Full Metal Expands Extent of Lucky Shot Gold Property, Commissions Underground Exploration Study

VANCOUVER, BRITISH COLUMBIA -- 12/18/07 -- Full Metal Minerals Ltd. (TSX VENTURE: FMM) is pleased to announce that final assay results have been received from the 2007 drill program from its 100% owned Lucky Shot Property, located 90 miles north of Anchorage, Alaska.

The primary focus of the 2007 Exploration Program at Lucky Shot was to determine through aggressive step-out drilling the strike extent of the Lucky Shot Shear. The drill program tested three of the four known fault blocks and has extended the continuous gold mineralization to over 2,400 meters along strike, and 700 meters down-dip. Highlights from the 2007 program include:

- C07-92 54.6 g/t Au over 0.98 meters in Murphy Zone

- C07-105 17.3 g/t Au over 1.0 meters in Coleman Zone

- C07-110 71.6 g/t Au over 0.5 meters in Coleman Zone

- C07-112 21.3 g/t Au over 0.5 meters in Coleman Zone

- C07-143 77.2 g/t Au over 0.5 meters in Lucky Shot Zone

Six wide-spaced deep drill holes were completed in the Lucky Shot block, down-dip of historic stopes. Drilling was successful in extending the known extent of the gold-bearing shear zone to over 500 meters down-dip, including hole C07-143, which intersected 77.2 g/t Au over 0.5 meters, approximately 200 meters down-dip from the stopes. Drill holes completed in this area are average 350 to 450 meters in length and Full Metal is contemplating using underground drifting and drilling to cost effectively define resources.

The Coleman Block, located near surface at the known western limit of the shear, received the majority of the drilling over the past three seasons by Full Metal. Drilling during the 2007 program focused on testing for new high-grade shoots, to the east and west of known mineralization. High-grade mineralization was identified to the west, and down-dip of historic stopes, including hole C07-110 which encountered 71.6 g/t over 0.5 meters. Holes C07-138 and 139 were 400 meter step-outs from the westernmost drill holes, and encountered the moderately altered shear with anomalous gold grades.

At the Murphy Block, five deep holes were completed during the 2007 program, including Hole C07-92 which encountered 54.6 g/t Au over 0.98 meters (seen FMM #10NR, May 7, 2007). This hole was a 100 meter offset from hole C06-89, which intersected 19.4 g/t Au over 0.4 meters. The Murphy Zone is a north-eastern extension to the past-producing War Baby/Lucky Shot mine and was discovered at the end of the 2006 field season. Holes C07-93, 94 and 99 encountered anomalous mineralization, all at greater than 250 meters below surface. Future drilling in the Murphy Block will include aggressive step-outs to the east, since the structure is projected to come to surface on the east side of the Craigie Creek Valley, about 1,000 meters east of C06-92.

Hole locations can be viewed at www.fullmetalminerals.com. Complete results are as follows:

Hole-ID From To Length Au (g/t) Zone
C07-85 333.50 335.00 1.50 2.53 Lucky Shot
344.00 345.00 1.00 2.88
C07-91 287.10 287.53 0.43 2.03 Murphy
C07-92 274.96 275.94 0.98 54.6 Murphy
C07-93 No significant intercepts Murphy
C07-94 No significant intercepts Murphy
C07-95 206.00 206.50 0.50 1.68 Coleman
C07-96 195.00 196.00 1.00 1.78 Coleman
C07-97 214.00 215.42 1.42 11.12 Coleman
C07-98 206.86 208.15 1.29 1.83 Coleman
C07-99 275.40 276.20 0.80 1.12 Murphy
C07-100 No significant intercepts Coleman
C07-101 No significant intercepts Coleman
C07-102 237.00 238.00 1.00 1.07 Coleman
C07-103 232.00 233.00 1.00 1.71 Coleman
C07-104 322.79 324.22 1.43 1.90 Lucky Shot
339.00 339.49 0.49 3.30
C07-105 144.00 145.00 1.00 17.30 Coleman
184.50 185.50 1.00 5.76
C07-106 171.00 171.50 0.50 8.84 Coleman
C07-107 No significant intercepts Coleman
C07-108 139.00 142.50 3.50 2.38 Coleman
C07-109 170.00 171.00 1.00 2.00 Coleman
C07-110 105.00 107.00 2.00 2.51 Coleman
121.50 122.00 0.50 23.50
158.00 158.50 0.50 71.60
C07-112 111.00 111.50 0.50 21.30 Coleman
123.00 124.00 1.00 9.44
C07-113 106.50 108.00 1.50 2.31 Coleman
114.50 115.50 1.00 14.35
C07-114 133.00 135.00 2.00 1.73 Coleman
C07-115 42.50 43.50 1.00 2.46 Coleman
C07-116 38.50 39.50 1.00 3.29 Coleman
C07-117 126.50 127.50 1.00 6.17 Coleman
C07-118 188.50 190.00 1.50 8.18 Coleman
C07-119 170.00 171.00 1.00 1.83 Coleman
C07-120 No significant intercepts Coleman
C07-121 No significant intercepts Coleman
C07-122 No significant intercepts Coleman
C07-123 208.00 209.00 1.00 2.77 Coleman
C07-124 157.00 157.50 0.50 8.89 Coleman
189.00 191.00 2.00 1.71
C07-125 153.00 154.00 1.00 13.90 Coleman
170.50 174.00 3.50 1.85
182.00 183.00 1.00 3.12
189.00 190.00 1.00 2.64
C07-126 173.25 178.00 4.75 4.30 Coleman
C07-127 153.50 154.50 1.00 2.56 Coleman
C07-128 116.00 117.00 1.00 1.45 Coleman
C07-129 107.00 108.00 1.00 2.83 Coleman
184.50 186.00 1.50 1.90
C07-130 No significant intercepts Coleman
C07-131 No significant intercepts Coleman
C07-133 156.00 157.00 1.00 7.89 Coleman
192.00 193.00 1.00 3.12
C07-134 No significant intercepts Coleman
C07-135 Lost hole
C07-136 No significant intercepts Coleman
C07-137 110.00 110.50 0.50 5.24 Coleman
C07-138 No significant intercepts Coleman
C07-139 222.00 223.00 1.00 3.20 Coleman
C07-140 350.00 351.00 1.00 1.40 Lucky Shot
C07-143 235.00 236.00 1.00 2.82 Lucky Shot
400.75 401.25 0.50 77.20
C07-144 243.00 244.00 1.00 2.03 Lucky Shot
314.95 316.00 1.05 1.82
457.00 458.00 1.00 2.44
C07-145 28.50 30.00 1.50 5.04 Lucky Shot
371.00 372.50 1.50 3.32
C07-146 No significant intercepts Yarder

(i)True widths are estimated to be between 84 and 100% of drilled length.


Based on the high-grades, excellent ground conditions, good metallurgy, and project infrastructure, Full Metal Minerals has commissioned JDS Mining and Energy of Kelowna, B.C. to evaluate the Lucky Shot Property for three potential scenarios: 1) Additional surface exploration, 2) combined underground and surface exploration, 3) positive construction decision. Metallurgical testing has been initiated, as well as underground development planning. Full Metal will make a decision on the 2008 Program at Lucky Shot during the first quarter of 2008.

The Lucky Shot Project is located in the historic Willow Creek Mining District. Past-producing mines in the District are considered to be among the highest grade in the Northern Cordillera, with documented production from company records and The Alaska Department of Mines listed at over 620,000 ounces Au from multiple veins and shears, at an average grade of approximately 1.0 oz/ton Au; Full Metal has not audited these historic production figures, and they should not be relied upon. Prior to Full Metal's 2005 exploration program, limited modern exploration has been performed in the District since the mine closures. Property infrastructure is excellent, with road access from Anchorage and close proximity to both rail and power. Camp and maintenance facilities are operated year-round.

Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101, who has prepared and approved the information contained in this release. Drill holes are sampled at approximately one to five foot sample intervals. Core is sawn in half with a diamond saw. Samples are delivered in sealed bags to the ALS-Chemex Labs facility in Fairbanks, Alaska for sample preparation and were then sent to the Vancouver, B.C. Lab for analysis (50 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP), with high-grade results analyzed by metallic screening method. A sample quality control/quality assurance program was implemented.

Drill results are expected shortly from Full Metal's high grade zinc, lead, silver 40 Mile Project. Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The Company currently has eight active Joint Venture Agreements. Full Metal and its Partners are planning a minimum of eight drill programs during the 2008 field season.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.



The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
(604) 484-7855
(604) 484-7155 (FAX)
Email: info@fullmetalminerals.com
Website: www.fullmetalminerals.com

Niblack Mining Corp.: Surface Sampling Yields 15.4% Copper, 14.6% Zinc and 5.72 g/t Gold at the Cayenne VMS Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) - Niblack Mining Corp. (TSX VENTURE:NIB) (the "Company") is pleased to announce results from surface exploration work completed at the Cayenne property, located 20 kilometres north of the Niblack Project on Prince of Wales Island, southeast Alaska. Similar to the Niblack project, the Cayenne property is a volcangenic massive sulphide (VMS) target, located near tidewater in an area of historic production, and is 100 percent owned by the Company. The Cayenne property has seen very limited exploration activity since 1907, when the former producing Khayyam and Stumble-On deposits ceased operations.

Work completed by the Company in 2007 includes reconnaissance geological work, limited rock sampling and a CSAMT geophysical survey, a high-resolution resistivity mapping tool effective at detecting conductive sulphide mineralization in the subsurface. The CSAMT survey was completed on four survey lines for a total of 2.5 line kilometres. Multiple strong conductors were identified at depth, some of which correlate well with known sulphide lenses mined near surface, while others may represent new sulphide lenses. Chip sampling across a two metre wide surface outcrop of massive sulphide yielded 9.66% zinc, 0.88% copper, 6.2 g/t silver and 0.30 g/t gold. Sampling of 0.3 to 0.5 metre boulders from the mine dump assayed up to 14.6% zinc, 15.4% copper, 109 g/t silver, and 5.72 g/t gold.

Results of four samples collected for assay are listed below:




--------------------------------------------------------------------------
Cu Zn Ag Au
Sample# Description (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
C217620 2 metre chip sample of massive sulphide 0.88 9.66 6.2 0.30
(true thickness)
--------------------------------------------------------------------------
C217621 Boulder of massive pyrrhotite from mine 1.27 0.16 6.2 0.26
dump
--------------------------------------------------------------------------
C217622 Boulder of sulphide veined host rock 1.37 0.41 6.1 1.03
from mine dump
--------------------------------------------------------------------------
C217623 Boulder of massive sulphide ore from 15.4 14.6 109 5.72
mine dump
--------------------------------------------------------------------------





Mineralization at the Cayenne property consists of at least six near vertical stratiform massive and semi-massive sulphide lenses of coarse grained pyrite, chalcopyrite, sphalerite, and pyrrhotite. Sulphide lenses are elongate and are as much as 6 metres thick and 170 metres long. The Stumble-On deposit is located 1.5 kilometres east and along strike from Khayyam. Potential for discovery below the existing mine workings and between the two deposits is high. The Company looks forward to carrying out additional work on the Cayenne property in 2008, with plans to drill several of the new geophysical anomalies.

About the Company

Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout Zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $9 million in working capital to fund the current underground program.

A rigorous quality control and quality assurance protocol is utilized on the project including blank, duplicate and reference samples with each batch of assays. All samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corp., is the Qualified Person for this exploration project.

To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.

On Behalf of the Board

NIBLACK MINING CORP.

Paddy Nicol, MBA, President

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

For more information, please contact
Niblack Mining Corp.
Fraser Adams
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045

or

Niblack Mining Corp.
Bill Gillies
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045
(604) 684-0279 (FAX)
Email: info@niblackmining.com
Website: www.niblackmining.com

Quaterra Acquires Herbert Glacier Gold Project in Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) - Quaterra Resources Inc. (TSX VENTURE:QTA) today announced the acquisition of the Herbert Glacier gold property 20 miles north of Juneau, Alaska. The 1,735 acre property consists of 84 Federal claims which host four main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The structures strike east-west and dip steeply, mostly to the north. Only one of the four known vein systems was drilled in 1986 and 1988. Sampling in 2007 shows that all four structures locally have high-grade gold-quartz mineralization and should be drill tested.

The vein systems are strongly enriched in gold (Au): Of 199 rock chip samples collected during a reconnaissance mapping and sampling program in the summer of 2007, almost half (94 samples) contained more than 1 g/t Au; 33 samples contained more than 10 g/t; and 12 contained more than one ounce of Au/ton. One 1.5 ft (about 46 cm) banded quartz vein with visible gold assayed 81.9 g/t (about 2.39 oz/ton) Au. Veins typically pinch and swell, but individual veins are as much as 14 feet thick and composite veins up to more than 20 feet across. The veins are competent, but occur within halos of altered quartz diorite, and are generally marked on surface by deep trenches eroded from the incompetent altered host rocks. Gold is accompanied, in approximate decreasing order by arsenopyrite, pyrite, and galena with lesser amounts of scheelite, chalcopyrite, and sphalerite.

The Herbert Glacier property lies within the 100-mile long Juneau gold belt which has produced nearly seven million ounces of gold through a total depth range of thousands of feet. Trace elements typical of the gold belt and the mesothermal aspect of the ribboned quartz veins suggest that the veins of the Herbert Glacier property could be persistent in both strike and depth.

In October 2007, Quaterra leased 17 core claims from long time Juneau prospectors and miners Dale Henkins and Floyd Branson and their partner Jim Wilson of Coastal Helicopters (the JEDI syndicate). Quaterra staked an additional 67 contiguous claims. Terms between Quaterra and the JEDI group call for an initial payment of $12,000 and annual payments escalating from $12,000 to $30,000 over the first 11 years. Payments are an advance royalty calculated on a sliding scale of 3% to 5% NSR based on the gold price. Quaterra has a work commitment of least $25,000 for the first year and $50,000 for each year thereafter.

The Summit vein, part of the southernmost of the four vein systems, was known in the early days of the Juneau district. Much of the area now known to be mineralized was, however, covered by glacial ice. Veins were exposed as the ice receded and discoveries were made in the 1980s. The next system to the north, called the Herbert Vein, was drilled in 1986 and 1988 respectively by Tenneco Minerals and its successor Echo Bay Mining Co. The structure was explored on approximate 200 foot intervals along a 2,000 foot strike length with 5,272 feet of drilling in 19 core holes. Shallow angle holes established continuity of gold mineralization in the vein system and found intercepts of up to 12.84 oz Au/ton. Highlights of this drilling are shown in the table below:

HIGHLIGHTS OF HISTORIC (1986 & 1988) DRILLING AT THE HERBERT GLACIER PROSPECT

Drill holes in order west to east over about 2000 feet strike length.

Only intercepts greater than 1-ft of 0.3 oz/ton Au shown.

Data from reports by George A. Moerlein for Tenneco Minerals (1986) and Echo Bay Mining Co. (1988).




Hole From (ft) To (ft) Interval oz/ton Au
---- -------- ------ -------- ---------
H-9 88.0 89.2 1.2 0.38
H-6 190.0 191.0 1.0 3.85
H-5 165.5 168.1 2.6 0.93
H-2 147.0 149.0 2.0 0.99
H-1 78.0 84.0 6.0 0.93
H-13 286.5 300.5 14.0 0.98
Includes 296.8 297.8 1.0 12.64
H-12 160.4 162.0 1.6 0.31
H-12 165.5 168.4 2.9 0.31





"All drilling was NQ core with excellent recovery"

A metallurgical study on a 240 pound composite sample by the US Bureau of Mines indicated that 88% of the gold was free milling and could be recovered by gravity methods (Herbert Glacier - No. JU097, ARDF file, Juneau Quadrangle, U.S. Geological Survey).

"We are quite excited about the potential of the Herbert Glacier project," says Dr. Charles C. Hawley, Quaterra's VP Exploration-Alaska. "If we can demonstrate similar grades and tonnages at depth and in the other parallel veins, this project could represent a significant gold deposit for the Company."

Quaterra is planning a 3,000 foot core drilling program to explore the Herbert Glacier project in 2008.

Most of the work described in this release was carried out in August 2007 by contract geologists Carl Hale, Geoff Garcia, and Alexander Pappas with assistance of Dale Henkins and Floyd Branson. Samples were under the direct control of Mr. Pappas until they were sent via Alaska Airlines to ALS Chemex prep laboratory in Fairbanks, Alaska. The crew was under the general supervision of Dr. Charles C. Hawley who is the qualified person responsible for the preparation of this release.

Quaterra Resources Inc. (TSX VENTURE:QTA) is a junior exploration company focused on making significant mineral discoveries in North America. The company uses in-house expertise and its extensive network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large base metal, precious metal or uranium deposits. The company's preference is to acquire a 100% interest in properties on reasonable terms and maintain this interest through initial evaluation.

On behalf of the Board of Directors,

Thomas Patton, President, Quaterra Resources Inc.

Some statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.

Expanded information on the Company's projects is described on our website at www.quaterraresources.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Little Squaw Builds on More Chandalar Placer Gold Drill Results

Little Squaw Gold Mining Company (OTCBB: LITS) ($0.90) ("Little Squaw" or "the Company") has received additional drill results from its placer gold project on the Little Squaw Creek drainage located on the Company's wholly owned Chandalar, Alaska, mining property. These additional results confirm the Company's opinion that it has discovered an industrial-scale placer gold deposit of potential commercial significance (see the Company's press release of October 4, 2007).

The Company now has results for 68 of the 99 drill holes completed. Sixty of these holes have intersected the "Pay Horizon," which refers to the mineralized stratum of gravel from which significant quantities of gold can be recovered. The new sample results are for 42 holes on drill lines 2, 7, 8, 8.6, 9, 9.9, 10 and on the east ends of lines 3 and 4 (see drill map and drill results tables below). The 60 holes show a Pay Horizon averaging $15.94 per cubic yard (yd3) over a thickness of 84 feet (28 yards) using a gold price of $600 per ounce ($21.25/yd3 @ $800/oz).

Based partially on a February 2002 government study, the Company believes the value of the placer gold gravels at Chandalar falls well within economically extractable limits. U.S. Bureau of Land Management (BLM) Alaska Technical Report 38 is titled, "Economic Prefeasibility Studies of Mining in the Koyukuk Mining District, Northern Alaska." The Koyukuk mining district lies immediately west of the Chandalar mining district within the same mountain range. According to economic modeling in the report, placer mines having access and geology similar to the Little Squaw Creek deposit, required a recoverable metal value of $4.62/yd3 to yield a 15 percent Discounted Cash-Flow Rate-of-Return (DCFROR). The BLM report states dollar values in loose cubic yards (mined), whereas the Company states the recoverable gold value in bank cubic yards (in ground). If a normal expansion factor is applied to convert bank to loose cubic yards, then an estimated recoverable metal value of about $6.01 would be required to yield a 15 percent DCFROI. The inflation-adjusted amount is $8.27 yd3 in today's dollars (Bureau of Labor Standards Indices -- Producer Price Index Industry Data for Construction, Sand, and Gravel Mining). The size of the Little Squaw Creek deposit and the scale of a potential mining operation there would exceed any of those in the BLM study, and would gain economies of scale not reflected in the BLM study. The Company believes the placer gold deposit at Chandalar has millions of yards of recoverable metal value currently in the range of $16.00 yd3 to $21.00 yd3 that it could profitably mine. An independent economic feasibility study will be done as soon as sufficient drilling and engineering are completed.

Robert Pate, Chief Operating Officer of the Company, said, "Our staff is encouraged by the results of this placer gold deposit discovery. We anticipate drilling an additional 300 holes to define the limits of the deposit and establish ore reserves. Drilling to evaluate the extensive gold-quartz vein system that is the upstream source area for the alluvial gold remains our No. 1 priority. We believe this vein system may host a multimillion ounce gold deposit."

Company geologists have developed an understanding of the gold placer deposit on Little Squaw Creek as depicted on the drill map below. All the drill lines are perpendicular to the channel flow and linear direction of the gently sloping gravel deposits. A thick paleo-channel deposit of mineralized gravel defined by drill lines 5 through 10 in the upper reaches of Little Squaw Creek is dammed by a subterranean band of erosionally resistant greenstone that it breaches, having disgorged northward into a broad alluvial fan (similar to a fossilized delta). This wide, thick alluvial fan of gold-bearing stream gravel (fluvial material) is defined on drill lines 1 through 4, where it is buried under gold-barren glacial sediments that average 58 feet (19 yards) thick. All the sedimentary strata of stream gravels lay on schist bedrock, with the fan portion of the deposit overlain by glacial overburden (mud, sand and cobbles) containing sparse gold values. The entire deposit remains open to expansion by more drilling.

Metallogeny, Inc., a private company based in Fairbanks, Alaska, has been responsible for all sample collection at the borehole sites and has had exclusive possession of all drill samples, thereby providing independent sample security from the time of borehole extraction through transport to the Fairbanks laboratory. Substrate borehole samples were collected continuously every five feet and processed via a sophisticated sample-reduction routine that recovers the native gold contained in the drill cuttings. The recovered gold is then weighed on an electronic scale accurate to a tenth of a milligram. Calculations are made to determine the content of gold in each cubic yard of gravel. This process of mechanical gold separation is believed to produce a product representative of gold values that could be recoverable in a mining operation.

The tables below contain revised drill sample value results for drill lines 3 and 4, previously reported in the Company's press releases of August 23 and September 10. Metallogeny applied some technical adjustments in making their calculations which they believe more accurately reflect the value of recoverable gold in each cubic yard of gravel. These adjustments included a revision in the sample expansion factor, accounting for fractional differences in drill bit diameters amongst the boreholes, and more effectively limiting the influence of samples with poor volume recoveries.

Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.

Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.

2007 Placer Drilling Program
Little Squaw Creek
Summary Of Drill Hole Cut Pay Grades
As of November 26, 2007
(Reverse Circulation Drilling)
(Pay Grade = Value per cubic yard of extractable gold @ $600/oz)
(Valuations use gold recovered @ 850 fine)
(All nuggets > 150 mg cut to 150 mg)
(bcy = bank cubic yards (in situ))
Drill Line Summary
Line Fluvial Pay Grade
Number Glacial (Stream) For
Of Drill Bedrock Overburden Gravel Fluvial
Holes Or Hole Thickness Thickness Gravel
With Pay Depth (ft) (ft) (ft) ($/bcy)
Grade Average Average Average CUT
------------- ----------- ----------- ----------- ----------- -----------
2 4 175.0 65.5 110.5 $ 10.40
3 11 154.4 70.6 84.0 $ 20.84
4 16 150.5 71.3 79.1 $ 14.94
7 4 109.3 16.3 96.3 $ 18.39
8 7 154.0 44.3 104.1 $ 15.77
8.6 3 97.3 45.0 34.0 $ 12.84
9 4 125.0 45.0 82.0 $ 20.95
9.9 1 118.0 5.0 115.0 $ 5.34
10 10 143.6 59.3 72.9 $ 13.58
------------- ----------- ----------- ----------- ----------- -----------
Weighted Avg. 60 144.5 57.8 83.7 $ 15.94
Yards = 48.2 19.3 27.9
------------- ----------- ----------- ----------- ----------- -----------
Drill Line 2 (1,225 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Fan CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
6 East 70.0 64.0 16.0 $ 3.11
4 East 97.0 56.0 42.0 $ 4.21
2 East 105.0 49.0 57.0 $ 11.02
8 189.5 68.0 122.5 $ 10.74 10' @
$89.11
10 195.5 72.0 124.5 $ 9.31 5' @
$66.95
12 210.0 73.0 138.0 $ 10.81 15' @ Also 5' @
$50.71 $56.97;
No bedrock
---------- --------- ---------- ---------- ---------- ---------- ----------
570'
separates
hole 2E
4 Hole from
Average = 175.0 65.5 110.5 $ 10.40 hole 8
Yards = 70.0 24.3 46.0
---------- --------- ---------- ---------- ---------- ---------- ----------
15 200.0 75.0 126.0 $ 3.97
19 200.0 75.0 126.0 $ 3.98 No bedrock
Drill Line 3 (1,400 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT ($bcy) Comments
--------- --------- --------- --------- --------- -------------- ---------
Secondary
12 East 97.5 70.0 30.0 $ 63.42 10'@ $ 174.86 channel?
Only pay
interval
9 East 114.0 89.0 25.0 $ 33.29 5'@ $ 166.48 in
hole.
7 East 128.0 74.0 54.0 $ 96.78 5'@ $1,024.57 No
nugget
effect
5 East 138.0 64.0 74.0 $ 23.10 15'@ $ 62.21
3 East 147.0 49.0 98.0 $ 13.11 5'@ $ 70.77
1 159.0 48.0 111.0 $ 13.16 10'@ $ 66.45
Also 5' @
3 174.0 63.0 111.0 $ 18.50 5'@ $ 63.90 $ 53.75
Also 5' @
5 165.0 64.0 101.0 $ 11.68 5'@ $ 57.99 $ 54.62
7 173.0 82.0 91.0 $ 10.23 10'@ $ 55.67
9 193.0 88.0 105.0 $ 10.02 5'@ $ 64.99
No
12 210.0 86.0 124.0 $ 13.07 15'@ $ 72.02 bedrock
--------- --------- --------- --------- --------- -------------- ---------
11 Hole
Average = 154.4 70.6 84.0 $ 20.84
Yards = 51.5 23.5 28.0
--------- --------- --------- --------- --------- -------------- ---------
Last
interval
= 5' @ $
25.98; No
15.5 210.0 110.0 100.0 $ 1.38 bedrock
Drill Line 4 (1,070 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT Comments
--------- --------- --------- --------- --------- -------------- ---------
Incl. 5'
bedrock;
Secondary
5 East 75 60 15 $ 52.45 channel?
1 East 85.0 45.0 40.0 $ 49.59 25' @ $ 70.74
1 115.0 63.0 52.0 $ 13.98
2 136.0 65.0 71.0 $ 18.02
Also 5' @
3B 149.0 60.0 89.0 $ 25.93 20' @ $ 60.34 $ 101.38
4 150.0 75.0 75.0 $ 13.25
5 157.0 72.0 85.0 $ 4.47
Uncut =
10' @ $
451.95;
Also 5' @
6 172.0 65.0 107.0 $ 20.84 10' @ $ 67.37 $ 78.21
Uncut =
10' @ $
171.03;
Also 5' @
7 188.0 83.0 105.0 $ 14.72 10' @ $ 96.13 $ 78.15
8 193.0 75.0 118.0 $ 1.42
9 186.0 75.0 111.0 $ 8.05 5' @ $ 67.90
10 168.0 70.0 96.0 $ 4.94
11 149.0 85.0 64.0 $ 11.18 10' @ $ 50.76
12 155.0 83.0 72.0 $ 10.06 10' @ $ 52.64
Uncut =
10' @ $
13 162.0 85.0 77.0 $ 41.14 10' @ $ 260.03 530.65
14 168.0 80.0 88.0 $ 5.92
--------- --------- --------- --------- --------- -------------- ---------
16 Hole
Average = 150.5 71.3 79.1 $ 14.94
Yards = 50.2 23.8 26.4
--------- --------- --------- --------- --------- -------------- ---------
15 158.0 80.0 78.0 $ 3.14
Drill Line 7 (400 feet long)
Drill Bedrock Glacial Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
(ft) ($/bcy) Over
CUT $50.00/bcy
-------- ------- ------- ------- ------- ------------ ------------
3 East 111.0 25.0 88.0 $ 10.62 10' @ $ 64.18 Includes
some bed
rock
2 East 107.0 30.0 80.0 $ 28.68 20' @ $ 61.90 Includes
some bed
rock
1 East 125.0 5.0 126.0 $ 22.86 30' @ $ 54.84 Includes
some bed
rock
1 94.0 5.0 91.0 $ 10.68 5' @ $107.17 Includes
some bed
rock
-------- ------ ------ ------ ------- -------------- -----------
4 Hole
Average = 109.3 16.3 96.3 $ 18.39
Yards = 36.4 5.4 32.1
-------- ------ ------ ------ ------- -------------- -----------
2 92.0 0.0 90.0 $ 0.13
3 105.0 15.0 90.0 $ 1.13
4 96.0 5.0 85.0 $ 0.39
Drill Line 8 (350 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------- ------- -------- --------- ------- -------------- ----------
1 150.0 30.0 120.0 $ 6.66 No bedrock
2 128.0 20.0 110.0 $ 47.64 20' @ $ 121.66 Also 10' @
$ 112.66;
Includes
some bed
rock
3 176.0 65.0 113.0 $ 16.14 15' @ $ 58.51 Also 5' @
$ 55.18;
Includes
some bed
rock
4B 194.0 60.0 136.0 $ 12.36 10' @ $ 51.00 Also 5' @
$ 65.46;
Includes
some bed
rock
5 155.0 65.0 90.0 $ 5.40 No bedrock
6B 155.0 20.0 95.0 $ 7.68 Includes
some bed
rock
7 120.0 50.0 65.0 $ 11.28 5' @ $ 70.79 Includes
some bed
rock
------- ------- -------- --------- ------- ------------- ----------
7 Hole
Average = 154.0 44.3 104.1 $ 15.77
Yards = 51.3 14.8 34.7
------- ------- -------- --------- -------- ------------- ----------
Drill Line 8.6 (150 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------ -------- -------- -------- -------- ------------- ------------
1 97.0 45.0 5.0 $ 9.78 Hit cavity -
old mine
workings
2 95.0 40.0 45.0 $ 13.74 10' @ $ 50.36
3 100.0 50.0 52.0 $ 12.36 5' @ $ 73.52 Includes
some bed
rock
------ -------- -------- -------- -------- ------------- ------------
3 Hole
Average = 97.3 45.0 34.0 $ 12.84
Yards = 32.4 15.0 11.3
------ -------- -------- -------- -------- ------------- ------------
Drill Line 9 (200 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
Includes
5' @ some bed
1 104.0 35.0 71.0 $ 10.68 $125.64 rock
Also 5' @
$162.06;
Includes
10' @ some bed
2 118.0 40.0 80.0 $ 55.57 $434.95 rock
3 139.0 55.0 86.0 $ 7.44
Includes
some bed
4 139.0 50.0 91.0 $ 11.28 rock
---------- --------- ---------- ---------- ---------- ---------- ----------
4 Hole
Average = 125.0 45.0 82.0 $ 20.95
Yards = 31.3 11.3 20.5
---------- --------- ---------- ---------- ---------- ---------- ----------
Drill Line 9.9 (Single hole)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
1 118.0 5.0 115.0 $ 5.34
Drill Line 10 (500 feet long)
Pay Grade
Drill Hole Bedrock Glacial Fluvial Pay Grade Includes
Overburd- (Stream) For Best
Number Or Hole en Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy Comments
CUT ($bcy)
---------- --------- --------- --------- --------- ---------- ----------
Includes
some bed
1 79 50.0 81.0 $ 1.62 rock
Includes
some bed
2 120.0 45.0 77.0 $ 5.82 rock
Includes
some bed
3 148.0 55.0 70.0 $ 11.52 rock
Also 5' @
$ 151.10;
Includes
some
4 161.0 65.0 90.0 $ 63.66 30' @$136.51 bedrock
Includes
some bed
5 161.0 80.0 83.0 $ 6.66 rock
No
bedrock;
hit caves
- old mine
6 167.0 88.0 73.0 $ 7.32 workings
7 200.0 70.0 105.0 $ 6.42 No bedrock
Includes
some bed
8 175.0 75.0 50.0 $ 7.68 rock
No
bedrock;
hole
9 90.0 40.0 50.0 $ 0.66 abandoned
10 135.0 25.0 50.0 $ 12.12 No bedrock
---------- --------- --------- --------- --------- ---------- ----------
10 Hole
Average = 143.6 59.3 72.9 $ 13.58
Yards = 47.9 19.8 24.3
---------- --------- --------- --------- --------- ---------- ----------

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=644564

Contact:
Susan Schenk
Manager of Investor Relations
Little Squaw Gold Mining
(509) 535-6156
ir@littlesquawgold.com

Some Alaska lawmakers want revisions in mining industry tax code

JUNEAU - Some lawmakers are calling for a revision of Alaska's mining tax code, which they say is outdated and doesn't give the state's citizens the best return for their resources.

House Bill 156 is one of several bills up for debate in the upcoming regular session of the Alaska Legislature that could have repercussions for the mining industry. Other bills include efforts to protect water quality or restrict the ability to mine in certain areas.

The tax bill's prime sponsor, Rep. Paul Seaton, R-Homer, said it's important to review how the state taxes the mining industry because mining has changed over the decades in Alaska.

“It used to be that it was pretty much small, mom-and-pop mines, and now it's large multinational corporations,” Seaton said.

Currently, mining royalties are paid based on net profits. The bill proposes calculating the state's royalties based on the value of what's extracted minus smelter and transportation costs, called the “net smelter return.” The method would reap larger returns for the state.

Full Story

Market snubs NovaGold news

Rick Van Nieuwenhuyse just can't catch a break. Even when his company, NovaGold Resources Inc. unveils good news, the market pummels the share price.

NovaGold released long-awaited drill results from its Donlin Creek gold project in Alaska yesterday that should allow the junior miner to more than double the deposit's measured and indicated mineral resource estimates to roughly 30 million ounces of gold.

Investors didn't seem to care. NovaGold shares fell to their lowest level in more than three years, losing almost 13 per cent of their value.

"This is a tough market. It is a tough market," Mr. Van Nieuwenhuyse, NovaGold's president and chief executive officer, said in an interview.

Full Story

Alaska Freegold New Website Coming Soon!

We are currently working on the new Alaska Freegold website. It will be a few days until we get everything up and running. The new address is http://alaskafreegold.com

Our old domain was hijacked, but it provides an opportunity to make everything better, faster, and more useful. Bookmark the new link, give us your feedback, and check back regularly for updates and news.

Thanks for visiting.