EXHIBIT 99.1
Golden River Resources Announces High Grade Surface Results
MELBOURNE, Australia--(BUSINESS WIRE)--Nov. 29, 2006--Golden River
Resources Corporation, (OTCBB:GORV), a Delaware Corporation
specializing in gold exploration, is pleased to announce it has
received results from surface sampling at its exploration properties
within the Slave Craton Nunavut, Canada.
Golden River Resources advises that the recently completed
exploration program follows up a highly successful 2004 examination
with a focus on re-examining key areas for a planned winter drill
program.
During our summer field program, a total of 901 samples were taken
in and around the Contwoyto Lake and Hood River concessions within the
Slave Craton. Sample preparation and analysis was conducted by Acme
Analytical Laboratories Ltd of Vancouver, B.C. Samples were analysed
with a 36 element geochemical procedure and gold fire assays were
conducted where warranted. The field program and sampling was under
the direct supervision of Bruce Goad, PGeo, a Qualified Person under
NI 43-101.
Hood River Concession
Our Hood River concession covers 15,450 acres of prospective
ground in the High Lake volcanic belt. Our most recent results from
343 rock outcrop samples collected primarily in three prospective
sectors continue to show encouraging results.
Of the 343 samples:
-- 117 returned values greater than 0.5 g/t gold.
-- 33 contained 3.0 g/t to 60.0g/t gold
Significant results are presented in table format below.
Silver
Sample No Property Gold ppb Gold g/t g/t
- ------------- --------------------- -------------- --------- ---------
greater than
167468 Penthouse South 100,000 62.18 12.9
- ------------- --------------------- -------------- --------- ---------
167470 Penthouse South 20,926 39.79 4.4
- ------------- --------------------- -------------- --------- ---------
150361 Penthouse South 28,317.7 38.68 5.3
- ------------- --------------------- -------------- --------- ---------
150205 Penthouse South 5,275.3 9.41 0.9
- ------------- --------------------- -------------- --------- ---------
147250 Penthouse North 5,940 8.88 2.4
- ------------- --------------------- -------------- --------- ---------
BR040 Penthouse North 2,831.9 8.73 3.3
- ------------- --------------------- -------------- --------- ---------
150226 Penthouse South 8,501.7 7.8 6.4
- ------------- --------------------- -------------- --------- ---------
150238 Penthouse North 8,283.7 7.49 3.5
- ------------- --------------------- -------------- --------- ---------
150216 Penthouse South 5,703.7 5.81 76
- ------------- --------------------- -------------- --------- ---------
150218 Penthouse South 5,595.5 5.68 57.3
- ------------- --------------------- -------------- --------- ---------
167474 Penthouse South 3,623 5.33 19.2
- ------------- --------------------- -------------- --------- ---------
The Penthouse prospect covers a large structurally controlled 3
kilometer long zone of sheared and brecciated siliceous basalts and
sediments that may be directly analogous to the nearby Ulu deposit.
Arsenopyrite mineralization is abundant over a 500 metre wide by 2 700
metre long area proximal to the volcanic-sediment contact.
The results indicate the need for follow up drill investigation.
These surface results will be combined with our geophysical data to
form the basis for new drill targets in 2007.
Silver
Sample No Property Gold ppb Gold g/t g/t
- ------------- ----------------------- --------- --------- ---------
150241 North Fold Nose 57793.2 70.46 29.3
- ------------- ----------------------- --------- --------- ---------
150245 North Fold Nose 40704.4 46.06 85.1
- ------------- ----------------------- --------- --------- ---------
185863 North Fold Nose 17578.2 19.79 6.8
- ------------- ----------------------- --------- --------- ---------
185851 North Fold Nose 16562 16.75 4.8
- ------------- ----------------------- --------- --------- ---------
150242 North Fold Nose 14444 18.44 10.9
- ------------- ----------------------- --------- --------- ---------
150246 North Fold Nose 5526.9 6.48 10.8
- ------------- ----------------------- --------- --------- ---------
150248 North Fold Nose 4537.3 5.7 2.2
- ------------- ----------------------- --------- --------- ---------
150249 North Fold Nose 4257.2 4.91 1.9
- ------------- ----------------------- --------- --------- ---------
185852 North Fold Nose 3098.2 5.01 1.5
- ------------- ----------------------- --------- --------- ---------
These samples were collected over an area measuring 400 metres by
800 metres. The North Fold Nose zone is located approximately 3 km
north of the ULU deposit and is thought to be part of the same major
fold structure which hosts the ULU deposit.
Contwoyto Lake Area
The Contwoyto concessions cover an area of 11,062 acres. With the
use of recent airborne geophysical surveys and new structural data,
Golden River Resources has outlined numerous zones of banded iron
formations with strike lengths of over several kilometres.
A total of 381 samples were collected from the six Contwoyto
concession subsections. To date the scope of work has been limited to
a more regional nature in this area.
The majority of the best values (between 600 and 14,000 ppb gold)
come from folded and faulted deformation zones within several of the
iron formation horizons. The size and nature of at least these areas
appear similar to the nearby Lupin Mine.
Several new claims were staked over some of the most promising
areas. Further detailed work is required over the principle areas of
the Contwoyto concession.
Background to Slave Craton Concessions
Golden River Resources has an arrangement with Tahera Diamond
Corporation ("Tahera"), to explore for gold and base metals on the
Tahera ground in the Contwoyto Lake area, proximal to the Lupin Mine
and the High Lake Volcanic Belt, in the Hood River area within the
Slave Craton of Nunavut in Canada.
Golden River is very encouraged by the results of the 2006
exploration program which was successful in finding locations of
strong gold mineralization. Our planned drill program is expected to
take place during the 2007 winter months.
About Golden River Resources Corporation
Golden River Resources is a Delaware Corporation that is focusing
its activities in the mining and exploration industry. Golden River
Resources has entered into an arrangement with Tahera Diamond
Corporation, a Canadian diamond explorer, to explore for gold and base
metals on Tahera's ground in the Slave Craton of northern Canada.
Through its wholly owned subsidiary, Golden Bull Resources, the
Company also has highly prospective properties within the Committee
Bay Greenstone Belt, Canada. Golden River Resources is continuing to
investigate opportunities in the industry for investment and or other
types of participation. For further information please visit our
website at www.goldenriverresources.com.
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant
to the "safe harbour" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties including, without
limitation, the risks of exploration and development stage projects,
risks associated with environmental and other regulatory matters,
mining risks and competition and the volatility of mineral prices.
Actual results and timetables could vary significantly. Additional
information about these and other factors that could affect the
Company's business is set forth in the Company's fiscal 2006 Annual
Report on Form 10-KSB and other filings with the Securities and
Exchange Commission.
CONTACT: Golden River Resources Corporation
Joseph Gutnick, +011 613 8532 2860
(Chief Executive Officer)
Fax: +011 613 8532 2805
E-mail: josephg@axisc.com.au