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Heritage Announces Big Plans For 2008

                                                                                             
MEDIA RELEASE                           FOR IMMEDIATE RELEASE
 
Heritage Announces Big Plans For 2008


Auckland, 29 October - Heritage Gold (NZX:HGD / ASX:HTM) one of New Zealand’s leading (dual-listed) mining companies announced today that it plans to significantly advance the exploration of its gold permits in 2008 funded by a new capital raising programme.

Heritage Gold intends to conduct extensive and thorough airborne and ground geophysical surveys of its Waihi North, Waitete and Golden Valley permits, particularly those areas adjoining the Martha and Favona operations of Newmont Gold.

Trent Lash, Managing Director of Heritage Gold said that the Company is taking a strong, focussed approach to its exploration programme with drilling of key gold tenements to be carried out during 2008. The 2008 programme is planned for completion by the end of June.

Heritage plans to use advanced ground-based geophysical technologies, supported by standard geological survey techniques to focus on areas where the airborne data indicates the potential for gold bearing structures. This data obtained from this suite of techniques should closely define drill targets for its follow-on drilling programme.

The Company also proposes to extend its geological survey of the Talisman and Dominion Knoll permits this year as well as undertake deeper drilling on the Rahu permit.


The 2007 drilling programme at Rahu yielded near-surface anomalous gold values of up to 1.34 grams per ton across intersections of 2m.

Heritage is also evaluating surface drilling of the known quartz vein structures that are an extension of the Maria and Crown lodes of the historic Talisman Mine with the objective of delineating additional resources to those determined from underground drilling in 2005/2006.

To fund this comprehensive and focussed exploration programme Heritage plans to raise A$3.2 million by private placement as well as a rights issue to its existing shareholders.

“Heritage has developed a strategic and sound business-based perspective in how the Company will apply its exploration funds. We are focussed on using our capital where it offers our shareholders the greatest potential for creating value from the mining assets that Heritage has in its portfolio,” says Lash.

Heritage Gold will also allocate a portion of the funds to carry out preliminary exploration of the Company’s base metal prospects in Northland and conduct reconnaissance drilling of its uranium licences in the Northern Territory.

The private placement will be raised by issuing 36 million shares at a price of A$0.045 per share with attached options on a 1:2 basis at an exercise price of A$0.080 per option and a term of two years.

 

The rights issue will be offered to shareholders on the same terms as the private placement.

 

The timing and full details of the rights issue are being finalised by the company and will be advised to shareholders as soon as possible.

 

Heritage Gold intends to seek shareholder approval for this placement at a special meeting that will be called in late November.

 

ENDS

 

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