Skygold Ventures Ltd.: Step Out Drilling Significantly Expands Spanish Mountain Gold Zone

VANCOUVER, BRITISH COLUMBIA, Jan 15 (MARKET WIRE) --
Skygold Ventures Ltd. ("Skygold") (TSX VENTURE: SKV) and Wildrose
Resources Ltd. ("Wildrose") (TSX VENTURE: WRS) are pleased to announce
that step out diamond drilling on the Spanish Mountain Project has
discovered Main Zone style mineralization in a series of 5 holes some
200-500m to the northwest.

The recognition of the Main Zone stratigraphic sequence led field crews
to target holes 07-DDH-685, 687, 688, 689 and 695 which all intersected a
well mineralized Main Zone stratigraphic sequence with multiple
occurrences of visible gold.

Assay results from hole 07-DDH-685 were fast-tracked at the lab to
determine the economic significance of this new zone which returned 37.5
metres of 1.01 g/t gold within a wider zone of 64.0 metres of 0.78 g/t
gold. Hole 07-DDH-685 is approximately 200 metres away from the nearest
Main Zone drill intercept. The next four holes all had comparable if not
better intensity of veining and occurrences of visible gold and assays
are pending. These five holes have extended the Main Zone stratigraphy by
approximately 500 metres to the northwest.

Brian Groves, President of Skygold stated: " We are very pleased with
this recent major expansion of the Main Zone of the Spanish Mountain
deposit. The fact that our technical team targeted this drilling based on
our geological model and hit gold demonstrates how far the results from
the 2007 drill program have advanced our understanding of this property.
We believe that further drilling will continue to expand the deposit and
our knowledge of this remarkable gold system."

Highlights:

Main Zone Extension:

- 07-DDH-685 intersects 37.5 metres of 1.01 g/t gold within a wider zone
of 64.0 metres of 0.78 g/t gold. Four holes in this area have results
pending.

Main Zone:

- 07-DDH-649 intersects 22.5 metres of 1.01 g/t gold within a wider zone
of 40.5 metres of 0.82 g/t gold or 142.5 metres of 0.47 g/t gold.

Discussion of Results:

Late in 2007, the geological model was completed on the Main Zone drill
area. This model identified the key stratigraphic sequence related to the
formation of the Main Zone deposit. At present, it is believed that there
are at least four sub-parallel gold bearing horizons which include the
North Zone, Upper and Lower Main Zones and South Main Zone. In some
areas, these horizons converge into a single zone suggesting a structural
link between them. Collectively these horizons cover an area
approximately 1.2 kilometres by 1.2 kilometres (See Main Zone Plan Map -
Jan. 15, 2008, at the company's website). Outlying areas such as the
Placer Area, Oscar Area and eastern margins of the Main Zone have yet to
be included into this interpretation as over 50% of the drilling results
are still pending.

2008 Exploration Plans:

Three drills will be arriving on the property in January to continue
testing mineralization surrounding the Main Zone and Main Zone extension
and filling in areas between these two zones. A fourth drill is planned
for early spring when weather conditions permit to test for
mineralization in the South Main Zone (higher elevation) and in the Cedar
Creek area. A 43-101 resource is still on track to be completed within
the first quarter of 2008.

Complete table of results:

--------------------------------------------------------------------------
A
rea Hole Number From To Width (m) Au (g/t)
--------------------------------------------------------------------------
Main Zone 07-DDH-649 139.50 282.00 142.50 0.47
--------------------------------------------------------------------------
Main Zone 07-DDH-649 incl. 147.00 169.50 22.50 0.66
--------------------------------------------------------------------------
Main Zone 07-DDH-649 incl. 241.50 282.00 40.50 0.82
--------------------------------------------------------------------------
Main Zone 07-DDH-649 and 241.50 264.00 22.50 1.01
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Main Zone 07-DDH-653 34.00 41.50 7.50 0.58
--------------------------------------------------------------------------
Main Zone 07-DDH-653 116.00 139.50 23.50 0.59
--------------------------------------------------------------------------
Main Zone 07-DDH-653 incl. 132.00 139.50 7.50 1.04
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Main Zone 07-DDH-654 32.61 46.00 13.39 0.53
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Main Zone 07-DDH-655 66.00 73.00 7.00 1.38
--------------------------------------------------------------------------
Main Zone 07-DDH-655 192.00 203.00 11.00 0.51
--------------------------------------------------------------------------

--------------------------------------------------------------------------
South Main 07-DDH-650 90.00 108.50 18.50 0.52
--------------------------------------------------------------------------
South Main 07-DDH-650 and 152.00 168.50 16.50 0.66
--------------------------------------------------------------------------

--------------------------------------------------------------------------
South Main 07-DDH-652 108.00 127.00 19.00 0.52
--------------------------------------------------------------------------

--------------------------------------------------------------------------
Main Zone Ext. 07-DDH-685 143.00 207.00 64.00 0.78
--------------------------------------------------------------------------
Main Zone Ext. 07-DDH-685 incl. 143.00 180.50 37.50 1.01
--------------------------------------------------------------------------
Main Zone Ext. 07-DDH-685 and 315.00 333.50 18.50 0.45
--------------------------------------------------------------------------

Eco Tech Laboratories Ltd. of Kamloops BC, a BC accredited laboratory,
is conducting the sample preparation and analyses of samples.
Skygold/Wildrose are submitting standards, blanks and duplicates into the
sample stream to maintain quality control. All gold analyses will utilize
standard screen metallic assay techniques. Robert Darney, P.Geo. and J.W.
(Bill) Morton, P.Geo. are the qualified persons (as defined in NI 43-101)
who have reviewed this news release.

On Behalf of the Board,

SKYGOLD VENTURES LTD.

Brian Groves, President

This news release may contain certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of historical
fact, included herein are forward-looking statements that involve various
risks and uncertainties. Actual results and future events could differ
materially from those anticipated in such statements. Important factors
that could cause actual results to differ materially from the Company's
expectations are disclosed in the Company's documents filed from time to
time with the TSX Venture Exchange, the British Columbia Securities
Commission and the US Securities and Exchange Commission.

TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.

Contacts:
Skygold Ventures Ltd.
Tim Mikula
(604) 484-6317
(604) 684-0279 (FAX)
Website: www.skygold.ca

B&D Capital Partners
Brad Aelicks
(604) 685-6465

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