MONTREAL, QUEBEC–(Marketwire – Dec 13, 2012) – Golden Tag Resources Ltd. (TSX VENTURE:GOG) is pleased to provide an overview of the 2012, Phase 6 drill program. Highlights include:

• 5,500-meters completed in Phase 6, bringing total drilling since 2006 to 31,000 meters


• Five new drill holes previously reported in 2012. All holes, for a 100% hit ratio, have intersected significant widths of Silver-Lead-Zinc mineralization.


• Summary results, expressed simply as a single broad intersection for each hole, show consistent grades over considerable core lengths, Table 1. Relative drill hole locations are shown in Figure 1.


• New style of mineralization discovered: a broad zone of stockwork veining and alteration within Diorite and adjacent limestones at the southeast corner of the large Diorite Intrusion which lies in the centre of the San Diego property.


• Currently estimated to have a strike length of 200 meters (open), a width of 130 meters (open) and a vertical height of 300 meters (open to depth), named the “Fernandez Zone”.


• Potential for the deposit to be bulk mining amenable.

Table 1. Summary of Discovery Holes from Phase 6 Diamond Drilling Program in
the Fernandez Zone, San Diego Property, Durango State, Mexico

Read additional information

Hole
From
To
Core Length
Au
Ag
Pb
Zn
Cu
AgEQ.*
 
(m)
(m)
(m)
g/t
g/t
%
%
%
g/t
SD-12-47
778.55
1011.27
232.72
0.04
53
0.48
1.34
0.166
119
incl.
856.95
1011.27
154.32
0.04
57
0.49
1.60
0.195
132
 
 
 
 
 
 
 
 
 
 
SD-12-48
722.90
789.50
66.60
0.03
43
0.65
0.80
0.062
89
Hole -48 is 300 metres above hole -47 and near the upper limit of the Zone
 
 
 
 
 
 
 
 
 
 
SD-12-49
755.25
996.10
240.85
0.07
63
0.77
1.59
0.198
148
incl.
837.05
996.10
159.05
0.05
68
0.77
1.74
0.224
158
 
 
 
 
 
 
 
 
 
 
SD-12-50A
686.50
1049.10
362.60
0.10
59
0.68
1.43
0.16
135
incl.
743.55
991.00
247.45
0.13
66
0.75
1.70
0.166
154
 
 
 
 
 
 
 
 
 
 
SD-12-50W
761.30
971.45
210.15
0.04
50
0.53
1.18
0.15
112
incl.
818.75
971.45
152.70
0.03
55
0.55
1.37
0.16
122
 
 
 
 
 
 
 
 
 
 

• Note:1/*Ag Equivalent (Ag.EQ) Calculation uses US$ commodity prices of: $1300/oz .Au; $24.50/oz. Ag; $0.90/lb Zn; $0.95/lb Pb; $3.25/lb Cu applying 100% recovery of all metals. Since additional drilling is required to establish the final geometry of the zone, all intersections are reported as core length intersections. T = short ton; t = metric tonne. 2/ Cut off limits (& Minimum Mining Width): Selective Vein 93 g/t Ag (1.0 m); Long hole narrow 76 g/t Ag (2.50m); Bulk 60 g/t Ag (5.0m). 3/ Internal Waste: Grade is sample length weighted average and includes all internal waste.

Additional details with selected higher grade intervals are available from Golden Tag”s website at www.goldentag.ca and are included in News Releases of Sept. 24; Oct. 15; and Nov. 26.

Exploration of the San Diego has proven that the property is host to a very wide variety of Silver-, Lead-, and Zinc-rich mineralization, including:

• More than twelve relatively thin, high-grade veins at or near surface. Veins demonstrate good continuity over long strike- and dip-extensions. Higher grades areas are associated with Sulphosalts and often near the contacts with Diorite.


• At depth, the principal veins commonly transition into wide deformation zone where mineralization becomes more varied and complex, consisting of:
  
  
  
  • Multiple principal veins associated with alteration and where limestone often recrystalizes into marble;
  
  
  • Massive Sulphide replacement zones in carbonate wall rocks; and,
  
  
  • Mineralized stockwork/sheeted stringer zones

The new Fernandez zone represents a very important addition to the recorded styles of mineralization on the property. It is the first discovery of widespread mineralization in association with stockwork stringers and strong alteration in Diorite (technically termed “Endoskarn”). Mineralization within this zone also includes intense massive sulphide replacement along the contact of the intrusion in the adjacent Hornfels limestone (contact metamorphism and alteration, “Exoskarn”) and in limestone. The Fernandez Zone clearly provides new potential for the application of high tonnage-low cost Bulk Mining methods and remains open for further extension.

An important outcome from the Phase 6 program is also the discovery of mineralization in stringer and skarn zones at shallow elevations on the western contact of the Central Diorite Intrusion. Historical exploration on the western side of the property has been quite limited and generally only to test for shallow veins. One drill hole from Phase 4 in 2007, SD-07-18, intersected stringer/Endoskarn mineralization in the western contact returning:

• 15.83 m grading 164 g/t Ag.EQ with 78 g/t Ag, 1.68% Pb and 1.82% Zn from 846.6 m.

Hole SD-12-49 from this phase of drilling returned the following intersection at the western contact:

• 18.40 m grading 151 g/t Ag.EQ with 67 g /t Ag,1.60% Pb, 0.96% Zn, from 440.88m, including:
  
  
  
  • 7.43m grading 259 g/t Ag.EQ with 108 g /t Ag, 2.56% Pb, 1.74% Zn from 445.8 m.

Although narrower than the new intersections in the Fernandez Zone, these are the first significant results on the western contact. This style of mineralization occurs at the Fernandez zone at similar vertical depths of 400 to 500 meters, well above the new zone. The western contact appears to be at the correct location where mineralized structures converge with the northwest corner of the Diorite Intrusion forming an environment which is a mirror-image to that of the Fernandez Zone. The potential at this location, 150 m to 250 m to the northwest of centre of the new Fernandez zone is considered to be significant. 

A NI 43-101compliant Resource Estimate is currently in progress to update the Resource Estimate from 2009 and to add results from Phase 5 and Phase 6.

The property is a 50/50 joint venture between Golden Tag and Golden Minerals Company (NYSE Amex:AUMN)(TSX:AUM). In March 2012, Golden Tag signed a revised option agreement with AUM whereby it can earn up an additional 10% interest in the property by incurring $3 million of exploration expenses (see News Release: March 28, 2012). Golden Tag has funded the Phase 6 program on the San Diego Property as part of this work commitment.

Quality Control

Mr. David Rigg, C.E.O. Golden Tag, P.Geo. and Ms. Kateri Marchand, P.Geo, San Diego Project Manager; both Qualified Person”s under the definition of NI 43-101, have supervised the work program and have reviewed the technical accuracy of this press release.

Assay samples are taken from HQ/NQ size drill core cut in half with one half sent to a commercial laboratory and other half retained for future reference. A strict QA/QC program is followed which includes mineralized standards and blanks for each batch of samples. Analyses were performed by ALS Chemex accredited assay laboratories of Zacatecas (Mexico) and Vancouver (Canada). All drill core, laboratory pulps and rejects are stored on site.

Golden Tag Resources

Golden Tag is focused on exploration for high-grade gold and silver deposits in Canada and Mexico. Exploration projects are being advanced on the San Diego silver project in Durango State, Mexico; the Aquilon gold project in James Bay, Quebec and the Verneuil gold project in Quebec. Golden Tag also has interests in the McCuaig gold project in Red Lake, Ontario. Golden Tag has 53,426,558 issued and outstanding shares and has no outstanding debt.

Cautionary Statement: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Statements in the release that are “forward looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. For a discussion of the risk factors that are inherent in our business see our public filings at www.sedar.com.

Figure 1 is available at the following address: http://media3.marketwire.com/docs/GoldenTag_figure1_1213.pdf

Marc A. Carrier
President and C.F.O.
(514) 426-8542
(514) 426-8543
[email protected]
www.goldentag.ca