VANCOUVER, BRITISH COLUMBIA, Jul 23, 2008 (Marketwire via COMTEX) ----Underworld Resources Inc. (TSX VENTURE:UW) is pleased to announce initial assay results from 100% owned White Gold and Black Fox Gold Projects, in the Yukon Territory, Canada. The diamond drill program is still underway and additional assay results are expected shortly. Drill hole WD-004 intersected 4.03 g/t Au over 19.58 meters, from 12.99 meters, including 9.43 g/t Au over 5.76 meters. Drill hole WD-005 intersected 4.58 g/t Au over 16.61 meters, from 14.74 meters, including 11.62 g/t Au over 5.13 meters and including 19.14 g/t Au over 2.65 meters. These initial discovery holes at the Golden Saddle Prospect encountered a shallow dipping quartz breccia vein associated with a thrust fault. The assays are from priority samples of quartz breccia containing visible gold from the upper part of each hole. Both holes were drilled from the same set up with WD-004 at minus 45 degrees and WD-005 at minus 65 degrees. These holes for which partial results are available plus holes WD-009 and WD-010 have all been drilled to test a soil geochemistry anomaly which identified the Golden Saddle target and is characterized by gold in soil values exceeding 80 ppb over a strike length of 2.2 kilometres. Holes WD08-04 and 05 at Golden Saddle were located to evaluate a trench sampled in 2007 that returned a 38 m wide zone of mineralization averaging 1.12 g/t Au, including 4.7 g/t over 5 m and a minimum grade of 0.1 g/t over 0.3 m. The near surface zone of breccia with strong silica - albite alteration and oxidized, disseminated pyrite was prioritized for sampling and assaying and returned the gold grades reported above. In Hole WD-004 the zone of breccia, alteration and mineralization extends to a depth of 50 m, albeit less strongly developed than the interval reported above which is to a depth of 32.57 meters. The distribution of this mineralization was interpreted as a shallow north dipping zone. WD-009 is a 60 m step out down-dip from holes WD-004 and 5, and intersected similar but unoxidized brecciated, quartz pyrite stockwork within altered gneiss from 68-82 m. Hole WD-010 is a further step out 60 m further north of WD-009 but was abandoned at 122 meters due to drilling problems. This shallow dipping breccia vein associated with a thrust fault bears similarities to Teck Cominco/Sumitomo's Pogo Mine in Alaska, also located within the Tintina Gold Belt. Plans with drill hole locations and a cross section can be viewed at www.underworldresources.com.
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