SHARES OUTSTANDING: 30,763,871

TSX Venture Exchange Symbol: VGC (TSX-V)

 

TORONTO, ON, FEBRUARY 1, 2008 – Viking Gold Exploration Inc. (hereafter “the Company” or “Viking Gold”) has received confirmatory results from 154 Neutron Activation analyses of lake bottom sediment samples, which were collected in August 2007 on the Morris Lake gold property, 70 kilometres north of Yellowknife, NWT. The Neutron Activation analyses were completed by Becquerel Laboratories (Mississauga, ON), and have increased the confidence in the encouraging results obtained from ICP-MS analyses, performed in late 2007 by another lab on the same samples (please see our December 14, 2007 press release). Elevated and anomalous gold values (up to 51 ppb) were confirmed in the northeast area of the property, in the vicinity of ground EM conductors outlined by Newmont Exploration in 1981 and airborne surveys conducted by Viking Gold in 2006 (see accompanying Presentations map). These conductors have not yet been drill tested. The northeastern area of the Company's property includes the southwestern continuation of the Ormsby Break, a geological feature where Tyhee Development has reportedly outlined 8.2 million tonnes grading 3.53 grams of gold per tonne. The concentration of geochemically anomalous lake sediments coupled with untested geophysical anomalies along strike of two significant gold deposits (including the past-producing high grade Discovery Mine located approximately three kilometres northeast of the Viking Gold-controlled property), has created a new, high-priority exploration area that the Company plans on testing later this year. Viking Gold is currently mobilizing personnel and equipment for a 2,500-metre winter drill program focused on the Viking Zone located within the Morris Lake property. This property is being explored through a joint venture with Viking Yellowknife Gold Mines Ltd.