CRIPPLE CREEK (CRESSON MINE)

Released the results from hole SGR-528, a 780 foot minus 44 degree hole, intercepted: from 110 to 120 ft, 10 ft of 1.732 Oz/T; from 145 to 190 ft, 45 ft of 0.489 Oz/T; from 215 to 290 ft, 75 ft of 0.132 Oz/T; from 315 to 325 ft, 10 ft of 0.049; and 10 ft of low grade mineralization. SGR-545, a 1,200 foot minus 54 degree hole, intercepted: from 310 to 425, 115 ft of 0.136 Oz/T; 440 to 480 ft, 40 ft of 0.069 Oz/T, and 45 ft of low grade mineralization.

Reported that in hole SGR-512, a 1,100 foot minus 45 degree hole, intercepted: from 495 to 505 ft, 10 ft of 0.065 Oz/T; from 865 to 955 ft, 90 ft of 0.423 Oz/T (including 15 ft of 2.32 Oz/T), and 170 ft of low grade mineralization.

Annouced the completion of the Mine Life Extension Pre-Feasibility Study at the Company's 33% owned joint venture with AngloGold Ashanti (Colorado) Corporation, the Cripple Creek & Victor Gold Mining Company. The successful completion of the study moved the mine life extension project into the formal feasibility study process. The final feasibility study is expected to be completed during fourth quarter 2008. The pre-feasibility study is predicated on realizing positive results from CC&V's exploration program. During 2006 the reserve addition potential was corroborated by two independently derived preresource (strategic) resource models based on the existing District data. These models projected similar results of between 9.97 and 11.1 million troy ounces of gold contained in 423 to 458 million tons of ore averaging between 0.021 and 0.022 troy ounce of gold per ton..