Skyline Gold Announces Acquisition of Snip-1 Mineral Tenure

• Press Release
• Source: Skyline Gold Corporation
• On 12:01 pm EST, Thursday December 4, 2008

RICHMOND, BRITISH COLUMBIA--(MARKET WIRE)--Dec 4, 2008 -- Skyline Gold Corporation ("the Company") (CDNX:SK.V - News), a company engaged in the exploration and development of its Bronson Slope mining property in north western British Columbia's 'Golden Triangle', is pleased to announce that it has acquired the Snip-1 mineral claim in the Bronson Slope / Snip mining camp for a cash payment.

Snip-1 (Mineral Tenure 523348) is a 285 hectare mineral tenure that lies approximately 400 meters to the south east of the Company's claims and the Bronson Slope deposit. Extensive historic exploration by Placer Dome (including drilling, trenching, rock sampling, soil geochemistry and ground geophysics) was undertaken on Snip-1 in the period of 1987 to 1989. Historical drill core assay results indicated a potential continuation of the Bronson Slope mineralized porphyry system to extend southeast along strike onto the Snip-1 claim. This area of mineralization is known as the CE Zone and its precise location is subject to on-site ground surveys but is believed to be located largely on the northwest part of the Snip-1 mineral claim.

The Company will develop an exploration plan and program to further explore and quantify mineralization in the vicinity of the CE Zone. Prior to this an in-house evaluation of the historical exploration results will be undertaken.

Historic assays from the 1989 drill program yielded the following results for 3 north-easterly directed diamond drill holes on Tenure 523348 and what is believed to be the CE Zone, over an approximate strike distance of 100 metres, that is southeast of and on trend to the Bronson Slope porphyry system. There is also a potential confluence with the Snip gold-vein extension in this area. The assay information is reported in a summary memorandum dated January 23, 1991 by Ed Kimura of Placer Dome.

 

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CE DRILL HOLE ASSAY COMPOSITES

              FROM        TO    LENGTH     Au,     Ag,    Zn,    Cu,    Pb,
HOLE       (metres)  (metres)  (metres)   g/t     g/t      %      %      %
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911           10.2     250.6     240.4   0.54     8.4  0.321  0.044  0.058
including     10.2     120.0     109.8   0.60     9.4  0.460  0.061  0.042

918           83.0     296.0     213.0   0.32     3.9  0.357  0.027  0.043
including    193.7     296.0     102.3   0.54     4.9  0.562  0.043  0.064

919           16.4     318.8     302.4   0.51     7.9  0.337  0.047  0.065
including    104.1     318.8     214.7   0.67     9.3  0.420  0.058  0.077
including    209.8     318.8     109.0   1.02    10.4  0.529  0.064  0.122
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It must be emphasized that the results given above are for historical drilling and exploration and require modern ground site evaluation, surveying and confirmation.

All three holes contained higher grade mineralized intervals. Some intervals from hole 911 are as follows:

 

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              FROM        TO    LENGTH     Au,     Ag,    Zn,    Cu,    Pb,
DDH 911    (metres)  (metres)  (metres)   g/t     g/t      %      %      %
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             10.25     11.89      1.64   0.34   25.37   3.26   0.11   0.33

             19.50     19.90      0.40  13.54  130.97   1.30   0.09   0.69
             19.90     21.03      1.13   3.33   39.43   0.09   0.43   0.06

             56.00     57.61      1.61   1.30   52.80   7.94   0.18   0.30
             57.61     59.00      1.39   0.34   17.14   2.50   0.14   0.07
             59.00     60.06      1.06   0.34   10.29   1.24   0.08   0.06

             69.57     70.80      1.23   9.05  142.97   0.26   0.17   0.09
             70.80     71.08      0.28   6.17  113.83   0.30   0.23   0.10
             71.08     71.75      0.67   0.41   16.11   0.08   0.22   0.01
             71.75     71.96      0.21   4.08   94.63   0.98   1.35   0.13

            148.80    149.55      0.75   6.51  302.40   2.39   0.72   0.75
            149.55    150.20      0.65  14.37  122.06   0.13   0.82   0.49
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The Bronson Slope deposit contains an N.I. 43-101 compliant mineral resource of 225,100,000 tonnes on a measured and indicated basis and is estimated to contain 2.6 million ounces of gold, 16.1 million ounces of silver, 694.9 million pounds of copper, and 38.2 million pounds of molybdenum.

 

Bronson Slope Current Mineral Resource - Case 2(i) Metal Prices
Cut-Off US $ 9.00 /Tonne Net Recoverable Metal Value

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Category          Metric Tonnes  Au (g/t)  Ag (g/t)  Cu (%)   Mo (%)
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Measured             74,800,000     0.45      2.31    0.17   0.0059
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Indicated           150,300,000     0.31      2.17    0.13   0.0087
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Total Measured +
 Indicated          225,100,000     0.36      2.22    0.14   0.0077
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Inferred             91,600,000     0.27      1.76    0.13   0.0080
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(i) Case 2 uses metal prices of US$650.00 per ounce for gold,
US$10.00 per ounce for silver, US$2.00 per pound for copper and
US$12.00 per pound for molybdenum and using the same US$9.00 NRV
per tonne.

This press release has been reviewed by Mr. A.A. Burgoyne, P.Eng., M.Sc., the Skyline Gold external QP, for technical accuracy.

ON BEHALF OF THE BOARD OF DIRECTORS

SKYLINE GOLD CORPORATION.

David Jensen, P.Eng., President

Cautionary Statement

Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfil such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

     Contacts:
     Skyline Gold Corporation
     David Jensen, P.Eng.
     President
     (604) 270-3878
     (604) 270-3858 (FAX)
     Website: http://www.skylinegold.com