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Balmoral Reports Additional Bonanza Grade Gold Assays From Chip Sampling on Northshore Property, Ontario

First Pass Drilling Intersects Target Gold-Bearing Veins in All Holes


 
Nov 08, 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Balmoral Resources Ltd. (TSX VENTURE:BAR) ("Balmoral" or the "Company) announced today that it has received the results of a recent surface chip sampling program and a preliminary review of the drilling completed on the Northshore Property by partner GTA Resources and Mining Inc. ("GTA") (TSX VENTURE:GTA). GTA reports that a total of 55 chip samples were collected from two gold bearing quartz vein systems on its Northshore Property in Ontario. All samples returned anomalous to bonanza grade gold values ranging from 1.10 g/t gold to 798.82 g/t gold (see attached tables). Over 78% of samples collected returned gold values greater than 10.00 g/ton, and over half returning gold grades in excess of 25.00 g/t gold.

Chip samples were collected across the "Audney Vein" and the "Caly Vein". Both vein systems strike in a northeasterly direction, dip near vertical, and cut across the main trend of the historic Afric Zone. The Audney Vein has been traced on surface for approximately 30 metres and varies in true width from 20 to 50 centimetres. A total of 22 chip samples were collected along the strike length of Audney vein. These samples returned values ranging from 3.71 g/t gold to 580.28 g/t gold. All samples except for one assayed in excess of 12.00 g/t gold, and over half of the 22 samples returned values greater than 31.00 g/t gold (see attached table).

The Caly Vein is located approximately 70 metres to the southeast of the Audney Vein, and consists of the main Caly Vein and a subsidiary vein structure located approximately 8 metres to the northwest (Caly North). These veins have been traced intermittently by GTA along surface for approximately 25 metres, dip near vertically, and exhibit true widths varying from 5 to 30 centimetres. Both of these vein structures are gold mineralized with chip sample results ranging from 1.10 g/t gold to 798.82 g/t gold. Over half the samples collected from these two veins returned values greater than 10.00 g/t gold.

Grab sample results from both the Audney and Caly veins had previously indicated bonanza grade gold mineralization ranging from 19.70 g/t gold (0.575 oz/t ) to a high of 7520.91 g/t gold (219.42 oz/t) (see NR11-17; July 27, 2011).

Elsewhere on the Property, GTA has identified several other northeast trending vein structures which have been examined and sampled. Results received to date from grab samples collected from these other structures have also returned significant gold values, ranging from 9.93 g/t gold to 14.16 g/t gold. Results are pending from other northeasterly trending quartz vein systems which were just recently chip sampled.

Results of the chip samples collected from the Audney, Caly and Caly North veins are summarized in the attached tables.

To view the attached tables, please click on: http://media3.marketwire.com/docs/bar118.jpg

Diamond Drill Program

GTA has also advised the Company that the initial drill program on Northshore, consisting of 12 holes totaling 1,035 metres, has recently been completed. All holes (WB-11-01 to 12) were drilled to test the shallow, high-grade potential of the Audney and/ or Caly veins and the surrounding Afric Zone mineralization. All holes successfully intersected the target veins. Visible gold mineralization was observed within the target vein systems in 9 of the 12 holes drilled. The orientation of these high-grade veins structures suggest that they form distinct "ladder veins" within the broader gold mineralized Afric Zone and important stand-alone, bonanza grade gold targets. Drilling was completed on 4 sections spaced 12.5 metres apart. Drill results are pending and will be released as they become available to the Company. A sketch map showing the extents of the Audney and Caly/Caly North veins and drill hole locations can be viewed on the Balmoral website at www.balmoralresources.com.

"We are pleased to see GTA making excellent progress in defining the high-grade gold potential of the Northshore Property," said Darin Wagner, President and CEO of Balmoral. "We look forward to the results from the recently completed drill program."

Balmoral and GTA acknowledge the on-going cooperation and support of the Pays Plat First Nation and the municipality of Schreiber, Ontario in its exploration efforts at Northshore. GTA has an option to earn up to a 70% interest in the Northshore Property from the Company. GTA is the operator for exploration activities on the Northshore Property.

Quality Control and Assurance

The planning, execution and monitoring of GTA's exploration programs on the Northshore Project are under the supervision of Robert (Bob) Duess, P.Geo. (Ontario). Mr. Duess is a qualified person as defined by National Instrument 43-101 and is also the Qualified Person for this release. Mr. Duess has supervised the work programs on the Northshore Property, supervised the collection of the samples and drill core described herein and reviewed the assays and QA/QC data. Mr. Duess has also reviewed this release.

GTA has implemented a quality control program for the trench sampling and drill programs on the Northshore Property to ensure best practice in sampling and analysis. GTA maintains strict quality assurance/quality control protocols including the systematic insertion of certified standard reference and blank materials into each sample batch. Analyses in this release were performed by Accurassay Laboratories Ltd. of Thunder Bay, Ontario with ISO 17025 accreditation. Samples are transported in security sealed bags to Accurassay and all samples were assayed using industry-standard assay techniques for gold. Gold was analyzed by a standard 30 gram fire assay with an AA and or gravimetric finish.

About Balmoral Resources – www.balmoralresources.com

Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.

On behalf of the board of directors of BALMORAL RESOURCES LTD.

Darin Wagner, President and CEO

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither the 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.

Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
604-638-5815 or Toll Free: 1-877-838-3664
604-648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com