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Little Squaw Reports Encouraging Drill Results From Chandalar, AK

Intercepts Include 5 Feet @ 0.457 oz/t Au

SPOKANE, WA -- (MARKET WIRE) -- 10/04/06 -- Little Squaw Gold Mining Company (OTCBB: LITS) has received assays from 12 of the 39 orientation drill holes completed in September on its Chandalar, Alaska gold property (See Press Release 11-06, September 13, 2006). The reverse circulation drill results are from the Summit and Little Squaw prospects. Assays are pending for 27 holes drilled at the Kiska, Eneveloe, Jupiter, Ratchet Ridge, Uranus, Crystal, and Little Squaw East extension.

All drill holes that penetrated their targets at the Summit and Little Squaw prospects contain encouraging intercepts of gold values. Assay results confirm continuity of gold mineralization to the depth of drilling, which is 200 feet below surface. The drilling and the systematic surface soil and rock sampling confirm that individual gold-bearing quartz veins and shear zones persist over several thousand feet of strike length.

Assay highlights for the Summit drill holes (SUM 6 to 12) and the Little Squaw drill holes (LS 1 to 5) are presented in the tables below. High grade exploration potential is indicated by results in SUM 7, 8, 9, and 10, which returned values from 3.24 to 9.05 grams per tonne (g/t) gold (0.095 to 0.264 ounces per ton [oz/ton]) gold including a 5 foot intercept of 16.15 g/t (0.457 oz/ton) gold in SUM 8.

Dick Walters, President of Little Squaw, commented: "I am particularly encouraged by the Summit drill results because it is an extensive structure and our first probes there suggest interesting levels of widespread gold mineralization."

Summit Prospect

Summit prospect is a large fault or shear zone 100 or more feet wide that contains multiple veins and lenses of gold-bearing quartz. The holes were drilled from four stations along a 1,200 foot segment of the system. In addition to the results in Summit holes 7 through 10, the mineralized zone in SUM 7 and nearby SUM 8 may signal the presence of a high grade ore shoot ( > 1 oz/ton). Definition and step out drilling are required to delineate the continuity of the higher grade drill intercepts. SUM 12 is an intriguing hole that bottomed in a 95 foot section of low grade gold mineralization.

The results of the drilling, trenching, and soil samples indicate potential for discovery of a large tonnage, low grade deposit on the Summit prospect. The multi-veined, sheared and hydrothermally altered structure has been traced for 4,500 feet of strike length, and is open in both directions and to depth. Wide spaced orientation holes have probed less than a quarter of its identified strike length.

Hole #  Drill  Total    Interval   Intercept    Au     Au      Comment
        Angle  Depth     (feet)      ~True     (g/t)  (oz/
        (deg.) (feet)                Width            ton)
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 6   - 45    300      130-140       10       0.36  0.011  Main shear
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 7   - 45    310      45-140        95       0.85  0.025  Main shear
                       incl.55-75      20       2.63  0.077  Quartz veins
                       incl.55-60       5       5.71  0.106
                         180-230       50       0.15  0.004  2nd structure
------  ------ ------ ------------  ---------   ----- -----  -------------
SUM 8   - 60    150       70-80        10       9.05  0.264  25 ft below
                       incl.70-75       5      16.15  0.472  SUM 7
                          95-140       45       0.42  0.012  intercept
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 9   - 45    175       80-95        15       2.28  0.067  Secondary
                       incl.80-85       5       5.52  0.161  shear?
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 10  - 45    300      55-100        45       0.69  0.020  Main shear
                       incl.70-75       5       3.24  0.095
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 11  - 45    120                                          Lost above
------  ------ ------ ------------  ---------  -----  -----  -------------
SUM 12  - 45    300      205-300       95       0.28  0.008  Ends in main
                      incl.260-300     35       0.44  0.013  shear
------  ------ ------ ------------  ---------  -----  -----  -------------

Little Squaw Prospect

Five holes were drilled from three sites spaced at 150 foot intervals along the Little Squaw structure. LS 2 returned 25 feet of 4.21 g/t (0.123 oz/ton gold, including 5 feet of 10.75 g/t [0.314 oz/ton]) gold. Results for the Little Squaw drilling are presented in the table below. Assay results for LS 2 are incomplete. Drilling difficulties forced abandonment of LS 3 before reaching its target.

Assay results are pending for the Little Squaw East drilling on-strike to the east. The presence of gold beyond both ends of the drilled area enhances the exploration potential. The Little Squaw gold quartz vein deposit warrants more drilling and continuation of surface trenching and sampling.

Hole#  Drill  Total    Interval    Intercept  Au     Au      Comment
       Angle  Depth     (feet)       ~True   (g/t)  (oz/
       (deg.) (feet)                Width            ton)
-----  -----  -----  ------------  --------  -----  ------  --------------
LS 1   - 45    168     165-168        3       0.60   0.018  Lost entering
-----  -----  -----  ------------  --------  -----  ------  --------------
LS 2   - 45    310     205-225       25       4.21   0.123  Little Squaw
                     incl.210-215     5      10.75   0.314  vein/re-drill
                                                            of LS 1
-----  -----  -----  ------------  --------  -----  ------  --------------
LS 3   - 45    200                                          Lost before
-----  -----  -----  ------------  --------  -----  ------  --------------
LS 4   - 45    210      55-60         5       0.64   0.019  Little Squaw
-----  -----  -----  ------------  --------  -----  ------  --------------
LS 5   - 45    380     155-160        5       3.38   0.099  Little Squaw
-----  -----  -----  ------------  --------  -----  ------  --------------

Approximately 30 percent of the assays of this orientation drilling program have been received. The results indicate that the Summit and Little Squaw prospects warrant further drilling to test the trend, grade, and continuity of gold mineralization.

About the Company: Little Squaw Gold Mining Company (OTCBB: LITS) is a 47-year-old, publicly traded junior mining company with new management, an infusion of capital, and a new vision going forward. The Company is committed to exploring gold prospects on its wholly owned Chandalar mining property in Alaska, and to finding additional gold properties elsewhere in the Americas. Information on the Company, its Chandalar property and the gold showings thereon is available on the Company's website at Additional information on the Company and its plans may be found in the Company's SEC filings, specifically its Form 10-KSB/A annual report for 2005 and its Form 10-QSB for the second quarter of 2006, both of which can also be accessed through the Company's website.

Richard Walters, President and Susan Schenk, Manager of Investor Relations of Little Squaw Gold Mining Company, are responsible for this news release. For further information please contact Ms. Schenk at (509) 535-6156, or at [email protected].

Cautionary Note Regarding Forward-Looking Information -- Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the Company's plans to complete its evaluation of its Chandalar, AK property and any anticipated results of its exploration drilling program on the Chandalar property, and the Company's ability to file SEC forms in a timely manner. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company's actual results, programs and financial position could differ materially from those expressed in or implied by these forward-looking statements.


Susan Schenk
Manager of Investor Relations
Little Squaw Gold Mining Company
(509) 535-6156
[email protected]

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