VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 5, 2006) - THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION IN THE UNITED STATES. Georgia Ventures Inc. (TSX VENTURE:GVI) (FWB:G4Y) ("Georgia") announces that diamond drilling is now underway on the Bogutu Main Gold Zone. Bogutu is one of several epithermal gold occurrences located on its Towerstone Copper-Gold Project, Xinjiang Autonomous Region, Northwest China. Georgia has the right to earn up to an 85% interest in the project, which covers an area of approximately 500 square kilometres along the Tien Shan mineral belt.
The drill program will consist of a minimum of seven angle holes aimed at testing the mineralization at vertical depths in the 50 to 150 m range. Previous work on the main zone by the Chinese included surface trenching and four vertical drill holes totalling 466 metres. Based on this work the Main Zone was traced on surface over a strike length of 800 metres. Historical drill and trench results are as follows:
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Hole # From (m) To (m) Length (m) Au (g/t)
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ZK121 88.21 97.48 9.27 1.25
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ZK111 43.06 121.11 78.05 1.69
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includes 90.6 103.87 13.27 7.06
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ZK112 21.04 30.08 9.04 1.13
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53.96 55.21 1.25 17.12
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58.4 67.87 9.47 0.83
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75.47 89.44 13.97 2.33
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127.41 140.91 13.5 1.29
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142.84 148.6 5.76 1.6
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ZK401 1.45 12.45 11 0.51
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51.79 54.63 2.84 1.57
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72.82 79.82 7 0.67
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Historical results from 16 trenches excavated in 1999 by the Xinjiang Gold Corporation are tabulated below. Trenches were located at 40m intervals covering an 800 metre strike length within the main Bogutu gold zone.
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Total sample Grade
Trench # length (m) (g/t Au)
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1 3 1.73
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2 10.2 2.02
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3 9.6 3.79
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4 10.4 1.86
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5 5.0 1.08
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6 8.9 3.95
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7 6.6 3.93
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includes 2.5 5.13
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8 8.5 1.89
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9 2.0 3.54
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10 23.8 3.10
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11 16.7 2.84
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12 6.1 3.93
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13 9.0 2.42
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and 2.0 3.56
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14 4.4 2.08
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and 6.9 2.71
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15 2.6 1.96
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and 3.2 1.21
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16 2.0 1.38
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and 0.8 1.72
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The Company has relied upon historical results from previous exploration work at Bogutu. As the results quoted above refer to sampling undertaken before current quality assurance/quality control and sample protocols were adopted, these results should be considered "historical" in nature and can only be used as a quantitative guide as to the relative tenor of mineralization and should not be relied upon.
All core samples will be split at the Company's exploration camp, under the supervision of Dr. Fabrizio Colombo, Chief Geologist and Project Manager. Dr. Colombo is responsible for program design and quality control of exploration undertaken by the Company in China. Core samples will be crushed to 1.00 mm in size. 200 gram samples will be submitted to ALS Chemex's lab in North Vancouver, B.C. to be pulverized and fire assayed with an AA finish. Standards, blanks and duplicates will be routinely inserted in the stream of core samples for quality control.
Dr. Luca Riccio, P. Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of the technical information contained in this News Release.
The Company also announces that it will not be proceeding with the private placement as announced on April 27th.
The Company also announces that its common shares have commenced trading on the Frankfurt Stock Exchange under the symbol - G4Y.
On behalf of The Board
Jonathan W. George, President
This press release contains "forward looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements prove to be accurate and actual results and future events could differ materially from those anticipated from such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Georgia Ventures Inc.
Mr. Jonathan George
(604) 694-0005
(604) 684-9365 (FAX)
www.georgiaventures.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
