Junior Golden Goliath finding partners to help work Chihuahua claims

Vancouver – For a junior explorer, Golden Goliath (GNG-V) has a lot on its plate in Chihuahua, Mexico. In order to keep focused on its principal property the Uruachic silver-gold mining camp in the centre of the Sierra Madre Occidental the company has recently arranged a number of joint ventures for its more distant properties, one of the with Pan American Silver (PAA-T, PAAS-Q).

In late September Golden Goliath announced an option and joint venture agreement with a Mexican subsidiary of Pan American, Minera Corner Bay, for the early stage exploration of Golden Goliaths La Cruz silver-gold property. La Cruz, on the eastern edge of the Sierra Madre Occidental, hosts extensive old underground workings and dumps that have been inactive for at least 75 years.

The agreement gives Corner Bay the right to earn a 60% interest in La Cruz by making cash payments totaling US$300,000 and spending US$450,000 on the property over three years. The property refers to Golden Goliaths La Cruz claims, additional ground to be staked around La Cruz, and the La Cruzada property for which Corner Bay already has an option.

In mid-May Golden Goliath found a partner for two of its other properties: privately-held Comstock Capital has the right to earn a 60% interest in the silver-gold Corona and Chamizal properties. Corona is one the properties that makes up the western group in the Uruachic camp in western Chihuahua, while Chamizal in central Chihuahua is Golden Goliaths most distant property.

With JV-partners taking charge at La Cruz, Chamizal, and Corona, Golden Goliath is freed up to concentrate on its flagship site. Uruachic is a historic mining camp, where the bulk of production occurred between 1750 and 1825. The main town in the district, Uruachic even minted its own silver coins. Golden Goliaths hold on the area is made up of seven different properties in four groupings spread along a 25-km stretch. The companys current focus is on the more tightly-grouped eastern properties.

Golden Goliaths Uruachic camp covers an intense alteration zone associated with a collapsed volcanic caldera structure. The 8,415-hectare property lies in the Lower Volcanic Sequence of the Sierra Madre, which is the host unit for some 95% of the belts precious metal mineralization. Within Uruachic, Golden Goliath has identified six types of geological targets, ranging from old showings and high grade ore shoots to breccia-hosted tabular silver mineralization hosted and stratabound base metal mineralization in bedded tuffs.

The company recently completed six diamond drill holes in the vicinity of the old San Martin mine, part of the San Timoteo property in the northeast corner of the Uruachic camp, as well as five holes in a trget area between the San Martin mine and the old Las Animas mine. Assays are pending.

Golden Goliath plans to have four drill rigs working at Uruachic over the next few months. Over the last two months the company constructed 14.5 km of drill access roads and 30 drill pads in preparation for the enlarged drill program.

Over in central Chihuahua sits Golden Goliaths Chamizal property. Chamizal is a lead-zinc-silver target outside of the Sierra Madre. There are old mine workings in the northeast and southwest portions of the property; the southwestern workings comprise two tunnels that total more than 400 metres in length and contain large stopes where replacement style Pb-Zn-Ag mineralization has been mined.

Golden Goliath has a 52-week trading range of 23.5 to 55 with 42.3 million shares issued.