Latest news from La Teko:
AIRBORNE SURVEY RESULTS TWIN BUTTES, ALASKA
Vancouver, B.C. - October 8, 1997: La Teko Resources Ltd. (LAORF-NASDAQ, LAO-VSE) reports encouraging exploration results from its portfolio of early stage properties in the Fairbanks, Alaska area. On the 30,000 acre Twin Buttes and Juniper project, 30 miles northeast of Fairbanks, Alaska, 15 miles northeast of the Fort Knox gold mine and 20 miles along trend from True North, preliminary results of a 480 line mile airborne magnetic and EM survey have been received. The airborne survey covered 42 square miles and detected a number of anomalies. The most significant of these is a linear EM conductor, approximately 2 miles long with a coincident magnetic low. Preliminary interpretation of this feature indicates the anomaly is similar in character to features related to gold mineralization on La Teko's True North joint venture with Newmont Exploration Limited (current resource 18.2 million tons of 0.072 oz gold/ton) and the Fort Knox gold mine. It is associated with a circular, topographic high which may reflect a buried intrusion. Final maps and report from the survey contractor, Sial Geosciences Inc. of Montreal, are expected in November. La Teko has staked an additional 22 prospecting sites totalling 3,360 acres to cover extensions of the identified anomalies.
The anomaly is in an area of overburden cover. Exploration in 1998 will focus on this zone and will include power auger sampling to bedrock, followed by drilling if warranted.
The Company also announces that it has, subject to regulatory approval, granted incentive stock options to two recently hired employees to purchase up to a total of 150,000 common shares of the
Company at a price of C$1.45 per share (US$1.05 per share) for a period of five years. The stock options will vest as to 25% immediately and the remainder will vest annually in 25% increments over a three year period.
La Teko is a gold exploration and development company concentrating its efforts in the prolific Fairbanks Mining District of Alaska. The Company has no debt and US$1 million in working capital.
On Behalf of the Board of Directors
Gerald G. Carlson, Ph.D.,P.Eng.
President & CEO
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