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Additional Information
Market: TSX-V
Sector: Gold Mining
EPIC: GNG
Latest Price: 0.16  (-3.13% Descending)
52-week High: 0.45
52-week Low: 0.15
Market Cap: 14.29M
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Golden Goliath
www.goldengoliath.com

Golden Goliath Resources Ltd. is a junior exploration company focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Unlike most juniors, which have an option to earn an interest in a single property or a few scattered properties in various areas or countries, Golden Goliath controls an entire old mining camp, or district, that covers an area of 15 by 25 kilometres, with numerous past producing gold and silver mines dating back to the time of the Spaniards. Golden Goliath’s Uruachic claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.

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Golden Goliath to sign JV with Agnico Eagle subsidiary for Las Bolas and Los Hilos in Mexico

7th Dec 2010, 5:32 pm
Golden Goliath to sign JV with Agnico Eagle subsidiary for Las Bolas and Los Hilos in Mexico

Junior explorer Golden Goliath Resources (TSX-V: GNG)(PINK SHEETS: GGTH-F) said Tuesday it intends to enter into an option and joint venture agreement with Agnico-Eagle Mines' (TSX, NYSE:AEM) Mexican subsidiary for Golden's Las Bolas and Los Hilos properties in the region.

Under the terms of the agreement, Agnico's Mexican subsidiary will have the right to earn a 51% interest in the two properties by spending $5.0 million over a period of five years.

The Las Bolas and Los Hilos properties, which have four known mineralized trends, are located within Golden Goliath's Uruachic mining camp and have been the focus of the company's exploration for the past two years.

Three of the four trends host 12 known vein systems as well as old workings, including the Las Bolas Mine. The fourth trend, Golden Goliath said, which hosts the Los Hilos workings, has both bulk tonnage gold and silver potential, as well as high grade vein mineralization which the company believes is related to a porphyry system at depth.

The southern end of the 1.5 kilometre Los Hilos trend lies just a few kilometres from Fresnillo's new gold and silver discovery, Orisyvo.

"We are very pleased to be working alongside Agnico during the exploration and development stage of the Las Bolas/Los Hilos properties. This also allows our company to continue our focus and exploration efforts on other prospective areas within the Uruachic mining camp," said Golden Goliath president Paul Sorbara.

Once Agnico earns its initial 51% stake, it can earn an additional 20% by completing a feasibility study or by spending an additional $10.0 million over another period of five years. The final agreement between Golden Goliath and Agnico is expected to be signed in the next month. 

Golden Goliath was up more than 2% on Tuesday, trading at $0.24 as of 12:14pm EST.

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