TSX:GGD

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

New Drilling from GoGold’s Chispa South Intercepts 51 Meters of 53 g/t Silver Equivalent (AgEq) PLUS 1.35% Copper including 16 Meters of 151.4 g/t AgEq PLUS 2.89% Copper

NEWS RELEASE

October 11, 2012
PR# 24 - 2012

Trading Symbol: TSX-V: GGD
Shares Issued: 128,288,331


New Drilling from GoGold’s Chispa South Intercepts 51 Meters of 53 g/t Silver Equivalent (AgEq) PLUS 1.35% Copper including 16 Meters of 151.4 g/t AgEq PLUS 2.89% Copper


GoGold Resources Inc. (TSX-V: GGD), is pleased to announce new drilling results from the Chispa De Oro South target within the company’s San Diego Project in Durango, Mexico. Hole GGS-048 intercepted 51 meters of 53 g/t AgEq46 plus 1.35% copper including 16 meters of 151.4 g/t AgEq plus 2.89% copper. The intercept of 16 Meters of 151.4 g/t AgEq plus 2.89% copper in Hole GGS-048 represents higher grade mineralization that may correlate with 18.5 meters of 75.1 g/t AgEq46 plus 1.30% copper previously intercepted in Hole GGS-043 approximately 40 meters to the north.  This newly encountered zone is located below the bottom of some previously released drill holes and deepening of some of these holes may be warranted as we continue to define this target of higher grade silver and copper mineralization.  The current exploration focus of the company is one of target generation and discovery drilling outside of Chispa South as well as resource definition drilling at the Chispa South target.

Table 1: New Drill Results:
(Copper is not included in the Silver Equivalent calculation)

Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) Silver Equivalent  (g/t) Plus Copper (%)
               
GGS-047 2.6 29.6 27 0.04 20 21.8 -
GGS-047 29.6 43.6 14 - - - 0.60%
               
GGS-048 7.6 96.6 89 0.11 22.6 27.6 -
including 8.6 16.6 8 0.35 105.1 121 -
GGS-048 356 407 51 0.08 49.3 53 1.35%
including 356 372 16 0.24 140.4  151.4  2.89%
               
GGS-049 15 171.9 156.9 0.13 24 30 0.37%
including 15 63.9 48.9 0.22 57.8 67.9 0.79%
               
GGS-050 21.7 33 11.3 0.63 16 44.9 0.13%
               
GGS-051 5.5 77.7 72.2 0.08 26.2 29.9 0.32%
including 5.5 20.5 15 0.25 88.6 100.1 1.23%
               
GGS-43** 314.5 333 18.5 0.1 70.5 75.1 1.30%

True Widths are not yet determined. Orientation of the mineralization is not yet understood. *Silver/Gold ratio of 46:1 used for Silver Equivalent. Metallurgical recoveries and net smelter returns are assumed to be 100%.
** GGS-43 was previously released in press release #22, October 04, 2012

San Diego Project
The San Diego project claim group covers a 35 km x 10 km corridor of gold, silver and copper showings and alteration zones which may be related to underlying porphyry systems in the area. A detailed ground geophysical program has been completed and interpretation is being implemented to better define and direct future exploration on these targets.

Chispa South Target
The Chispa South Target located within the larger Chispa De Oro 3.5 kilometer mineralized zone has returned significant drill results from an intrusive quartz diorite and injection breccia which is believed to be part of the porphyry system. The breccia and the quartz diorite intrusive are exposed on surface and drilling to date within these rock units has indicated wide intervals of significant silver, gold, and copper grades as shown below.

Table 2: Coordinates of the new Chispa De Oro drill holes

HOLE_ID EAST NORTH ELEV Az Dip DEPTH
GGS-047 471120 2576276 725 0 -90 200.6
GGS-048 471009 2576275 761 0 -90 425
GGS-049 471127 2576135 724 0 -90 200.4
GGS-050 471120 2576175 715 0 -90 200.7
GGS-051 471116 2576068 720 0 -90 227.5
GGS-043 470984 2576356 740 143.1 -80 443

Core Samples
The core was either HQ or NQ in size in the surface holes. Holes were started at the larger HQ size and reduced to NQ if necessary. The drilling crew boxes the core and GoGold employees transport it to the core shack. In the core shack the core is geologically logged with sample lengths indicated. When the sample lengths are determined the core is split using an impact splitter with one half of the core being bagged and tagged for assay. The other half is returned to the core trays for storage.

Lab Preparation
The sealed and tagged sample bags are turned over to ActLabs personnel at the site who transport them to the ActLabs sample preparation facility in Zacatecas, Mexico. ActLabs crushes the samples and prepares 200-300 gram pulp samples. Ninety percent of the pulp will pass Tyler 150 mesh (106μm). The pulps are sent to ActLabs in Canada for analysis for Au/Ag fire assays with a gravimetric finish and ICP-41 for all the other elements. This process is expected to continue as additional drill core continues to arrive.

Mr. Ramon Luna P.Geo is the qualified person as defined by National Instrument 43-101 and is responsible for the geological information 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.