NEWS RELEASE
September 13, 1999 99-01
COLUMBIA RIVER RESOURCES INC. TO DEVELOP TANTALITE DEPOSITS IN NIGERIA
Columbia River Resources Inc. (OTC Bulletin Board listed symbol "CRVV") is pleased to announce that the Company has entered into a Letter of Intent with Bakuwa Mining Works Limited (BMWL) to explore for and develop tantalite deposits in Nasarawa State within the Federal Republic of Nigeria. The properties held by BMWL include a Mining Lease covering 106 Sq. Km and two adjoining Exclusive Prospecting Licenses which cover an aggregate of 44.2 Sq. Km. Systematic exploration is already underway and is being carried out by CME & Company. Although in the preliminary stage, five tantalite bearing pegmatite zones have been identified within the Mining License. The strike length of two of these pegmatite zones is between 1.2 - 1.5 km with variable thickness of 1.5 - 5 metres. Grade has yet to be established although excavation and channel samples taken at artisinal mining sites within the license area indicate a grade of 350 grams per ton which is in keeping with other tantalite occurrences in the Nasarawa District and is significantly higher than other known occurrences throughout the world.
In addition, Columbia River Resources Inc. has signed a Letter of Intent with TATCO, Nigeria, which will bring additional tantalite properties as well as some gold properties. The Company is also currently negotiating with two other Nigerian Companies and expects further properties to be added to its tantalite and gold portfolio shortly.
The Company is also very pleased to announce that strong ties have been established with the Federal Government's Solid Minerals Ministry based in Abuja, Nigeria. The Ministry has demonstrated strong liaison and support of Columbia River's activities in Nigeria. Conversely, the Company plans to assist the Government in any way it can to help rebuild the Country's burgeoning Mining Industry.
According to Mining Journals LTD's Metals and Minerals Annual Review, tantalum is one metal that continues to demand strong growth, driven mainly by robust consumption of tantalum capacitors in portable telephones. In 1997, tantalum processors shipped more than 3M lb. (some 1400t) for the first time, with demand having grown by more than 50% within the space of four years. A recently published report from Roskill Information Services on "The Economics of Tantalum" is therefore very timely.
The report says that consumption growth has averaged 10% annually since 1992, and that the consumption of tantalum capacitors has risen from five billion units in 1997 to fifteen billion units in 1998. By the year 2000, Roskill is forecasting that annual demand will have risen to twenty five billion units. Consumption of tantalum capacitors has also been boosted by the increased usage of laptop computers and video cameras.
The Company believes that Nigeria's recent election to democratic rule, the re-instatement of the country back into the Commonwealth, along with very favorable changes to their Mining Code and favorable geologic settings within this option area will provide the Company and its shareholders with a unique opportunity for growth.
ON BEHALF OF COLUMBIA RIVER RESOURCES INC.
Robert Ferguson,
President
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