PRESS RELEASESymbol: GRIN
October 22, 2007CNQ Stock Exchange
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GOLD REEF INTERNATIONAL EXPANDS NEWMONT RIMROCK PROJECT, LANDER COUNTY, NEVADA
Toronto, Canada, October 22, 2007 - Gold Reef International, Inc. (CNQ: GRIN)announced today that it and its wholly owned subsidiary, Gold Reef of Nevada, Inc., (GRN) have finalized a Second Amendment to the Minerals Sublease and Agreement with Newmont USA Limited, dba Newmont Mining Corporation (Newmont) to expand the Gold Reef - Newmont Rimrock Exploration Prospect in Lander County, Nevada to include an additional 1,921.92 acres of Newmont mineral interests and an additional 1,640 acres of GRN’s mining claims. The original Newmont lease acreage was approximately 4,069.13 acres, bringing the new revised Newmont total to 5,991.05 acres. The original GRN acreage was 2,507 acres bringing the new revised GRN total to 4,147 acres within the gold and silver prospect area. The original Agreement was previously announced by the company on February 16, 2007. In other respects, the Minerals Sublease and Agreement with Newmont remains in full force and effect in accordance with its original terms.
GRN has previously incorporated all of the pre-existing geologic and geophysical data and drill hole records into its copyrighted exploration data management system, Metals Miner Plus ©. GRN continues to enhance the project through systematic exploration including detailed mapping, sample collection and geophysics. A total of 2,008 rock chip samples have been collected and analyzed, of which 48% are anomalous in gold; 55% anomalous in silver; 57% anomalous in molybdenum and 71% anomalous in copper. GRN has received final terrain-corrected gravity maps and profiles of the area covered by the Agreement from the geophysical contractor who is in the process of conducting ground magnetic coverage.
GRN intends to conduct a multi-phase drilling program on the prospect with the first phase to consist of four to eight core holes to test multiple targets indicated by previous drill holes, geochemical anomalies and favorable geophysics.
About Gold Reef International, Inc.:
Gold Reef International, Inc. is a well-financed exploration company with a growing portfolio of prospective precious metals properties in Nevada. Gold Reef has five claim blocks totaling 11,867 acres, which from surface sampling programs contain significantly anomalous gold and pathfinder elements. In addition to NI 43-101 compliant geologic reports on the Golden Trail and Texas Canyon Prospects in ElkoCounty, Gold Reef is currently conducting detailed mapping and sampling of a possible uranium target on the Texas Canyon Project and on the Golden Badger gold-zinc-moly project in ElkoCounty.
Dr. Criss Capps, Gold Reef’s Vice President of Exploration, is the “qualified person” within the meaning of NI 43-101 and has reviewed the technical contents of this press release on behalf of the Company.
For further information, please contact Lou Kost, Jr., at Gold Reef International, Inc., (210) 821-6511 or Andrew Kaplan, at Barry Kaplan Associates, (732) 747-0702.