DONNER MINERALS LTD.
1999 South Voisey Bay Program to Begin
Number: 012-99
Dated: June 28, 1999 VSE Symbol: DML
NEWS RELEASE
Mr. Harvey Keats, President of Donner Minerals Ltd., reports that the Company's joint venture and option earn-in partners have approved a $2.75 million 1999 South Voisey Bay Project work program. The approved 1999 program consists of airborne and ground geophysics and drilling.
Due to poor market conditions, the South Voisey Bay joint venture participants have elected not to contribute their cost shares of the 1999 program. As a result of this election Donner will, by funding the program, dilute the participants' interests as provided for in the various joint venture agreements.
The 1999 program has been broken into multiple stages, the first stage of which will be approximately $1 million. The first stage of work will consist of limited detailed surface UTEM surveys, bore hole UTEM surveys and 2,000 meters of diamond drilling. Mobilization for the first stage of exploration is scheduled to begin July 1, 1999.
The Company and Teck are currently finalizing the details of the program and the Company will issue a more detailed press release describing the program in the coming weeks. Diamond drilling is expected to begin by mid July. Subsequent stages of exploration, contingent on stage one results, will comprise the balance of the approved program.
The Company, Teck, and all of the joint venture partners strongly feel that there remain numerous important untested targets on the South Voisey Bay Project. Work since the end of the 1998 field season continues to indicate strong similarities between the Voisey's Bay deposits and the South Voisey Bay Project. Significant results from the field program will be reported as they become available.
ON BEHALF OF THE BOARD OF
DONNER MINERALS LTD.
"Harvey Keats"
President
Investor Relations
Phone: 604-683-0564
Toll Free: 1-800-909-8311
Fax: 604-602-9311
E-Mail: donner@bed-rock.com
Web Site: www.donner-minerals.com |
