Agoracom: Small Cap Investment - Golden Goliath Resources - Discovers New Prospect Zone Within Las Bolas Exhibiting Significant Mineral Pote

Sierra Madre - Mexico

Identify and develop the Gold & Silver potential. - Agnico Eagle Mines holds 14.5 %

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Discovers New Prospect Zone Within Las Bolas Exhibiting Significant Mineral Pote

posted on Jan 21, 2009 09:48AM

January 21, 2009

Golden Goliath Discovers New Prospect Zone Within Las Bolas Exhibiting Significant Mineral Potential

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2009) - Golden Goliath Resources Ltd. (TSX VENTURE:GNG)(PINK SHEETS:GGTH-F) is pleased to announce additional assay results from recent drilling at the Las Bolas project area located in the east-central section of the Company's district sized Uruachic Camp. A large portion of the core samples from these holes were previously assayed and announced in prior press releases, but in some cases the entire length of the core was not assayed. Upon receipt of the initial round of assays, the Company sent out some of the remaining core sections for assay with those results exhibited in the table below, which also includes confirmation assays of some previous intersections. Highlights of this new set of assays include a 7.22 meter section from drill hole BDD-08-20 grading 224 grams per tonne silver and 0.10 grams per tonne gold. In addition, a 0.72 meter section from drill hole BDD-08-24 assayed at 429 grams per tonne silver and 0.10 grams per tonne gold.

Below are the assays of the drill holes received as of December, 2008.

-----------------------------------------------------------------------
                         From       To       Width       Gold    Silver
Drill Hole             ------------------------------------------------
Number                 metres   metres   metres (m)   g/tonne   g/tonne
-----------------------------------------------------------------------
BDD-08-19a              38.75     39.3        0.55       0.05        20
-----------------------------------------------------------------------
BDD-08-20                   0     7.22        7.22       0.10       224
-----------------------------------------------------------------------
BDD-08-20               17.24     18.4        1.16       0.25        46
-----------------------------------------------------------------------
BDD-08-20               28.98     31.4        2.42       0.14        53
-----------------------------------------------------------------------
BDD-08-20               82.25     84.6        2.35       0.17        15
-----------------------------------------------------------------------
BDD-08-21               49.58     49.8        0.22       0.48        74
-----------------------------------------------------------------------
BDD-08-24               26.54     32.9        6.36       0.10        83
                       ------------------------------------------------
Including                  28     28.7        0.71       0.10       429
-----------------------------------------------------------------------
BDD-08-24               56.49     58.7        2.21       0.13         -
-----------------------------------------------------------------------
BDD-08-24               67.39     68.9        1.51       0.23         -
-----------------------------------------------------------------------
BDD-08-24               74.31     77.5        3.19       0.12         -
-----------------------------------------------------------------------

Commenting on this latest round of assay results, Paul Sorbara, CEO for Golden Goliath, stated: "We continue to be extremely pleased with drill results from our Las Bolas project. Las Bolas is quickly proving to be one of our most significant precious metal targets within the Uruachic Camp, along with San Timoteo. We are also very encouraged by the fact that some of the drill holes (e.g. BDD-08-24) in this latest round have intersected very good grade mineralization in the same zones that were drilled in 2003-2004 by reverse circulation which returned significantly lower grades, thus confirming our hypothesis that these earlier RC results were misleading and had lost some important mineralization." Please refer to the attached map for the location of these drill holes.

New Project Area Discovered in Q4 of 2008 - Las Bolas II

Golden Goliath has continued to maintain an active exploration crew in the Uruachic Camp. In the months of November and December, 2008, the exploration crew was focused on the North/North East part of the Las Bolas area. This exploration work has resulted in the discovery of a new zone that is believed to be similar in geological characteristics to the Company's Las Bolas-Gambusino area, which is located some 500 metres to the southwest. The host rock, andesitic breccia, and mineralization found in the new area are considered to be identical to the Las Bolas-Gambusino area and has been mapped to date over a 300 m length and is open in two directions. Field work is currently continuing in this area in order to get a better understanding of its size potential. Preliminary grab samples of the mineralized structures has returned assays of up to 23 grams per tonne silver and 0.13 grams per tonne gold. The Company is currently focusing on detailed mapping and exploration to find the extent of this newly discovered area, to better understand the genetic relationship between this new zone and Las Bolas-Gambusino. This new prospect target area has been named Las Bolas II, and is considered by management to be a very significant discovery with excellent potential for high grade gold and silver mineralization. Please refer to the table and the map below for sampling details for this newly discovered zone.

------------------------------------------------
SAMPLE            Silver g/tonne    Gold g/tonne
------------------------------------------------
584772                         6            0.08
------------------------------------------------
584773                        23            0.13
------------------------------------------------
584778                         6            0.53
------------------------------------------------
584780                         7             0.9
------------------------------------------------
584782                        11               -
------------------------------------------------
584785                         6               -
------------------------------------------------
584786                        19               -
------------------------------------------------
584796                         -            0.35
------------------------------------------------

As previously reported, the Company is proceeding with its work to complete and publish a mineral inventory of select exploration targets within its 100% owned Uruachic Camp prospect area. The mineral inventory estimation will take place, upon review of the existing data, under the supervision of an independent qualified person and will be conducted pursuant to NI 43-101 standards. The Company is of the belief that there are presently enough data points collected for the resource estimation study through the drilling and underground sampling programs completed to date. At this time Golden Goliath's technical team is preparing all the necessary data, level plan, cross sections and longitudinal sections for the study. The study will also greatly assist the Company in developing its next drill program by defining target areas which can most easily add tonnage to the mineralization.

Both Las Bolas and San Timoteo are priority target zones of the Company's district sized Uruachic Camp property (a 15 km x 25 km region) which surrounds the historic mining village of Uruachic in the mineral rich Sierra Madre mountains of Chihuahua, Mexico.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/01... .

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). Assays are done using traditional methods at Inspectorate Labs and Chemex Labs. The Qualified Person for the Uruachic project is J. Paul Sorbara M.Sc., P.Geo. The Company is focused on exploring and developing the gold and silver potential of an historic mining camp located in the world famous Sierra Madre Occidental Mountains of northwestern Mexico. Unlike most juniors, which have an option to earn an interest in a single property or a few scattered properties in various areas or countries, Golden Goliath controls an entire old mining camp, or district, that covers an area of 15 by 25 kilometres, with numerous past producing gold and silver mines dating back to the time of the Spaniards. Golden Goliath's Uruachic claims are owned 100% by the Company and are fully paid for with no property option or purchase payments to make.

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