this might be the results we're awaiting. just down the road from the very exciting morningstar
29 February 2008 MOUNT WELLINGTON GOLD PROJECT DRILLING COMMENCES Goldsearch commences diamond drilling of high priority geophysical targets. Goldsearch Limited (ASX: GSE) is pleased to announce that it has commenced a diamond drilling program to test two high priority geophysical targets at the Mount Wellington Project in Victoria. The drilling program is expected to take six to eight weeks to complete with final assaying expected within the June 2008 quarter. Goldsearch director Mr John Percival commented, “We are excited to be finally drilling at Mount Wellington, given the encouraging signs from previous surface and geophysical work. There is the potential for significant mineralisation systems in the sub-surface within our fully-owned tenements." Mount Wellington is located 20 kilometres south-east of the town of Jamieson and 10 kilometres east of the Morning Star gold mine in the Woods Point / Walhalla region of eastern Victoria. Historical gold production from this region totals in excess of 5 million ounces of gold. The project is prospective for gold and base metals in a belt of Cambrian calc-alkaline “greenstone” volcanic rocks. Limited previous exploration up to 1995 has identified a number of areas of gold and base metal mineralisation and associated extensive hydrothermal alteration. The targets identified for the current round of drilling are at the Rhyolite Hill and Mike’s Bluff prospects (see Figure One). Rhyolite Hill is located on granted EL4843 and Mikes Bluff on the recently acquired EL5046. A number of other targets are expected to be drilled on ELA4835 once native title agreements are reached and the tenement is granted. The proposed drilling consists of two holes to test an aeromagnetic anomaly at Rhyolite Hill (see Figure Two) and a third hole to test a coincident induced polarisation (IP) and magnetotelluric (CSAMT) anomaly at Mike’s Bluff (see Figure Three). Previous exploration and drilling programs at both prospects has identified extensive areas of hydrothermal alteration of the bed rock with associated gold and base metal mineralisation. No previous drilling has effectively tested the geophysical targets. For further information please contact: John Percival, Director Operations Goldsearch Limited Phone: (02) 9241 5999
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