GOLDEN TAG RESOURCES LTD.

SUITE 114, 186 SUTTON PLACE, BEACONSFIELD, QC. H9W 5S3

PHONE : (514) 426-8542; FAX : (514) 426-8543; INTERNET : www.goldentag.ca

                                                     

VANCOUVER STOCK EXCHANGE

SYMBOL : GOG

NEWS RELEASE

JOINT VENTURE ON THE VERNEUIL & SOUART PROPERTIES

WORK PROGRAM, RED LAKE PROPERTY

 

AUGUST 30, 1999

 

JOINT VENTURE :

 

Golden Tag Resources Ltd. announces that subject to regulatory approval, it has entered into a  joint venture agreement with Greenhope Resources Inc. (“Greenhope”) (GRH-ME) whereby Greenhope can earn a 50% interest in two of the Company’s 100% owned properties, the 44 claim Verneuil Twp., Quebec property and its 29 claim block in Souart Twp, Quebec, by making a payment of $20,000 on signing and incurring a total of $300,000 in exploration expenses over a three year period ($150,000 on each property). While both Golden Tag and Greenhope are linked by common directors, Greenhope will be the operator.

 

The Verneuil property is located 15 km southeast of Lebel-sur-Quevillon in the Abitibi region of Quebec and 3 km southwest of the Toussaint Zone where Golden Tag retains a 30% interest. Prior geological and geophysical work partially covered the property. The best gold results obtained from this previous work performed by Freewest Resources Inc. in 1993 comes from trenches completed on the eastern boundary of the property: 5.8 g/t Au from blasted grab samples; 3.6 g/t Au over 2 meters and 3.6 g/t Au over 1 meter from channel samples. One hole drilled in the area of the trenching produced no significant gold results and ended in a shear zone. Greenhope plans to immediately commence phase 1 of an exploration program consisting of prospecting and geological work.

 

The Souart property is located 90 km east of Lebel-sur-Quevillon in the Abitibi region of Quebec. Ground magnetic and electromagnetic surveys conducted on the property have identified a regional magnetic anomaly similar to that associated with other gold occurrences in the area. Greenhope plans to immediately commence phase 1 of an exploration program of prospecting followed by an IP (induced polarization) program.

 

RED LAKE PROPERTY :

 

The Company has been advised by Rubicon Minerals Corporation, who are earning a 50% interest in the Company’s McCuaig, Red Lake property, that they have mobilized a crew to carry out a planned program of fairly extensive mechanized stripping and trenching in the property area.

 

For more information, please contact Marc A. Carrier, President at (514) 426-8542.

 

On Behalf of the Board of Directors,

 

 

Marc A. Carrier, President

 

The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein