NEWWWWWS!!!!!!Jan 28, 2008 09:01 ET
Goldnev Announces High Yield Oil Shale Core Analitical Results Confirmed for Pasquia Hills
CALGARY, ALBERTA--(Marketwire - Jan. 28, 2008) - Mr. Marc Dame, President and CEO of Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX VENTURE:GNZ), is pleased to announce that the Corporation reports positive laboratory analysis results have been confirmed from the recently completed core hole drilling program on its Pasquia Hills oil shale permits in east-central Saskatchewan. The laboratory results revealed an excellent high oil yield of 61 liters per ton of rock (average of 16 samples covering 22 meters of thickness) which equates to recoverable oil in place of 57 million barrels of oil per section of land.
Goldnev's Pasquia Hills oil shale permits comprise of a total of 6 1/2 Townships (234 sections or 155,443 acres) of oil shale exploration and development rights in the emerging Pasquia Hills oil shale region in east-central Saskatchewan. Several other petroleum companies are actively developing new oil shale projects in the area including those of Oilsands Quest and Outrider Energy.
As previously announced on October 25, 2007 and November 7, 2007, Goldnev completed the drilling of three core holes widely spread across the 6 1/2 Township (or 234 sections) permitted area in near surface outcroppings of the first and second white speckled shale and successfully encountered calcareous speckled oil shale in one well. This hole intersected a total of 22 meters (72.1 feet) of oil shale core at an overburden depth of only 7 meters (23 feet). The entire oil shale interval was cored and the collected core samples have been analyzed by UMA Engineering of Calgary, Alberta using the Alberta Taciuk Process (ATP) Technology to determine the hydrocarbon grade and content of the oil shale cores. The results of the core hole laboratory analysis were completed and sent to the company at the end of December 2007.
The following table demonstrates the calculation to convert the laboratory results to recoverable resources. A one section area has been used arbitrarily to put volumes into a frame of reference.