Phase One Core Drilling Program At Iron Butte

VANCOUVER - Angold Resources Ltd. has identified disseminated silver sulphide mineralization in the first hole of its Phase One core drilling program at Iron Butte, Nevada. The Company is drilling hole AAU22-001 in the planned Phase One program of up to a 2,926 meter, 5-hole program.

Adrian Rothwell, President & Chief Executive Officer, said, "These results are impressive, indicating the potential presence of significant mineralization in targeted geophysical and fault structures at depth, in a geological setting never before tested, and prior to hitting the projection of surface-mineralized faults at depth. We are excited for news to come."

The frequency and width of veining has increased at depth, below the depth of historic drilling, in Hole AAU22-001 with disseminated silver sulphides in veinlets from about 940' (287m) from surface. Hole AAU22-001 was designed primarily to test a strong, coincident resistivity-chargeability high at depth, coincident with the projected triple intersection zone between several mineralized fault zones. This hole also represents a step out of approximately 76 meters south (at surface) of the nearest mineralized historic drillhole and has a target depth of 671 meters.

Drilling to date within and at depth below the Red Ridge zone has encountered many epithermal quartz vein-veinlet zones displaying polyphase banding, some quartz after calcite pseudomorphs, and in some cases, silver sulfide mineral (acanthite) grains in specific bands. These textures and minerals together demonstrate the fertility of the system at this level and provide encouragement for significant precious metals potential at depth, where a boiling horizon in an idealized low-sulfidation epithermal system could occur.

Rock chip samples at surface in the Red Ridge zone, comprised of breccias and banded veinlets, have demonstrated silver grades to 600 g/t and gold grades to 4 g/t. It is encouraging to see silver sulfides at depth in veins within the same zone.