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Message: News Grandview 1.426 Million Oz Gold

News Grandview 1.426 Million Oz Gold

posted on Nov 08, 2007 11:15AM

Grandview's Final Carlin Trend Assays Extend Mineralized Zone; Drill Holes Return Gold Values as High as 3.06 g/tonne Over 20 ft.

Marketwire  Grandview Gold Inc.  November 8, 2007 - 05:00:05 AM  Grandview's Final Carlin Trend Assays Extend Mineralized Zone; Drill Holes Return Gold Values as High as 3.06 g/tonne Over 20 ft.   TORONTO, ONTARIO--(Marketwire - Nov. 8, 2007) - Grandview Gold Inc. (TSX:GVX)(OTCBB:GVGDF) ("Grandview" or the "Company"), as joint venture operator pursuant to its agreement with Mill City Gold Corp., is very pleased to announce final assay results on two additional holes drilled to test structural zones within the NI 43-101 compliant drill inferred 1.426 million ounce resource area on the Company's 28 square-mile Pony Creek/Elliot Dome property on the Carlin Trend in north central Nevada (the "Property"), but outside of areas targeted earlier in the drill program. Hole PC-07-21 returned 1.45 g/tonne gold over 16.7 m (0.042 opt over 55 ft) including a higher grade section of 3.06 g/tonne gold over 6.1 m (0.089 opt over 20 ft) and PC-07-18 assayed 0.53 g/tonne gold over 19.8 m (0.015 opt over 65 ft).  Grandview President and CEO Paul Sarjeant, B.Sc., P.Geo is thrilled by the cumulative results of the 2007 program at Pony Creek, saying "We couldn't be more pleased about the Company's Nevada program. We've had a stellar season, announced some very significant news, and have much to look forward to next exploration season. These last two holes indicate continuation of the mineralized zone and a potential new target area, and we will be weighting the data against historic drilling in the vicinity to help us design drill targets for 2008. Certainly, we will be looking at how we can, over time, upgrade our 1.426 million ounce gold inferred resource, but in so doing we will be drilling more holes, drilling deeper and refining our targets with the end goal of having a major gold producer sit up and take notice."    Table 1. Significant Assay Results from PC-07-18 and PC-07-21 -------------------------------------------------------------------------- DDH#       From m (ft)     To m (ft)   Length m (ft)(i)   Au g/tonne (opt) -------------------------------------------------------------------------- PC-07-18   132.6 (435)   152.4 (500)          19.8 (65)       0.53 (0.015) -------------------------------------------------------------------------- PC-07-21     29.0 (95)    45.7 (150)          16.7 (55)       1.45 (0.042) --------------------------------------------------------------------------  incl       38.1 (125)    44.2 (145)           6.1 (20)       3.06 (0.089) -------------------------------------------------------------------------- (i) Drill hole intercept length should not be assumed to be true     thicknesses    The PC-20 zone refers to a target area within the inferred resource area, first drilled by Newmont Mining Corp. ("Newmont") in 1981. Results from PC-07-21 and PC-07-18 as well as for holes 16, 19, and 20 released earlier this season, appear to confirm Grandview geologists' interpretation of a north-south structural control on mineralization in the inferred resource area.  The PC-07-21 target concept, while similar to the PC-07-16, 19, and 20 target concept, was applied to a north-south structure area located 370 m west of the PC-20 zone. Mineralization in PC-07-21 is located immediately at the contact between the Pony Creek rhyolite unit and the underlying sandstone unit, similar to the geology around hole PC-20. The step-out was considerable and into an area with less historical data. Company geologists however, were confident of the target's potential and are encouraged by the results and possibility of enlarging and ultimately upgrading the inferred resource area.  Hole PC-07-18 was located approximately 150 m (500 ft) northwest of the PC-20 area and was designed to intercept another structural zone within the Pony Creek rhyolite. The holes intercepted a wide envelope of gold values that defined the structure within the intrusive unit but did not intercept the sediment unit in proximity to the structure.    Table 2. Chronology of Significant Assays: Relevant Historic Holes within          the PC-20 Zone --------------------------------------------------------------------------- DDH#         From m (ft)     To m(ft) Length m (ft)(ii)    Au g/tonne (opt) --------------------------------------------------------------------------- PC-07-19(i) GVX 2007     111.2 (365)  153.9 (505)        42.7 (140)        2.59 (0.075) ---------------------------------------------------------------------------  incl        123.4 (405)  140.2 (460)         16.8 (55)        5.90 (0.172) ---------------------------------------------------------------------------  incl        123.4 (405)  132.6 (435)          9.2 (30)        9.49 (0.277) ---------------------------------------------------------------------------  incl        123.4 (405)  125.0 (410)           1.6 (5)       13.45 (0.392) --------------------------------------------------------------------------- PC-07-20(i) GVX 2007     126.5 (415)  173.7 (570)        47.2 (155)        1.33 (0.039) ---------------------------------------------------------------------------  incl        131.1 (430)  155.5 (510)         24.4 (80)        2.21 (0.064) ---------------------------------------------------------------------------  incl        135.6 (445)  141.7 (465)          6.1 (20)        4.12 (0.120) ---------------------------------------------------------------------------  incl        152.4 (500)  155.4 (510)          3.0 (10)        4.39 (0.128) --------------------------------------------------------------------------- PC-07-16(i)  GVX 2007     128.0 (420)  164.6 (540)        36.6 (120)        2.18 (0.064) ---------------------------------------------------------------------------  incl        128.0 (420)  134.1 (440)          6.1 (20)        3.18 (0.093) ---------------------------------------------------------------------------  incl        152.4 (500)  164.6 (540)         12.2 (40)        3.29 (0.096) ---------------------------------------------------------------------------  incl        153.9 (505)  155.5 (510)           1.5 (5)       10.05 (0.293) --------------------------------------------------------------------------- PC-06-06(i)  100.6 (330)  109.7 (360)          9.1 (30)        2.72 (0.079) GVX 2006 ---------------------------------------------------------------------------  incl(i)     100.6 (330)  112.5 (340)         3.05 (10)        5.36 (0.156) --------------------------------------------------------------------------- PC-05-02(i)  GVX 2005     120.4 (395)  137.2 (450)         16.8 (55)        5.10 (0.149) ---------------------------------------------------------------------------  incl(i)     126.5 (415)  129.5 (425)         3.05 (10)       12.50 (0.365) --------------------------------------------------------------------------- PC-20(i)      Newmont 1981 123.4 (405)  157.0 (515)        33.5 (110)        5.73 (0.167) ---------------------------------------------------------------------------  incl(i)     125.0 (410)  132.6 (435)          7.6 (25)        5.66 (0.165) ---------------------------------------------------------------------------  incl(i)     134.1 (440)  141.7 (465)          7.6 (25)       15.43 (0.450) --------------------------------------------------------------------------- (i) Previously reported (ii) Drill hole intercept length should not be     assumed to be true thicknesses.    PC-07-18 and PC-07-21's step-out locations and target depths were calculated by Grandview geologists by incorporating geological data with assays from all Pony Creek holes drilled this season, PC-06-06 drilled by the Company in 2006, PC-05-02 drilled by the Company in 2005 and historic PC-20 drilled by Newmont in 1981. Significant assays from earlier in the 2007 program, plus those from PC-06-06 and PC-05-02 are included for chronological reference in Table 2 above. See the Company's news releases dated September 26, October 10 and November 1, 2007 for details of the 2007 Nevada drilling program. For details of PC-06-06 and PC-05-02, see Grandview news releases dated December 20, 2006 and February 1, 2006 respectively. For details of PC-20 see the Report on  A 1.426 million ounce drill inferred resource at Pony Creek South and North was identified on the property by the previous operators. The National Instrument 43-101 report (the "Report") dated March 18, 2004 titled "Evaluation of the Gold Resource on the Pony Creek Property", was prepared by Rick H. Russell, MSc, a licensed geologist and can be reviewed at  Grandview Chairman, Dr. Michael Hitch, M.Sc, Ph.D, P.Geo concludes, "It is significant that the Company announces a successful close to its 2007 program in Nevada almost one year to the day that it announced the appointment of Paul Sarjeant to the office of President and CEO of the Company. I believe I speak on behalf of the entire board of directors when I propose that that decision was of strategic benefit to the Company and to its shareholders."  The drilling program was carried out under the supervision of Paul Sarjeant, B.Sc, P.Geo, President and CEO of Grandview, who is a "qualified person" as defined by NI 43-101. The information in this release was reviewed by and prepared under the direction of Paul Sarjeant. All samples were prepared and analyzed by ALS Chemex, with sample preparation in Elko and analysis in Vancouver.  About the Carlin Trend  The Carlin Trend is the second richest gold district in the world, second only to Witwatersrand South Africa. Carlin Trend mines have produced more than 75 million ounces of gold to date, worth over USD$58 billion at today's prices. More than 100 million ounces gold of proven and probable reserves worth over USD$78 billion remain in the ground. A detailed Regional Activity map of the Carlin Trend, including historic production and probable reserves, can be found on the Company website at  About Pony Creek/Elliot Dome  Under the terms of an option agreement with Mill City Gold Corp., the Company has earned an 80% interest in the Property. The Pony Creek/Elliott Dome Property represents the largest consolidated land position on the Carlin Trend not already owned by a major resource company. The Property is situated at the south end of the Carlin Trend between Barrick Gold Corporation's 4.5 million ounce (USD$3.5 billion) Bald Mountain Mine and Newmont's 5 million ounce (USD$3.9 billion) Rain/Emigrant Springs.  Exploration Status  The Company has completed its 2007, 3,910.6 m (12,830 ft) drill program on the Property over the Pony Creek South, Pony Creek West and Red Rock target areas. In the Rice Lake District, the Company has commenced diamond drilling on the Angelina project near the Rice Lake Gold Project. Grandview geologists are preparing to return to the Red Lake District to drill on the Sanshaw-Bonanza property.  This document may contain forward looking statements, relating to the Company's operations or the environment in which it operates, which are based on Grandview Gold Inc.'s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or beyond Grandview Gold Inc.'s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place undue reliance on such forward-looking statements. Grandview Gold Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED RESOURCES  This section uses the term "inferred resources." We advise U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. "Inferred resources" have a great uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically and legally mineable.   FOR FURTHER INFORMATION PLEASE CONTACT:   Grandview Gold Inc. Paul Sarjeant  (416) 486-3444 #113   Website:
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