DEGERSTROM COMMITS TO FINANCING
SECOND ROUND OF DRILLING
AT PAN GOLD DEPOSIT, NEVADA
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Latitude Minerals Corp. (LTU.V) is pleased to announce that its JV partner, N.A. Degerstrom, has committed to fully finance the second round of drilling at the Companyûs Pan Gold Project. This decision is based on the success of the Phase I drilling program, which discovered the highest grade and thickest mineralized intercepts of any previous drill campaign. Degerstromûs further involvement with Latitude and desire to move ahead is based, in part, on success of the Phase I drill results and also the fact that the property is located in the mining-friendly area of White Pine Co., Nevada, an area conducive to a favorable permitting environment and short lead-time to production. Degerstrom has already initiated preliminary metallurgical studies and is in the process of contacting the U.S. Bureau of Land Management regarding mining permits. Air quality baseline studies are scheduled to begin this spring.
Latitude is currently planning a 20 hole (8,000 foot) Phase II RC drilling program. At least 15 holes are planned for the Pilot Ridge area of North Pan, where 74 previous holes bottom in gold mineralization . The purpose of the Pilot Ridge drilling is to find higher-grade feeder faults similar to that encountered at Red Hill during Phase I, where intercepts as high as 53û @ 0.111 opt Au were encountered (Table 1, Hole 415). Several holes are planned for the North Pan?Gap area, and at least one deep hole is planned at Red Hill to look for higher-grade mineralization, frequently found below the Pilot Shale in the Devils Gate Limestone. Furthermore, Latitude is mobilizing a second, track-mounted drill rig to the property to test the sheet-like nature of near-surface mineralization encountered at the new Middle Pan discovery where 50û @ 0.034 opt Au was encountered from the surface down to 50 feet (Table 1, Hole 416). Potential of the new discovery area is good with the jasperoid open for some 2,000 feet along strike. Outcrops of mineralized rock assaying in excess of 0.100 opt Au occur near the collar of the discovery hole. Some grid definition drilling using a track-mounted blast hole rig will help define the geometry of the Middle Pan mineralization north and south of hole 416.
Re-assays of many of the higher-grade samples using a gravimetric finish have recently been obtained and the results are almost uniformly higher than those reported in Latitudeûs December 6, 1999 news release. A revised table of Phase I intercepts is attached below (Table 1). Results of initial metallurgical work, comprising hot cyanide bottle roll extractions, will be available shortly.
Latitude Minerals Corp. is a junior exploration company engaged in exploring and developing a number of advanced-stage gold deposits in the western United States. The company is also evaluating a number of additional opportunities in the Americas.
Additional information can be obtained by contacting the Company at (800) 265-7646 or by visiting the Companyûs website at latitudeminerals.com
WARNING: The company relies upon litigation protection for "forward-looking" statements.
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
John R. Carden, President
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