Goldrich Mining Company

Goldrich Mining Company

Little Squaw Reports Complete Drill Results at Chandalar

Spokane WA - February 14, 2008 - Little Squaw Gold Mining Company (LITS:OTC.BB) (“Little Squaw” or “the Company”) has now received all drill results from its placer gold project on the Little Squaw Creek drainage located on the Company’s wholly owned Chandalar, Alaska, mining property. The complete results confirm the Company’s opinion that it has discovered an industrial-scale placer gold deposit of potential commercial significance.

The Company drilled a total of 111 holes on the property during the 2007 summer field season, 99 of which were completed to targeted depths. Seventy-three of these holes intersected the “Pay Horizon” (the mineralized stratum of gravel from which significant quantities of gold can be recovered) averaging $14.85 per cubic yard (yd3) over a thickness of 83 feet (28 yards) using a gold price of $600 per ounce, or $22.27/yd3 at $900/oz..

The Company has commissioned two independent studies to determine if the value of the placer gold gravels on Little Squaw Creek falls within economically extractable limits. Metallogeny, Inc., a private consulting company based in Fairbanks, Alaska, is working on the delineation of potential ore reserves that meet the criteria established under U. S. Securities and Exchange Commission (SEC) Industry Guide 7 reporting guidelines. Also, a state licensed and registered mining engineer with Alaska placer gold mining expertise has been retained to create a preliminary mine design and produce cash flow and sensitivity analyses for the deposit.

Robert Pate, Chief Operating Officer of the Company, said, “We believe our current database is sufficient to establish an SEC Industry Guide 7 compliant resource in conjunction with determining the economic viability of the Little Squaw Creek gold deposit. We expect the results of the pilot study to set the course for our future activities at Chandalar. Encouragingly, the deposit as we know it remains open to expansion by more drilling.”

Rodney Blakestad, Vice President of Exploration for Little Squaw, added, “In contrast to most placer gold deposits in Alaska, our Little Squaw Creek discovery is not a typical bedrock placer where the gold is irregularly concentrated beneath stream gravels on the bedrock surface. Instead, we have found a special kind of deposit where multiple gold-bearing stream channels are dispersed throughout a large volume of alluvial fan gravel, derived in part from erosion of the original bedrock gold deposits. I believe it could be bulk-mined and processed like a giant gravel pit would be.”

For additional information regarding Goldrich Mining Company or this news release, contact Mr. William Schara via telephone at (509) 768-4468.

Goldrich Mining Company is engaged in the business of the discovery and mining of gold deposits. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements concern our anticipated results and developments in the Company’s operations in future periods, planned exploration of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. 

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might”, “should” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks related to our property being in the exploration stage;
  • risks related our mineral operations being subject to government regulation;
  • risks related to our ability to obtain additional capital to develop our resources, if any;
  • risks related to mineral exploration activities;
  • risks related to the fluctuation of prices for precious and base metals, such as gold, silver and copper;
  • risks related to the competitive industry of mineral exploration;
  • risks related to our title and rights in our mineral property;
  • risks related the possible dilution of our common stock from additional financing activities; and
  • risks related to our shares of common stock.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are discussed in the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed with the U.S. Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.