San Timoteo

Location and Claims

The Nopalera property comprises three claims totaling 1,308.65 hectares; Nopalera, Nopalera II and La Flor Del Trigo.

Nopalera is located in the eastern central part of the Uruachic camp, immediately to the east of the Las Bolas/Los Hilos property. The southeast corner of the Noplaera property is contiguous with the Fresnillo PLC claims that host its new 9.2 million ounce gold deposit called Orisyvo

Claim Map (Click on image to enlarge)

Exploration Program

Following an Induced Polarization geophysical survey and surface mapping and geochemical sampling, the first ever drilling on the Nopalera property took place in May and June of 2006.  This preliminary work consisted of a series of short reverse circulation holes along a trend hosting old workings in the southeast portion of the property.

Geology

The Nopalera property is underlain by volcanic rocks of the Lower Volcanic sequence that are cut by several small intrusive bodies and dikes. Satellite images show that this area, which measures 4 km east west by 3.5 km north south, contains the largest and strongest alteration zone in the Uruachic camp, which can easily be distinguished on satellite photos. trend, for additional 1000 or more metres of strike length.

Nopalera was defined several years ago as a porphyry target, which is unique to this part of the world as most mineralization is vein hosted. That is, until the recent discovery of Orisyvo by Fresnillo PLC on the property adjacent to Nopalera. Orisyvo has been described as a porphyry deposit.

Fresnillo PLC is the world’s largest primary silver producer, and as such, provides limited disclosure of its advanced exploration programs. However, what they have disclosed about Orisyvo is:

• Indicated & inferred resources of 2.7M ounces of gold in oxides and 6.51M ounces of gold in sulphides
• Disseminated gold values delineated over a 1 x 1.5 km area, and through 400 metres vertical extent, with grades ranging 0.5 to 2.5 g/t gold
• Permitting is in process for an exploration adit to initiate underground exploration in 1H 2011
• Pilot plant to be established in 2011

• Additional resources identified with an updated scoping study expected early in 2012

The Fresnillo claims that host the Orisyvo deposit border Golden Goliath’s Nopalera claim on its eastern edge. The proximity of Orisyvo and a similar geological model has management very excited on the potential of Nopalera.

The significance of Fresnillo’s discovery and the potential for the district has not gone unnoticed by some of the majors. Peñoles, the second largest Mexican mining company behind Fresnillo, has now staked claims that completely surround our Uruachic Camp. Agnico-Eagle Mines has optioned a portion of our Uruachic Camp and is one of our major shareholders. This makes the area an important new emerging gold district with world class gold deposit potential, three major mining companies actively involved and Golden Goliath holding a substantial land position in the heart of it.

Surface work, including detailed geological and structural mapping, geochemical sampling and the rehabilitation of old workings started in the spring of 2011. The results indicate that the potential for substantial gold mineralization increases with depth. Such is also the case at Orisyvo, excepts in that case Fresnillo has to drill through a subatantial thickness of relatively barren rocks of the Upper Volcanic Sequence, At Nopalera, Nature has removed this obstacle, making the search fior a world class fgold deposit easier. The preliminary surface work will be followed by a program of clay mineral analysis which is scheduled to be followed by approximately 10,000 metres of diamond drilling in late 2011 or early 2012.

Nopalera Alteration Zone (Click on image to enlarge)

Las Bolas Land Status (Click on image to enlarge)

Nopalera Close-u (Click on image to enlarge)