Goldcliff uncovers Bonanza trench at Panorama Ridge (January 21, 2008)

Vancouver — High-grade trenching results from the Panorama Ridge property in southwestern B.C. pushed Goldcliff Resources (GCN-V, GCFFF-O) up 130% in recent trading.

Goldcliff’s 2007 exploration program at Panorama Ridge included digging a trench into the southwestern portion of the York-Viking zone, which has proven to be the strongest zone of the project to date. The trench was dubbed the Bonanza trench.

The first 5 metres of the trench proved it deserves its name. The 5-metre sample returned a weighted average of 140.2 grams gold per tonne, including 1 metre of 525 grams gold and another 1.5 metres of 168 grams gold. The remaining 29 metres of channel sampling returned considerably lower-grade results, such as 7.4 metres of 0.64 gram gold.

The gold mineralization in the Bonanza trench is a down-slope extension of the main area of mineralization in the York-Viking zone. Goldcliff believes that the high-grade gold beds occur within an overall mineralized sequence that is up to 200 metres thick.

The trench results pushed Goldcliff up 26 to close at an all-time high of 46 on 4.5 million shares traded. The company has a 52-week trading range of 15-31 with 43.2 million shares issued.

In early November, Goldcliff released results from the first eight trenches of the 2007 program. Trench results from the Nordic zone, which lies 200 metres northeast of York-Viking, extended the limit of known mineralization 17 metres north. Trench 142 returned 29.1 metres averaging 1.56 grams gold, including 6.4 metres of 3.09 grams gold.

Trench results from the Thor zone indicated that it is essentially an eastern extension of the York-Viking mineralization. And in that main zone, Goldcliff geologists have realized that mineralization occurs in northwest-southeast fault-related blocks. As such, trenching in the area moves in and out of mineralized areas where fault offsetting occurs.

Panorama Ridge is in the Hedley basin, home to the past-producing Nickel Plate-Mascot mine. The mine was developed as an underground operation in 1904 and operated intermittently until 1996, including an open-pit mine. In 2000, Goldcliff president Len Saleken noticed outcrops exposed by a new logging road near the mine site; the company staked what is now the 41-sq.-km Panorama Ridge property.

The best results from the initial, 17-hole drill program in 2004 came from the York-Viking zone, including 69.9 metres grading 1.1 grams gold and 18 metres of 2.04 grams gold. In 2005, the company punched another 13 holes into the zone. The best result from that program was 73.7 metres grading 1.17 grams gold and 1 gram silver per tonne, starting at 3.7 metres down-hole.

This year, Goldcliff drilled 2,827 metres in 32 holes and dug 1,008 metres in 26 trenches. The company is still awaiting assay results from the remaining trenches and all of the drill holes. Drills will start up again in the spring to complete the 10,000 metres of drilling needed to calculate a resource estimate.