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March 3rd, 2008 - King's Bay Gold Corporation (TSX.V: KBG) and Mainstream Minerals Corporation (TSX.V-MJO) are pleased to announce the commencement of a large Phase 2 diamond drilling program at their high-grade gold Bobjo Mine Project located in Earngey and Agnew Townships, Red Lake, Ontario. This project is the site of a number of recent discoveries made during a Phase 1 diamond drilling program that included high-grade gold, strategic rare metals and rare earth elements.
Bobjo Mine Project
The partners are pleased to announce the commencement of their largest exploration program ever at one project which will involve 15,000 metres of drilling using two machines with one being a large machine from an independent drilling contractor equipped for deep drilling. King's Bay and Mainstream are also presently in the process of acquiring more ground.
The initial 2007 Phase 1 exploration program of 5,300 metres included a new high-grade gold discovery with gold being intersected in almost every hole. It also included a new rare metals and rare earth elements discovery that could possibly prove to be very valuable because of the ever increasing industrial and consumer demand for such materials.
The decision to commence this large Phase 2 drilling program came about after an extensive study and compilation of all available government and geophysical data outlining numerous positive drill targets. The joint venture partners also want to follow-up the results achieved in the very successful initial 2007 Phase 1 diamond drilling program. The work presently being carried out by the partners represents the first modern, systematic exploration of this property since 1929.
Phase 2 Bobjo Drill Targets
Many drill targets have been established and prioritized. The first three drill targets will include:
1) Follow up drilling in the area of the new high-grade gold discovery.
2) Follow up drilling in the area of the new rare metals and rare earth elements discovery.
3) Testing of a large Magnetic High located approximately 2,000 metres to the south of the old Bobjo Mine shaft where two conductors crisscross in the middle. Two parallel faults and two parallel cross faults also meet up at this same location. It is also located along a contact where the mafic volcanic rocks meet up with an intermediate to felsic volcanic zone. This target is on strike and in close proximity to the past producing Uchi Gold Mine.
Highlights of the initial 2007 Phase 1 diamond drilling program included:118.880 g/t Au over 1.20 metres
93.090 g/t Au over 0.20 metres
53.610 g/t Au over 2.45 metres32.950 g/t Au over 1.10 metres29.010 g/t Au over 0.30 metres20.030 g/t Au over 0.50 metres18.184 g/t Au over 0.50 metres15.659 g/t Au over 0.50 metres
14.600 g/t Au over 0.25 metres
12.800 g/t Au over 0.50 metres12.001 g/t Au over 0.50 metres11.301 g/t Au over 0.80 metres 10.950 g/t Au over 1.40 metres
9.711 g/t Au over 0.50 metres
9.452 g/t Au over 1.00 metres8.701 g/t Au over 1.10 metres8.450 g/t Au over 3.40 metres
8.051 g/t Au over 0.50 metres6.847 g/t Au over 1.00 metres6.787 g/t Au over 0.50 metres6.290 g/t Au over 0.80 metres6.250 g/t Au over 1.50 metres
6.061 g/t Au over 0.40 metres
5.428 g/t Au over 0.50 metres
5.081 g/t Au over 0.20 metres
5.060 g/t Au over 0.50 metres
5.056 g/t Au over 0.50 metres
5.001 g/t Au over 0.30 metres
4.955 g/t Au over 2.00 metres
4.590 g/t Au over 1.20 metres
4.140 g/t Au over 2.00 metres
2.557 g/t Au over 8.75 metres
The joint venture is 50 % Kings Bay Gold (TSX.V: KBG) and 50 % Mainstream Minerals Corporation (TSX.V: MJO) with Mainstream Minerals being the Operator of the project. Geologist John Archibald, A.P.G.O. is the Qualified Person under National Instrument 43-101 for this project. The samples herein were analyzed by SGS Canada Inc.'s laboratory.
Complete gold, rare metals and rare earth elements assay results can be seen on the company's website at www.kingsbaygold.com and on a news release dated January 8th, 2008. The rare metals and rare earth elements discovery zone is located along a fault structure with an approximate ten-kilometre strike length.
The area has a long history of gold and base metal production dating back 80 years. It is noted that the Bobjo Mine Project is located between two past producing mines - the South Bay Zinc / Copper Mine and the Uchi Lake Gold Mine. An existing power line passes through the southern part of the property and the property itself is within trucking distance to the Placer Dome / Goldcorp Mill in Red Lake, Ontario. The land package is currently comprised of 259 claim units totaling 10,360 acres. Assay results will be announced when received and verified.
Other Strategic Company Projects
Targets: Gold, Diamonds, Uranium, Base Metals, Platinum, Molybdenum
(1) The Headway Project: This joint venture project is probably the most strategically located land package in all of Canada being located directly adjacent and southwest of Canada's richest gold mine (Goldcorp's Red Lake Mine) where the Goldcorp high-grade zone also dips to the southwest towards King's Bay. The company is presently evaluating the possibility of a future aggressive deep drilling program, but would need to conduct a large financing in order to do so. Ownership is 75% King's Bay Gold, 15% Richview Resources and 10% Palomino Mining.
(2) The Sakoose Mine: The Sakoose Gold Mine produced gold from 1897 to 1902 until operations were suspended when the mill burned down in 1902. During that time, it was only mined to a depth of approximately 60 metres. Production totaled 3,669 ounces of gold from the 8,828 tons extracted (= 0.41 oz Au/ton). There is an estimated 50,000 tons remaining in the deposit. It is open along strike in both directions and at depth. The property has seen limited exploration since 1902 and most of the past drill holes were at shallow depths. King's Bay intends to drill this property later this year. The primary target will be the possible extension of this gold deposit. Ownership is 100% King's Bay.
(The calculations and results shown in the news release dated August 29th, 2007 are pre-National Instrument 43-101 and are therefore not compliant with National Instrument 43-101 requirements. The Company is not treating the historical estimates and results as accurate or current. Readers are cautioned not to place undue reliance on these historical estimates and results.).
(3) Halkirk-North Rock Area Project: This property is located directly adjacent and on strike of a very recent new Diamond discovery. It is located about 25 kilometres east of Fort Frances, Ontario. The area is also host to many base metal and platinum occurrences. King's Bay can drill this project at any time but will wait to see more diamond results from their neighbor before commencing with another exploration program at the property. Ownership is 100% King's Bay.
(4) Pennock Lake in the Setting Net Lake area: This property hosts a large number of Uranium occurrences that correlate with a new government Radiometric Survey that has identified many new radiometric anomalies. Two parallel faults also traverse the claims in a southeast to northwest direction. All of the Uranium showings are located south of the main fault system traversing the property. It also hosts many zinc, copper, silver and molybdenum showings. Other companies are presently exploring and getting significant results in the area around this project. Ownership is 100% King's Bay.
(5) Pickle Lake Project: This joint venture property is located between 3 past producing gold mines in the Pickle Lake area, Ontario. The partners are presently compiling data before going ahead with another drilling program. Other companies are also presently conducting exploration programs in the immediate area. Ownership is 75% Richview Resources and 25% King's Bay.
The company is excited with the commencement of this large Phase 2 drilling program at the Bobjo Mine Project and with the fact that other companies are making discoveries or conducting exploration programs around these King's Bay Gold projects.
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.
KBG Shares Outstanding: 38,654,350 Approximate Cash on hand: $2.3 million
King's Bay Gold Corporation Richard Rivet President & CEO (204) 253-4653info@kingsbaygold.comwww.kingsbaygold.com
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.
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