Announcement • Jul 09

Providence Gold Mines Inc. Reports Gold Assays From Channel Sampling Of Vein Discovery At La Dama De Oro

Providence Gold Mines Inc. provided gold assays from the channel sampling of the vein discovery. As reported, the discovery was made by the Company’s registered California geologist Mark Payne P.Geo. during recent exploration surface stockpile target sampling at the La Dama de Oro gold and silver property, located near the City of Victorville, California. Preliminary underground sampling in the La Dama De Oro mine workings at the 4180-ft Level (1274m L) disclosed a vein discovery at the westernmost underground exposure of the historically productive Mojave Girl Vein structure. A representative chip channel sample was taken across a 1.5 foot (0.45m) true width of vein quartz and delivered to American Assay Labs of Sparks Nevada. Using a 1000 gram screened metallic fire assay yielded 7.5 g/tonne gold (0.22 oz/ton). The massive, reddish vein quartz was strained, sugary-granular, strongly fractured, with pervasive red hematinic staining along fractures. There is minor fracture filling pyrite. The lode structure shows well-developed fault gouge planes at both lode walls, and favorable late calcite as fracture fillings. There is a dull greenish brown, strongly sericitic altered diabasic dike which occurs within the lode structure at the footwall side. At the surface, directly above this well-mineralized westernmost face of the Mojave Girl Vein, there is a significant sericitic alteration bloom. This alteration zone can be traced along the surface for approximately 300 feet (90m) westward as a zone of softer, bleached, moderate iron oxide staining in the quartz monzonite. This zone of alteration and strong fracturing has rendered the rocks softer and more easily eroded, resulting in a 300 foot (90m) long area of negative topographic expression. There is a discernable reddish-brown coloration of the soil, which is coincident with the alteration and negative topographic expression. The above listed characteristics have been observed to frequently accompany historically mined ore shoots in this vein system. The portions of the Mojave Girl Vein, which had been stoped were generally near strongly sericitic altered diabasic dikes where they either cross cut the lode structure or are found within the lode zone. The rock competency contrast between the soft, altered dikes and the harder quartz monzonite wall rocks appears to provide an important structural ore control. The sampling was overseen and delivered to American Assay Labs, located in Sparks Nevada by the Company’s California registered geologist, Mark Payne P.Geo. #7067 under the guidance of the Company’s Independent Qualified Person Dr. Lee Groat who has reviewed, verified, and approved the technical information contained in this news release as required under NI 43 101. The Company continues to evaluate an under-explored system of both E-W and N-S trending gold-bearing quartz veins evident at the La Dama De Oro property. Historic high-grade gold production was derived from three separate E-W striking lodes: the Mojave Girl, Tarantula, and Mojave Boy veins. The Tarantula, Mojave Boy, and strike extensions of the Mojave Girl lode have not yet been evaluated by the Providence team. Geophysics and trenching of this area are being considered; as the N-S, trending lodes were not systematically prospected or developed in the past. They are strongly mineralized and remain excellent exploration targets, particularly at locations where they (project to) intersect or join the productive E-W striking lodes. In addition to the above features; a zone of sheeted vein stockworks with visible mineralization was discovered on the adjoining mountain side. Further work is being planned to determine the significance of that occurrence. Additionally, plans continue to further channel sample the Mojave Girl Vein underground once fallen rock and air conditions have been resolved. The La Dama de Oro gold property is a historical high-grade gold producer and has permits for water, road, environmental, plan of operations, and mill site, and is approved for a bulk sample. The Property has not yet been drilled and is currently undergoing modern-day scientific target exploration which provides an excellent untapped opportunity to identify NI 43 101 compliant resources. The largest mined vein (Mojave Girl) is 5 feet at its widest point and remains open both down dip and for over 6,000 feet along strike. The gold system has potential, not just within the La Dama de Oro and Tarantula and other known veins, but as well for additional discoveries.

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Providence Gold Mines Inc. Reports Gold Assays From Channel Sampling Of Vein Discovery At La Dama De Oro

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