TSX:GGD

A Canadian-based gold and silver producer
with properties in Mexico

GoGold Makes New Discovery of Wide Spread Gold and Silver Mineralization At Chispa De Oro Alteration Zone at its San Diego Project in Mexico

NEWS RELEASE

August 10, 2011
PR 13 - 2011

Trading Symbol: TSX-V: GGD
Shares Issued: 55,966,665


GoGold Makes New Discovery of Wide Spread Gold and Silver Mineralization At Chispa De Oro Alteration Zone at its San Diego Project in Mexico


New Gold/Silver Mineralization Discovery San Diego East

Terry Coughlan, President and CEO of GoGold Resources Inc. (TSX-V: GGD), is pleased to announce that mapping and sampling by our geological team at San Diego East (Chispa De Oro) which is located 13 km southeast of the San Diego North (Breccia Hill Open Pit Target) area have discovered wide spread gold and silver mineralization within a 2500 metre long x 750 metre wide altered Andesite zone. A total area of 1000 m x 750 m has been mapped and 1380 Samples have been assayed to date and mapping and sampling continues on the remaining alteration zone. The 1380 samples returned a weighted average of 0.40 g/t Gold Equivalent* (0.205 g/t Gold, 9.20 g/t Silver). The samples were taken in 2 meter intervals and are continuous trenches where the terrain allowed. Some of the more significant trench results can be found in the following table:

Table #1 – Highlights of Trenches at San Diego East (Chispa De Oro)

Sample Interval (metres) Gold Equivalent (g/t)* Gold (g/t) Silver (g/t)
SDL-505 40 0.41 0.11 13.87
SDL-508 48 0.43 0.14 13.38
SDL-514 18 0.48 0.25 10.67
SDL-515 4 1.07 0.25 38
SDL-516 18 1.28 0.38 41.44
SDL-517 14 1.82 0.47 62.14
SDL-518 10 0.69 0.15 24.6
SDL-520 110 0.5 0.16 15.54
SDL-521 18 1.29 0.3 45.7
SDL-540 28 0.45 0.14 14.21
SDL-541 16 0.53 0.11 19.25
SDL-543 6 0.48 0.17 14.67
SDL-545 6 1.07 0.37 32.33
SDL-546 10 0.77 0.46 14.4
SDL-547 8 0.41 0.18 10.25
SDL-550 4 0.57 0.08 22.5
SDL-551 4 3.09 1.17 88.45
SDL-552 6 0.93 0.78 7
SDL-553 8 1.01 0.82 8.75
SDL-555 8 0.51 0.28 10.5
SDL-558 8 2.65 2.46 8.75
SDL-559 10 1.6 1.22 17.6
SDL-563 6 1.2 1.12 3.66
SDL-565 16 0.72 0.43 13.25
SDL-566 4 1.03 0.74 13.5
SDL-568 4 0.89 0.63 12
SDL-578 102 0.5 0.29 9.5
SDL-584 18 0.44 0.15 13.22
SDL-589 4 1.51 0.61 41.5
SDL-590 6 0.75 0.41 15.66
SDL-593 4 0.74 0.53 10
SDL-594 20 0.42 0.16 11.8
SDL-596 18 1.74 0.37 62.71
SDL-601 6 4.87 4.14 33.66
SDL-602 4 1.29 0.74 25.5
**SDL-603 **24 9.72 7.62 96.48
SDL-606 16 1.18 0.36 37.75

*Silver/Gold ratio of 46:1 used for Gold Equivalent. (Metallurgical recoveries and net smelter returns are assumed to be 100%) The orientation of the mineralization is not yet determined.
**SDL- 603 is along strike of the structure.

 

Table #2 – Additional Trenches Containing Significant Gold and Silver Mineralization from San Diego East (Chispa De Oro)

Sample Interval (metres) Gold Equivalent (g/t)* Gold (g/t) Silver (g/t)
SDL-500 12 0.23 0.05 8.19
SDL-501 44 0.18 0.04 6.57
SDL-503 86 0.31 0.09 10.57
SDL-504 32 0.32 0.09 10.39
SDL-506 26 0.27 0.07 9.36
SDL-507 40 0.39 0.07 14.55
SDL-507 30 0.21 0.03 8.35
SDL-507 46 0.22 0.08 6.43
SDL-509 16 0.35 0.08 12.63
SDL-510 8 0.3 0.1 9.5
SDL-511 20 0.24 0.07 7.5
SDL-512 12 0.24 0.05 8.67
SDL-519 6 0.13 0.05 4
SDL-524 6 0.17 0.11 2.67
SDL-537 8 0.17 0.03 6.5
SDL-538 14 0.33 0.08 11.43
SDL-539 6 0.14 0.05 4.33
SDL-542 56 0.25 0.07 8.54
SDL-544 32 0.27 0.15 5.88
SDL-548 20 0.38 0.21 7.8
SDL-564 6 0.24 0.17 3.33
SDL-579 62 0.21 0.06 6.67
SDL-580 34 0.23 0.05 8.41
SDL-581 56 0.38 0.13 11.6
SDL-582 16 0.14 0.06 3.62
SDL-583 4 0.27 0.07 9
SDL-588 12 0.2 0.12 3.66
SDL-592 6 0.32 0.1 10
SDL-595 28 0.28 0.09 8.78
SDL-597 14 0.36 0.08 12.85
SDL-598 24 0.35 0.07 12.91
SDL-599 8 0.2 0.04 7.5

*Silver/Gold ratio of 46:1 used for Gold Equivalent. (Metallurgical recoveries and net smelter returns are assumed to be 100%) The orientation of the mineralization is not yet determined.

Within the disseminated Gold and Silver mineralization, a number of structures have been identified. One of these structures contained a small old working that when sampled returned 24 metres of 9.72 g/t** Gold Equivalent (7.62 g/t Gold, 96.48 g/t Silver) along the strike of the structure. The true width of the structure is 2.0 metres and one of the samples returned 65.20 g/t* gold equivalent at 2 metres true width (57.16 g/t Gold and 369.97 g/t Silver).

The full size and potential of Chispa De Oro’s mineralized area is currently being interpreted by the geological team and further updates will follow shortly as mapping and sampling continues. Should a significant portion be mineralized, San Diego East (Chispa De Oro) has the potential to represent another large bulk tonnage target within the San Diego Project.

*(Silver to gold ratio is 46:1 for gold equivalent)

Sample Protocol and Trench Techniques

Samples were collected on surface and underground with hammer and chisel along a continuous line of exposed rock. Fragments or chip samples from a channel approximately 5cm or less in depth were collected in numbered plastic sample bags, and approximately 2 to 3 kg of rock was collected. Sample intervals are marked on the rock with spray paint along with the sample number. All samples collected by GoGold were supervised by Ramon Luna P.Geo. These samples were bagged, tagged and sealed at the sample site and delivered to ACTLAB in Zacatecas, Mexico.

All samples were processed by method (A.A) Atomic Absorption FAG323 and ICP14. All samples were first assayed by method FAG323 for gold and silver which has detection limits for Au of 3 g/t and Ag 5 g/t. A 30g sample was assayed by Fire Assay with an AAS finish for Au and a gravimetric finish for Ag.

 

Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the preparation of this release.

For further information please contact:
Terence F. Coughlan, President and CEO
or
Sean Tufford, Vice President - Corporate Development
GoGold Resources Inc.
T: 902 482-1998
F: 902 442-1898

Email : This email address is being protected from spambots. You need JavaScript enabled to view it.

Or visit : www.gogoldresources.com

 

CAUTIONARY STATEMENT:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of GoGold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from GoGold’s expectations are exploration risks detailed herein and from time to time in the filings made by GoGold with securities regulators.

(Not for distribution to US wire services or for dissemination in the United States of America)