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Viking Gold Winter Drill Program Assay Results

Date : Jul 21, 2010

Toronto, Ontario - July 21, 2010 - Viking Gold Exploration Inc. (TSX-V: VGC), hereafter “Viking Gold” or “the Company”, announces today that it has now received and evaluated the final assay results from its 2010 winter exploration program. This program was conducted on property located in the Narrow Lake section of the Company’s Morris Lake Project, northwest of Yellowknife, NWT.

 

The Company 2010 winter drill program comprised the successful drilling of 9 holes totaling 1,935 metres. A total of 651 samples were assayed. The program cost approximately $450,000 and was designed to test the projected extension of the Ormsby mineralized zone and the Company’s geophysical (2006) and lake sediment geochemical (2007) surveys along a distance of 1.7 kms. The 9-hole, 2010 winter drill program was preceded by a 3-hole, 2009 summer drill and channel sampling program (see Viking Gold Press Release dated October 7, 2009).

 

Diamond Drilling Program – Assay Results

Drill hole information and related assay results are presented below. Anomalous threshold values for gold at sample sites are 20 ppb Au (parts per billion) and more conservatively, 100 ppb Au. These amounts convert to .02 grams/tonne Au and 0.100 grams/tonne Au, respectively.

 

Notes to Chart

The two localized groups of holes, VP10-01 to -04 and VP10-05 to -09, were selected on the basis of the associated magnetic anomalies and the lake sediment geochemical anomalies along the low valley trend. Although two flanking holes VP10-05 and -08 had little or no anomalous gold values, the holes are well mineralized with arsenopyrite and therefore could represent indicator zones overlying or enclosing gold mineralization. Samples taken from nearby 2009 hole VP09-03 also revealed moderate amounts of arsenopyrite. Additional drilling should be done beneath these three drill holes to test for gold bearing zones at greater depth.

 

Significant anomalous readings of key pathfinder elements were found as follows:

Arsenic (As) – Holes VP10-01, -02, -03, -04, -05, -06, -07, -08, and -09

Lead (Pb) – Holes VP10-03, -04, -06, -07, and -08

 

The barren areas of the drill holes are largely within the Burwash sedimentary rocks, and the mineralized core is mainly comprised of rhyolitic agglomerate and tuffaceous volcanic rocks, confirmed by independent petrographic consultant studies.

For comparative purposes, the 2009 winter drill program results are presented below.

 

 

A map showing the 12 drill hole locations and related core assay values may be found in the SEDAR-filed version of this press release. That map, along with other detailed maps, are located on the Viking Gold website.

 

Area of Exploration

The property adjoining the optioned Peregrine property is held by Tyhee Development Corp. (“Tyhee”) and was the site of the Discovery Mine, the most important discovery of high-grade gold mineralization in the new Yellowknife Gold camp, following the discovery of the Con and Giant deposits. The Discovery Mine produced over one million ounces of gold from one million tons of ore between 1949 and 1969. That deposit was short and narrow in area but extended to over 4,000 feet vertically.

 

Diamond drilling on its property has enabled Tyhee to report a measured resource of 3.3 million tonnes averaging 3.41 gms/tonne (329,000 oz Au) and an additional indicated resource of 7.898 million tonnes averaging 3.42 gms/tonne (1.198 million oz Au). This work by Tyhee and predecessor companies has defined the Ormsby Zone to within 500 metres of the Tyhee/Viking boundary. Please refer to Tyhee’s website at www.tyhee.com for further details. The Viking Gold 2009 summer and 2010 winter exploration programs provide the first significant drill testing and confirmation of the continuation of the Ormsby gold zone south of the Tyhee discovery.

 

The claims tested by these exploration programs were optioned from Peregrine Diamonds Ltd. Viking Gold may earn a 60% interest in these claims by spending $1 million by September 9, 2011, including allocated administrative overhead. The Company has determined that it satisfied its earn-in obligation as of May 31, 2010, subject to complying with its reporting obligations under the option agreement.

 

Conclusions

In a Press Release dated May 3, 2010, the Company announced that preliminary assay results from 6 of 9 holes drilled indicated anomalous values of gold and pathfinder elements, occurring in conjunction with electrically conductive and magnetic zones along a defined mineralized southwest trending zone of at least 2,200 meters in length. The Company also concluded that the trending zone was an extension of the Ormsby mineralized deposit situated on Tyhee’s adjoining property to the north. These observations and conclusions are now extended to the entire 9-hole winter drill program.

The area measuring at least 200 m in width and transected by holes VP-09-02, VP-10-06, VP-10- 07 and VP-10-09 (measuring 400 m in a northwesterly direction and extending southwesterly to the southern end of Narrow Lake) warrants further diamond drilling. The purpose of the 2009-2010 drill programs has been met. The extension of a long known zone of gold mineralization including significant past production, has been verified by the drilling of widely spaced drill holes, and a broad range of anomalous gold values has been encountered with supportive pathfinder minerals and elements.

 

Robert M. Ginn, Ph. D., P.Eng, a Consultant and past President of Viking Gold, is the Qualified Person responsible for the Morris Lake project and he prepared or supervised the preparation of the information contained in this press release.

 

For further information, please visit our website at: www.vikinggold.ca. 

 

Some statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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