2008-02-05 13:55 ET - News Release

See News Release (C-JNY) Journey Resources Corp

Mr. Jack Bal of Journey reports

JOURNEY AND GRENVILLE GOLD ENTER INTO JOINT VENTURE ON SILVERIA PROJECT

Journey Resources Corp. and Grenville Gold Corp. have, subject to regulatory approval, entered into a joint venture agreement whereby Journey may acquire from Grenville, through its wholly subsidiary, up to a 75-per-cent interest in and to certain mining claims comprising the Silveria property, located in the Huarochiri province of Peru, by financing up to a total of $11.8-million in exploration and development expenditures toward advancing the project into production.

Highlights:

The Silveria claims encompass the past-producing Pacococha, Millotingo, Silveria and Germania mines located in the San Mateo mining district, province of Huarochiri, department of Lima, Peru.
The Silveria property is 3,959 hectares, approximately 80 kilometres east of Lima, Peru, and 30 kilometres southwest of Peru Copper's Toromocho property and Pan American Silver's Morococha mine.
A total of 2.6 million tons of mill feed is reported to have been produced (Cavanagh and Glover, 1990), at an average grade of 14.50 troy ounces per short ton of silver with gold as a byproduct (an average head grade of 21.50 troy ounces per short ton of silver is reported for production years 1962 to 1973) (Stone, David, PEng, Godden, Stephen, CEng, FIMMM, technical report on the Silveria project, Aug. 20, 2007).

PAST PRODUCTION FROM MILLOTINGO
MINE

Ag (oz) Cu (lb) Zn (lb)

39 mil 97 mil 44 mil

GRAB SAMPLES REPORTED IN GRENVILLE'S NEWS IN STOCKWATCH DATED JUNE 4, 2007

Sample No. Vein Au g/t Ag g/t Cu % Pb % Zn %

PA-17 Germania 0.325 274 3.90 3.65 4.92
PA-21 Reserva 0.322 103 0.13 2.32 19.70
PA-28 Ernesto Segundo 0.717 2200 0.12 6.79 8.85
PA-34 Millotingo 2.63 401 0.01 0.04 0.07

Background

Grenville has recently received reports from its Peruvian subsidiary that the mineral titles in the Silveria region now total 3,959 hectares. This includes 2,487.23 hectares in mineral titles that have been granted by the Peruvian government, 141 hectares of mineral titles won by auction and 1,330.76 hectares of mineral titles purchased. The Silveria claims encompass the past-producing Pacococha, Millotingo, Silveria and Germania mines located in the San Mateo mining district, province of Huarochiri, department of Lima, Peru.

Grenville has advanced the property as rapidly as possible since acquiring the claims in January, 2007. To date, Grenville has completed a National Instrument 43-101 technical report on the project, purchased 3,393 hectares of land, digitized previous mine plans, completed a topographical map, completed a 3-D model of the Pacococha mine, obtained a blasting permit, continued rehabilitation of several mine portals and started stockpiling mineralized rock for transportation to one of the local mills in the area for processing.

The Silveria property NI 43-101 technical report is available for viewing on Grenville's website.

As previously reported in Grenville's news in Stockwatch dated June 4, 2007, the property was in production up until 1991, but has not received serious attention until now. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December, 1990, on the Millotingo and Pacococha mine is available through "the Peru Report's Guide to Mines and Miners in Peru -- Las Minas Del Peru,"; 1992, pages 197 to 199, 223 to 225, researched and edited by Jonathon Cavanagh (published by Peru Reporting Servicios Editoriales S.R.L.).

Few readily available details exist on the Millotingo mine, which is reported to have closed down in 1992 due to a combination of weak metal prices and local terrorist activity by Shining Path. It has, however, been reported (Lamond, 2006, Cavanagh and Glover, 1990) that the Millotingo deposit is characterized by 0.5-metre-to-one-metre-wide, silver-rich/base-metal-depleted veins that were mined from 1962 to 1992 by Cia Minera Millotingo S.A. During this 30-year period, a 350-ton-per-day mill was operated at the mine.

A total of 2.6 million tons of mill feed is reported to have been produced (Cavanagh and Glover, 1990), at an average grade of 14.50 troy ounces per short ton of silver with gold as a byproduct (an average head grade of 21.50 troy ounces per short ton of silver is reported for production years 1962 to 1973), from which a total of 95,000 tons of silver concentrates is reported to have been produced, which contained about 39 million ounces of silver and 90,000 ounces of gold (Cavanagh and Glover, 1990).

On closure, the mine had a reported mineral resource of 661,000 tons grading 12.8 troy ounces per ton of silver (Cavanagh and Glover, 1990). The resource estimate is not compliant with NI 43-101 and in any event, the available (developed) resources were subsequently depleted due to an unknown amount of independent/artisan mining activity, evidence for which could be seen at the Millotingo mill site during MineFill's January, 2007, site visit. (Stone, David, PEng, Godden, Stephen, CEng, FIMMM, technical report on the Silveria project, Aug. 20, 2007).

These data are historical production, which has not been sufficiently verified by a qualified person to be classified as current production calculations. Neither Grenville nor Journey are treating this historical production as current production and therefore, this historical production should not be relied upon.

The terms of the joint venture agreement between Grenville, its wholly owned Canadian subsidiary, its 90-per-cent-owned Peruvian subsidiary and Journey include certain financing and expenditure requirements by Journey. Journey must finance an amount of $1.3-million in development and exploration expenditures on the property on or before March 15, 2008, and a further $1.5-million by June 15, 2008, at which time Journey will have been deemed to have earned a 25-per-cent interest in and to the property. If Journey finances a further $3-million in development and exploration expenditures on the property, on or before Nov. 30, 2008, Journey will have earned a 50-per-cent interest in and to the property under the joint venture. At this time, Journey will maintain an option to earn an additional 25-per-cent interest in and to the property for a total 75-per-cent interest, by financing a further $6-million in development and exploration expenditures on the property on or before Jan. 31, 2011. Grenville shall, however, have a one-time option to elect to finance the equivalent amount of $6-million under the joint venture in order to maintain its interest of 50 per cent and have the joint venture continue to run on a 50/50 basis. All funds are to be deposited into a joint venture account within the required time limits for the purpose of financing work on the property under the joint venture.

Subject to regulatory approval, Journey will be paying a finders' fee in the amount of 400,000 common shares of its capital in connection with this transaction.

Paul Gill, president of Grenville, commented, "We are very pleased to have finalized agreements with Journey and look forward to jointly developing the property with the continued intention of placing the property into production as soon as possible."

Jack Bal, president of Journey, commented, "We are very excited about concluding agreements with Grenville Gold on the Silveria property and look forward to commencing a work program on the property immediately."

We seek Safe Harbor.

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