Golden Goose Resources Inc

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Message: Exploration Highlights - 2008

Exploration Highlights - 2008

posted on Jan 15, 2009 12:11PM

Exploration Highlights

Lac Levac Nickel Property (Ni, Cu and PGM)

On May 7, 2008, the Company announced a NI 43-101 resource estimate on its Lac Levac (nickel-copper-PGM) property in James Bay, Quebec. Measured and indicated resources are now estimated at 2,038,000 tonnes grading 1.06% Ni, 0.55% Cu, 0.07% Co, 1.03 g/t Pd and 0.23 g/t Pt, with an additional 1,053,000 tonnes in the inferred category grading 0.81% Ni, 0.32% Cu, 0.06% Co, 1.06 g/t Pd and 0.50 g/t Pt. The report was filed on Sedar on July 3, 2008.

Since the publication of the 43-101 report, the Company has acquired additional claims covering more than 100 km2 in the surrounding area, with the goal of increasing the potential for Ni deposits on the Lac Levac property. The acquisition closed on October 23, 2008, and the claims were acquired for a total consideration of $153,454, $25,000 of which was paid in cash and the balance of $128,454, representing the fair value, was paid by the issuance of 409,090 common shares of the Company.

The Company also conducted ground geophysics on several targets north of the main deposit on the Lac Levac property.

Magino Gold Property (Au)

On May 29, 2008, the Company announced a NI 43-101 resource estimate for the Magino Mine property in Ontario. The report concludes that the property hosts an inferred resource of 717,227 ounces of gold at an average grade of 5.94 g/t from the 200-metre level to a depth of 600 metres. This is in addition to a measured and indicated resource of 544,080 ounces from surface down to 200 metres estimated by Snowden in 2004. The new NI 43-101 resource estimate is based on the drilling carried on the property since early 2006. The report was filed on Sedar on June 19, 2008.

Based on the report recommendations, Golden Goose carried out some surface stripping at the Magino property in the summer of 2008. The operation lasted more than a month and revealed some very interesting showings on the property.

A NI 43-101 update of the surface resource by Innovexplo is on the way and will be released in the fourth quarter. We will further define our next drilling program, scheduled for the spring of 2009, once we receive the results of this resource calculation.

Given the NI 43-101 reports results on both properties, the Company remains positive about achieving its ultimate goal of reopening the Magino Gold Mine and developing a nickel mine in Northern Quebec. The Company will be pursuing work at both properties throughout 2008 to increase shareholder value

Liquidity and Capital Resources

As at September 30, 2008, total assets were at $15,841,198 compared with $17,062,365 as at December 31, 2007. Total cash available, composed of cash and cash equivalents and short-term investments, totalled $1,768,047 at the end of the quarter compared with $4,283,217 at last year end. This reduction in total cash available comes from cash used by operating activities and investing activities

Golden Goose requires additional funding to develop its properties

Development of the Magino and Lac Levac properties will require significant financial resources. As a result, Golden Goose will need to raise significant project financing, debt and additional equity. Failure to obtain such additional funding at critical times could lead to delay or indefinite postponement in the exploration and development of the project.

Outstanding Share Information (as at November 5, 2008)

Common shares

Common shares outstanding

47,704,278

Convertible instruments :

Warrants outstanding

112,500

Stock options outstanding

3,518,326

Fully diluted

51,335,104

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