Visible Gold Drilled At The Happy Valley Gold Prospect

VANCOUVER – Rory Quinn, President and CEO of E79 Resources Corp. said, “Significant visible gold has been observed in two recently completed drill holes in ongoing drilling at Happy Valley Gold Prospect in Victoria, Australia. While assays are pending, and drilling continues, we feel that we are beginning to get a better understanding of the mineralization. We have now observed visible gold in 5 out of 7 deep exploration drill Visible gold observed in drill holes HVD004, HVD006 and HVD007 (in addition to HVD002 & HVD003), and modeling appears to show a high-grade quartz vein extends at depth below the old Happy Valley Mine workings.

Drill holes HDV006 & 007 have been completed. Visible gold has been observed in HVD006, in two separate locations, and also in HVD007. These zones have been preferentially sampled and dispatched. All assay results are still to be received. HVD008, drilled on the same sectional line as HVD005 but at a steeper inclination (-65o compared to -55o), intersected several zones containing minor quartz veining and occasional sulphide mineralization was observed. HVD009 has been designed to target the structures midway between the two existing drill sections (HVD002-007 and HVD005-008). At the time of reporting drilling is ongoing.

Preliminary modeling is appearing to show the high-grade quartz vein Porepunkah (Reef) extends at depth below the old Happy Valley Mine workings. The presence of mineralization located in HVD003, and now a further intersection containing visible gold within HVD006 below the New Happy Valley (NHV) Reef may indicate a steep south-easterly plunge on mineralization which is consistent with historic reports.

The Happy Valley Prospect is situated in the south eastern portion of the Company’s Exploration License EL006724 in Victoria, Australia. It lies within a 7km long trend of historical workings. The Happy Valley Mining Center has a documented historical production of 34,200 ounces of gold predominantly between 1866 – 1875. The Happy Valley Mining Center produced at an average grade of ~31g/t Au, which presents E79 with an extremely attractive target. To date, only limited modern exploration has been conducted at this prospect. Gold mineralization at Happy Valley occurs as quartz infill fractures and spurry formations within carbonate altered sedimentary units of Lower Ordovician age (448 – 443MA). Regionally mineralization appears to be proximal and related to the emplacement of several major regional Devonian age granitic plutons. The gold can occur as free particles within the quartz veins and can also be also associated with sulphides, including pyrite and to lesser degrees arsenopyrite and galena.