological maps and pictures of the drill core are available
at www.goldenhopemines.com).
The 2007 Timmins 2 trenches yielded intervals of 5 metres of
0.633g/t and 4 metres of 1.265g/t in the eastern trench. The gold
bearing zone gave 4 metres of 1.486 g/t in the western trench.
A new drill program was announced on June 19th, 2008. The first
phase was designed to further define the structure, continuity, and
extent of mineralization at depth in the Timmins 2 gold-bearing
zone.
The program continued throughout the summer as the drilling
confirmed the continuity of structure and mineralization. Logging
of the cores shows geology similar to Timmins 1 as well as multiple
occurrences of visible gold from near surface to approximately 200
metres depth reached by the deepest holes.
As of September 20th, 13 holes have been completed for a total
of 1,871 metres. A fourteenth hole is currently in progress. This
-70 degrees hole is planned to test the mineralized structure
approximately 300 metres vertically below surface.
The core is currently being logged, cut, sampled and sent to
Eastern Analytical Limited for fire assay. Results will be released
when received, compiled and interpreted.
The Company is planning additional deep stripping and rock
trenching on Timmins 2 to expose and sample the mineralized zone.
The 2008 drilling has confirmed our expectations on structure and
mineralization for Timmins 2. The trenching will allow bulk
sampling to test the grade at surface.
Additionally, a surface geochemical program will begin shortly
on two other Timmins-type targets within the Bellechasse area claim
group.
Serpentinite Targets:
Preliminary mapping and sampling of 70% of our 12 serpentinite
targets was done throughout the summer and has allowed us to narrow
our focus to the most promising targets. These have the geological
signature we are searching for and hopefully the potential for
large deposits size.
Our technical team has selected the Riviere des Plantes as the
first target for test drilling. Partially acquired in June 2008
with additional staking thereafter, the area yielded an
approximately 45 ounce alluvial gold nugget discovered during the
regional placer gold rush of the 1800s. Evidence of this alluvial
mining is still visible. In the 1950s, some exploration took place
that including diamond drilling. Although the prospectors had
little interest in gold at the time, core logs shows significant
silicification is present in the intrusives and in the host rocks.
Geophysical surveys done in the 1990s defined interesting IP
anomalies along the silicified contact.
Once the current deep drill hole is completed on Timmins 2, the
drill will be moved to test targets in the Riviere des Plantes
claims.
Additional surface exploration is also currently in process
on:
Trinx Junction: a serpentinite target with multiple historical
Cu showings. A surface geochemical program will begin shortly.
Coucou: The Coucou is a 3.5 kilometres volcanic complex with
potential for VMS mineralization. Several holes were drilled in the
area in late 2007. Sulphides were abundant but no economic grades
of precious or base metals were intersected. A regional structural
and geological study covering this area was completed in the spring
of 2008. The consultant's report recommends exploration a few
hundred metres away from last year's drilling.
Golden Hope's technical team has successfully explored a very
large region with a claim group of over 130,000 acres in one and
one half seasons. They have efficiently uncovered the most
promising targets and put together an appropriate definition plan.
Timmins 2, Coucou, Riviere des Plantes, Trinx Junction as well as 3
other Timmins-like and serpentinite targets are in the priority
group for detailed investigation.
The last twelve months have been a period of extraordinary
turmoil of a rare global magnitude in the financial markets. We
believe that the subsequent efforts from the federal banks in most
G8 countries have set the stage for a new era of inflation. This
should, in turn, bring renewed interest in Gold as a monetary safe
haven.
As we continue to explore for large gold deposits as well as
other minerals in Quebec, we are confident that our efforts will
succeed in building a strong company with multiple mining assets
which will be very attractive for a senior mining entity to
acquire.
We are proud of our team and its achievements and thank our
shareholders for their loyalty and support.
About Golden Hope: Golden Hope Mines Limited is a mineral
exploration company that seeks to grow shareholder value through
the acquisition, exploration and development of potentially
large-scale gold, silver and base metal projects suitable for
underground and/or open-pit mining. The company's two areas of
interest are located in Quebec, Canada and Maine, U.S. The
Bellechasse gold project in Quebec includes the Timmins and Ascot
gold zones, the Coucou volcanic target and a number of newly
claimed serpentinite geological formations. For further information
on Golden Hope, visit www.goldenhopemines.com.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the company expects are
forward-looking statements. Although the company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the company,
investors should review registered filings at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Investor Relations: Auburn Partners (647) 430-8760
Golden Hope Mines: Louis Hoel President (416) 362-3509 (416)
864-0175 (FAX) Email: lhoel@goldenhopemines.com or
info@goldenhopemines.com Website: www.goldenhopemines.com
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