PWC Gold Project First Drilling Hole Update

VANCOUVER - Riley Gold Corp. reported on the Pipeline West/Clipper Gold Project (PWC) by Kinross Gold Corporation. Kinross initiated drilling at Riley Gold's PWC project targeting previously untested portions of the property for favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations. The Wenban Formation is the primary host to all the >5.0-million-ounce gold deposits in the Cortez District. Targeting is based on surface geologic mapping, soil geochemistry and controlled-source audio-frequency magnetotelluric (CSAMT) surveys. In addition, re-interpretation of historic drill hole, gravity, magnetic and CSAMT data is being used for developing additional drill targets. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock.

The first core hole drilled at PWC was designed to identify local stratigraphy in an area with no previous deep drilling. PWC 01-24 was successfully completed to a depth of 3,592.5 feet (1,095 m) and intercepted a 1,248 foot (380 m) thick structurally complex section of lower plate carbonates (including various units of the Devonian Wenban Formation) starting at a depth of 2,345 feet (715 m). PWC 01-24 demonstrates that known Cortez District host lithologies exist at explorable drill depths over a succinctly large, untested area proximal to the Pipeline complex area.

All samples from PWC 01-04 have been submitted to ALS Labs in Reno, NV for gold assays and trace element geochemistry with results pending.