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Goldminco Corp
Symbol GCP
Shares Issued 414,487,456
Close 2010-07-26 C$ 0.025
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Goldminco drills 57 m of 0.5% Cu, 0.46 g/t Au at Temora

2010-07-26 15:22 ET - News Release

Mr. Dave Greenwood reports

ADDITIONAL STRONG COPPER AND GOLD INTERSECTION RECORDED AT CULINGERAI

Goldminco Corp. has released an update to its recent exploration activities at the 100-per-cent-owned Temora project.

Further to Goldminco's exploration update release in Stockwatch dated July 22, the company is pleased to report the results of assays received for the third diamond core hole, TCLD003, completed at the Culingerai porphyry copper prospect. Hole TCLD003 has recorded a strong copper and gold intersection with 57 metres of 0.50 per cent copper, 0.46 gram per tonne gold and 43 grams per tonne molybdenum from 120 metres depth. This intersection occurs within a large lower-grade intersection of 111 metres of 0.34 per cent copper, 0.26 gram per tonne gold and 36 grams per tonne molybdenum from 98 metres depth.

TCLD003 was completed to 291.6 metres depth approximately 500 metres south, along strike from previous drilling at Culingerai to test basement copper and molybdenum anomalism.

This result complements the previously reported holes at Culingerai, TCLD001 and TCLD002. Goldminco is extremely encouraged by the results to date at Culingerai with considerable scope to extend mineralization both along strike and in the updip/downdip directions. Results from the recently completed gravity survey highlight the close association of a distinct gravity bullseye high with the approximate extent of the known Culingerai porphyry system. This gravity high extends for some distance farther north and south of the current limit of drilling.

The Mandamah porphyry copper-gold deposit (28.4 million tonnes of 0.35 per cent copper, 0.40 gram per tonne gold) is located approximately 2.3 kilometres farther along strike to the north, while the Monza porphyry copper-gold prospect (12.7 metres of 8.9 per cent copper and 6.15 grams per tonne gold, TMZD001) is located 2.5 kilometres to the south.

                         CULINGERAI ASSAY RESULTS SUMMARY


Hole           From    To   Interval    % Cu    g/t Au   g/t Mo   Comment

TCLD001*        128    317     189      0.28     0.28       15    1.1 grams per tonne Ag
Includes        158    219      61      0.40     0.33        9    1.5 grams per tonne Ag
And             235    278      43      0.30     0.50        3    1.1 grams per tonne Ag

TCLD002*         74    248     173      0.27     0.33       19
Includes         74     92      18      0.36     0.43       21
And             140    212      72      0.33     0.42        8

TCLD003          98    209     111      0.34     0.26       36
Includes        120    177      57      0.50     0.46       43

* -- Previously reported

Goldminco is planning to resume drilling at Culingerai at the earliest opportunity.

About the Temora project

The Temora project covers approximately 1,020 square kilometres in the eastern region of the Lachlan fold belt in New South Wales, Australia. The region is known for major porphyry and epithermal-type gold and copper-gold deposits, and contains the Gidginbung volcanics belt, host of the Gidginbung mine that produced 700,000 ounces of gold until 1995. Goldminco has previously (June, 2008) announced at the Temora project combined resources of 21.1 million tonnes of 0.35 per cent copper and 0.5 gram per tonne gold indicated and 121.1 million tonnes of 0.32 per cent copper and 0.25 gram per tonne gold inferred.

The Goldminco-controlled New South Wales exploration projects are under the supervision of, and the data disclosed herein were reviewed by, Scott Munro, who is a qualified person under NI 43-101. Mr. Munro holds a BSc (Hons) degree in geology from James Cook University, Australia, and is a current member of the Australasian Institute of Mining and Metallurgy.

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