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Magnum Goldcorp Inc

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LH Property Update: Magnum Goldcorp Hits High Grade Gold - 16.9 m of 13.58 g/t, including 10.9 m of 20.61 g/t, and as well, 11 m of 20.66 g/t

WEST VANCOUVER, BC / ACCESSWIRE / August 18, 2015 / Magnum Goldcorp Inc. (TSXV: MGI) (the "Company" or "Magnum") is pleased to announce impressive analytical results from the Company's very successful helicopter-supported drill program recently completed on its gold exploration property (the "LH Property"). The LH Property consists of 19 contiguous crown granted claims and four mineral claims located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 8 km south of Silverton and then via Red Mountain Road for 2 km and a four-wheel drive road along Fingland Creek for 5 km.

As part of its 2015 exploration program, the Company initiated a helicopter supported drill program to target high grade gold mineralization previously identified in the LH underground workings. A total of 11 drill holes were completed from a single pad for a total of 693 metres, with collar information tabulated below.

Hole Number Azimuth Inclination Depth Comment
LH15-30 365.5 -49 152.39

LH15-31 365 -64 37.9

Intersected underground workings

LH15-32 365.5 -58 134.11

LH15-33 0 -90 52.73

LH15-34 18.5 -55 20.23

Intersected underground workings

LH15-35 25.5 -55 21.01

Intersected underground workings

LH15-36 22.5 -59 23.47

Intersected underground workings

LH15-37 25.5 -49 15.34

Intersected underground workings

LH15-38 37 -60 102.1

LH15-39 37 -69 26.66

Intersected underground workings

LH15-40 37 -55 86.56

The objective of the Phase I program was to confirm high grade gold mineralization reported from both previous drilling and underground chip sampling by previous operators. Previous work was interpreted to suggest gold-bearing mineralized zones are associated with intervals having elevated sulphide content.

At least two mineralized intervals are interpreted to be present (on the basis of the results tabulated below) which are moderately north dipping. Several of the holes intersected the underground workings and were terminated at depths less than the target depth. Despite this fact, all the holes (except LH15-33) intersected anomalous, high grade, gold mineralization, with the holes intersecting underground workings documenting shortened mineralized intervals. Furthermore, with an interpreted moderate dip to the north, many of the holes were drilled at a shallow angle to the mineralized zone(s), resulting in thickened mineralized intervals (i.e. greater than the true width). The true widths of the mineralized zones are not known at this time, however, are interpreted to be approximately 6-8 m in thickness. Further work is proposed by the Company to ascertain probable true width(s).

Analytical results for the 2015 drill holes are presented in the following table:

Interval* Gold (Au)
Drill Hole From
(metres)
To
(metres)
Length
(metres)
ICP (g/t) Gravimetric (g/t)

LH15-30

4.00 25.00 21.00 1.29 1.50
Including 6.00 7.00 1.00 5.15 7.44
Including 9.00 25.00 16.00 1.29 1.43
Including 9.00 10.00 1.00 2.01 2.09
Including 14.00 15.00 1.00 3.36 3.34
Including 15.00 16.00 1.00 1.60 2.25
Including 16.00 17.00 1.00 2.50 3.33
29.00 48.00 19.00 0.71 0.75
Including 40.00 41.00 1.00 3.93 3.78
63.00 64.00 1.00 2.12 2.15

LH15-31

21.00 37.90 16.90 13.58 14.31
Including 21.00 22.00 1.00 2.61 2.57
Including 27.00 37.90 10.90 20.61 21.75
Including 32.00 33.00 1.00 5.82 5.54
Including 33.00 34.00 1.00 2.75 3.79
Including 34.00 35.00 1.00 175.00 187.00
Including 35.00 36.00 1.00 33.10 31.60

LH15-32

15.63 73.00 57.37 3.81 3.73
Including 15.63 28.00 13.37 6.49 5.44
Including 33.00 55.00 22.00 5.52 5.89
Including 18.00 19.00 1.00 4.06 5.66
Including 19.00 20.00 1.00 14.70 20.00
Including 20.00 21.00 1.00 27.50 29.70
Including 25.00 26.00 1.00 2.84 2.75
Including 26.00 27.00 1.00 30.20 6.85
Including 27.00 28.00 1.00 1.95 2.01
Including 28.00 29.00 1.00 1.93 2.08
Including 34.00 35.00 1.00 2.49 2.32
Including 41.00 42.00 1.00 4.51 6.00
Including 42.00 43.00 1.00 15.60 11.50
Including 43.00 44.00 1.00 2.06 2.05
Including 44.00 45.00 1.00 1.95 2.27
Including 45.00 46.09 1.09 7.91 9.20
Including 50.00 51.00 1.00 11.90 14.70
Including 51.00 52.00 1.00 11.60 13.20
Including 52.00 53.00 1.00 52.90 56.00
Including 71.00 72.05 1.05 3.60 4.52
110.00 114.00 4.00 1.12 1.15
Including 112.00 113.00 1.00 3.65 3.74

LH15-34

15.95 20.23 4.28 5.64 6.16
Including 15.95 17.00 1.05 4.46 5.46
Including 17.00 18.00 1.00 5.14 5.90
Including 18.00 19.00 1.00 2.88 2.92
Including 19.00 20.00 1.00 8.15 9.75
Including 20.00 20.23 0.23 14.30 8.93

LH15-35

9.00 21.01 12.01 1.01 1.17
Including 12.00 20.00 8.00 1.37 1.60
Including 14.00 15.00 1.00 3.39 4.24
Including 19.00 20.00 1.00 2.15 2.40

LH15-36

18.00 23.47 5.47 10.20 12.59
Including 20.00 23.47 3.47 15.89 19.59
Including 20.00 21.00 1.00 5.00 3.91
Including 21.00 22.00 1.00 49.70 63.60

LH15-37

6.00 15.34 9.34 7.08 6.45
Including 6.30 11.00 5.00 12.86 11.66
Including 6.00 7.00 1.00 14.30 11.30
Including 7.00 8.00 1.00 8.17 7.03
Including 9.00 10.00 1.00 31.40 30.10
Including 10.00 11.00 1.00 9.82 9.33
Including 15.00 15.34 0.34 2.94 3.22

LH15-38

28.00 39.00 11.00 20.66 20.76
Including 36.00 39.00 3.00 3.13 3.32
Including 28.00 29.00 1.00 14.30 17.50
Including 29.00 30.00 1.00 5.77 5.83
Including 30.00 31.00 1.00 10.90 9.57
Including 31.00 32.00 1.00 53.00 69.50
Including 32.00 33.00 1.00 132.00 114.00
Including 36.00 37.00 1.00 4.98 5.12
Including 38.00 39.00 1.00 3.85 4.27
39.00 41.10 2.10 3.45 3.88
66.00 81.00 15.00 3.00 2.78
Including 69.00 79.00 10.00 4.36 4.04
Including 71.00 72.00 1.00 2.21 1.74
Including 78.00 79.00 1.00 35.60 32.10

LH15-39

8.00 9.00 1.00 22.60 22.10

LH15-40

10.10 10.36 0.26 10.00 11.00
11.00 14.00 3.00 13.53 14.28
Including 11.00 12.00 1.00 25.00 33.60
Including 12.00 13.00 1.00 14.20 7.76
26.00 62.00 36.00 5.92 5.97
Including 26.00 27.00 1.00 13.40 12.90
Including 28.00 29.00 1.00 2.25 2.24
Including 29.00 30.00 1.00 6.30 6.79
Including 30.00 31.00 1.00 16.40 18.40
Including 31.00 32.00 1.00 2.42 3.39
Including 32.00 33.00 1.00 48.50 46.10
Including 33.00 34.00 1.00 63.90 47.60
Including 34.00 35.00 1.00 4.77 6.60
Including 35.00 36.00 1.00 8.87 17.10
Including 36.00 37.00 1.00 3.05 3.55
Including 37.00 38.00 1.00 1.56 2.24
Including 38.00 39.00 1.00 7.35 7.98
Including 44.00 45.00 1.00 1.08 3.32
Including 45.00 46.00 1.00 2.93 2.70
Including 48.00 49.00 1.00 2.24 2.05
Including 50.00 51.00 1.00 3.52 3.95
Including 55.00 56.00 1.00 5.16 5.62
Including 58.00 59.00 1.00 3.74 4.86
Including 59.00 60.00 1.00 1.67 2.37

*True width not known at this time.

The Company views the results of its Phase I program to be very significant and noteworthy. Phase II of the Company's planned 2015 program will undertake additional testing of high grade gold mineralization previously identified and associated with the underground workings of the LH Mine and/or along the Ridge Zone.

Core from drill hole LH-15-30 was split in its entirety. Sampling in subsequent holes was restricted to mineralized intervals having approximately 2% sulphide content (predominantly pyrrhotite and/or subordinate arsenopyrite) over greater than 1 metre. Drill core was split at approximately 1 metre intervals, with one half sent to AGAT Laboratories in Burnaby, BC for initial preparation. The remaining core was returned to the core box and stored, with the core from the 2012 and 2014 programs, in Crescent Valley, BC. Samples were crushed to 75% passing 2 mm and a 250 gram subsample was riffle split then pulverized to 85% passing 75 microns. Each sample was subjected to Aqua Regia digestion and analyzed by Inductively Coupled Plasma - Optical Emission Spectrometry ("ICP-OES"). Samples returning gold values in excess of 0.5 ppm were re-analyzed using Fire Assay on a 30 gram sample with an Atomic Absorption Spectrometry ("AAS") finish. Samples returning gold values in excess of 10 ppm were further analyzed using Fire Assay on a 30 gram sample with a Gravimetric Finish.

This news release has been reviewed and approved by Rick Walker, P. Geo., who is acting as the Company's Qualified Person for the LH Property project, in accordance with regulations under NI 43-101.

By option agreement dated September 6, 2012, the Company was granted an option by International Bethlehem Mining Corp. (TSX-V: IBC) to acquire a 51% interest in the LH Property (the "Option"). Under the Option, the Company has agreed to incur expenditures on the LH Property totaling $500,000 and to issue 3,000,000 shares to International Bethlehem. By purchase agreement dated February 24, 2015, Cobra Venture Corporation (TSX-V:CBV) purchased one half (25.5%) of the Company's 51% interest in the LH Property for $300,000. Under that agreement, the Company is required to spend $200,000 in exploration expenditures on the LH Property, which requirement was completed as a result of the Phase I program described above (see News Release dated March 5, 2015 for further information on the agreements with International Bethlehem Mining Corp. and with Cobra Venture Corporation). The LH Property is subject to certain net smelter return royalties.

For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030.

Magnum Goldcorp Inc.

"Douglas L. Mason"
_________________________________
Douglas L. Mason, CEO

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 release

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

SOURCE: Magnum Goldcorp Inc.

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