MONTREAL, Sept. 2 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to announce that it has retained the services of independent consulting firm InnovExplo Inc. of Val-d'Or, Quebec, to carry out a NI 43-101-compliant Scoping Study for the Magino gold project near Wawa, Ontario. Golden Goose intends to use the study as a basis for future exploration works with the objective to develop an underground operation with ore trucked to regional mill for processing.
The study will be primarily based on the 43-101 resource estimate prepared by InnovExplo and released on May 29, 2009, which reported a measured and indicated resource of in excess of 453,000 ounces of gold at a grade of 6.74 g/t and an inferred resource of 1,100,000 ounces of gold at a grade of 6.29 g/t. This estimate was calculated using a cutoff grade of 3.0 g/t; using a higher cutoff of 5.0 g/t results in a measured and indicated resource of approximately 345,000 ounces grading 8.90 g/t and an inferred resource of approximately 800,000 ounces grading 9.08 g/t.
Assuming the economic analysis of the deposit is positive, the study will also outline a proposed underground exploration program that includes mine dewatering and rehabilitation, drilling from the existing workings to increase resource quality and quantity, and bulk sampling to validate geological and mining parameters. The Company expects to receive the final study report by the end of March 2010.
"This study is another crucial step in the development of the Magino gold project for Golden Goose," said Francois Perron, President and Chief Executive Officer of Golden Goose. "It will enable us to determine the economic parameters of the project and efficiently plan the development of the underground resources in order to optimize our future exploration and development efforts."
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metal and nickel properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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