Mr. Guy Morissette reports

DRILLING AT AMADEE PROSPECT CONFIRMS SHALLOW GOLD MINERALISATION

Bullion Gold Resources Corp. and its partner Olympio Metals Ltd.'s results from the first phase of drilling at the Amadee prospect have confirmed that a broad (greater than 40 metres) zone of gold mineralization has been defined over a strike extent of greater than 200 m. Mineralization characteristics and historical drilling suggest that Amadee occurs within the same strike-extensive gold mineralized structural zone as the nearby high-grade Paquin prospect, where recent drilling has revealed visible gold and grades up to 54 grams per tonne Au (gold).

Olympio has an option to earn an 80-per-cent interest in the Bousquet project in Quebec from Bullion Gold Resources in counterpart for an investment of $2million in exploration expenditures and the payment of $1.25-million in cash and shares over the next few years.

Highlights

• Assay results received for eight holes drilled at the Amadee prospect within the Bousquet project have revealed multiple near-surface intercepts of gold mineralization, including:
  • 4.50 metres at 3.29 g/t Au, including 0.50 m at 24.5 g/t Au (BO-25-38);
  • 6.85 m at 1.11 g/t Au (BO-25-37);
  • 5.80 m at 1.06 g/t Au (BO-25-34);
  • 10.7 m at 0.69 g/t Au (BO-25-35).
• These results extend at depth the broad zone of gold mineralization intersected in shallow historical drilling at Amadee.
• Mineralization is near-surface and potentially suited to open-pit development.
• Historical very low frequency electromagnetic (VLF EM) survey data suggest structural continuity between the Paquin and Amadee prospects, as well as delineating new structural gold targets adjacent to Paquin.
• The Bousquet project is located on the Cadillac Break in Quebec, Canada, a regional structure associated with world-class gold mines.
• Situated within 15 kilometres of multimillion-ounce working gold mines.

Olympio's managing director, Sean Delaney, commented:

"The shallow gold mineralized zone identified in our recent drilling at Amadee, including grades up to 24.5 g/t gold, has confirmed that both Amadee and Paquin are contained within the same large, strike-extensive gold mineralized structure that remains very underexplored along strike.

"The mineralization styles and geochemical characteristics are very similar at Amadee and Paquin, with numerous high-grade mineralized quartz veins within zones up to 40 m wide. Drilling is ongoing, and we plan to extend Amadee both farther east and to the west towards Paquin."

The eight holes completed at Amadee hit mineralization in every hole confirming a wide near-surface mineralized zone, with a best intercept of 4.50 metres at 3.29 g/t Au from 5.65 m (BO-25-38) which included 0.5 m at 24.5 g/t Au from 6.65 m. Significant intercepts from the Amadee holes are shown in Table 1. Importantly, this drilling confirms that the mineralization intersected in shallow historical drilling to the south extends at depth. The drilling to date reveals a wide envelope of gold mineralization to greater than 40 m. The broad, shallow nature of the gold mineralization is potentially suited to open-pit mining development with underutilized processing facilities in the area.

The gold mineralized zone dips consistently to the north and is typically associated with stockwork veining of smoky quartz-carbonate and sulphides. Collar locations of the holes to date are detailed in Table 2. Further drilling is planned along strike to the east and west to extend the mineralized zone at Amadee, and to test if the mineralization zones connect between Paquin and Amadee.

The company reviewed historical VLF EM data which further supports the potential structural continuity between the Paquin and Amadee prospects. VLF is a passive EM surveying technique that is well suited to detecting linear conductors. A ground-based VLF survey was conducted over the Bousquet project in 1986 illustrates that VLF detects established structures such as the North Bousquet fault very effectively.

The structures are inferred to host disseminated sulphides and/or graphitic schists which produce an EM response. The VLF data reveals an extensive, continuous linear feature that is largely coincident with the Paquin and Amadee mineralization defined to date. The VLF anomaly strongly supports continuity of the structure between Paquin and Amadee, and also suggests that the structure extends significantly farther to the west. Further, a subsidiary structure is evident to the immediate south of Paquin. This target is currently being drilled.

Olympio looks forward to keeping the market updated on our continuing drill campaign at the Bousquet project.

QA/QC (quality assurance/quality control)

The NQ drilling program was implanted and run by Explo-Logik in Val d'Or, Que. The drill core was split with half sent to AGAT Laboratories Ltd., Mississauga, and prepared in its facility in Val d'Or, Que. All samples are processed by fire assays on 50 grams with atomic absorption finish and by four-acid digestion with ICP-OES finish, respectively, for gold base metals and pathfinder elements. Some veins samples are processed by metallic screen procedure to y assay separately coarse fraction with a cut at 106 micron and using one-kilogram sample preparation. Samples preparation duplicates, varied standards and blanks are inserted into the sample stream.

Qualified person

This press release was read and approved by Gilles Laverdiere, PGeo, director of the company, and qualified person under National Instrument 43-101.

About Bullion Gold Resources Corp.

Bullion Gold is a mineral exploration company focused on the discovery and development of gold and polymetallic projects in Quebec.

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