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Exploration Update At Buck Lake Platinum, Palladium, Nickel Project

Blog by Goldbank Mining Corporation | June 8th, 2011

Goldbank Mining Corporation (TSX.V-GLB) is pleased to announce that it has completed a 2011 spring exploration program at its Buck Lake Platinum, Palladium, Copper, Nickel Project situated approximately 100 km northwest of Thunder Bay, Ontario. Click here for a pdf version.

Previous exploration at the Buck Lake by Ultra Uranium Corp. included blasting in the area known as the “Main Showing”. Selective samples rich in sulphides from the Main Showing returned values as high as 31.60 grams per ton palladium, 2.82 grams per ton platinum, 1.53% copper, 0.13 grams per ton gold and 9.96% nickel.

Additional claims have been staked adjoining Buck Lake at the south and west. Goldbank recently mapped and sampled the trenches located on the geophysical anomalies and the outcrops in the newly acquired claims. Goldbank also organized a new airborne geophysical survey to compliment previously completed ground IP and resistivity surveys. The new airborne survey detected several distinct magnetic anomalies, both positive and negative, that outline the relief of mafic/ultramafic intrusions trending northeast – southwest. The results indicate that the bodies dip south and/or southeast and may represent the segments of multiphase, layered intrusions of gabbroic to pyroxenite composition and associated breccia. Several of these magnetic anomalies coincide with the previously detected IP and resistivity anomalies striking north-east and dipping to the southeast.

Goldbank’s field program included systematic sampling of the mafic/ultramafic rocks in trenches established to follow the IP/resistivity and magnetic anomalies. Continuous channel samples were collected using rock saws. Samples have been submitted for assaying at an accredited laboratory in Thunder Bay, Ontario and the results and report will be expected shortly. Goldbank has an option to acquire up to 90% of the Buck Lake project by issuing one million shares in stages before January 31, 2013. The project is subject to a 2.5% NSR. This news release has been reviewed and approved for publication by Dr. Bohumil (Boris) Molak, PGeo, qualified person for this project as defined by NI 43-101.

Goldbank is a Canadian exploration company actively exploring for gold in the Klondike Gold Fields near Dawson City, Yukon, Canada and for platinum, palladium, copper and nickel at the Buck Lake Property in north-western Ontario.



Anthony J. Beruschi
President & CEO                      
Suite 605 - 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
Telephone: 604.669.1408 
Fax: 604.669.5886
Toll Free: 1.888.880.2288
Email: ajb@goldbankmining.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. nvestors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.